Bernard J. Paprocki, executive director of the Syracuse district office of the U.S. Small Business Administration (SBA), on Monday said the local SBA office is recruiting for participants in this year’s class in the Emerging Leaders program. The SBA announced the recruitment effort at Mello Velo Bicycle Shop & Café at 790 Canal St. in Syracuse. Co-owner Sara Morris was part of the 2014 program. (Eric Reinhardt / BJNN)
SYRACUSE, N.Y. — Bernard J. Paprocki, director of the U.S. Small Business Administration (SBA) Syracuse District Office, says the volume of calls and web traffic from small companies seeking help during the coronavirus crisis is unprecedented.
Paprocki this week spoke with CNYBJ about the SBA’s economic injury disaster loan program that provides low-interest working-capital loans direct from the federal government to help small businesses meet their financial obligations during the coronavirus disaster.
Small businesses can apply for up to $2 million in loans, though they will need to provide collateral for any loans exceeding $25,000. The loans can be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75 percent for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for eligible nonprofits is 2.75 percent. The first payment is being deferred up to 12 months, says Paprocki, who oversees a 34-county region for the SBA’s Syracuse District.
Applicants may apply online, receive additional disaster loan assistance information and download applications at https://disasterloan.sba.gov/ela
Businesses can also call SBA’s Customer Service Center at (800) 659-2955 or email: disastercustomerservice@sba.gov for more information on SBA disaster assistance.
Paprocki offered this advice to small businesses about these loans:
Paprocki says the SBA’s best estimate is that applications will be approved or denied in eight to 21 days. In normal times, it’s about five days.
Finally, Paprocki says, “There’s more help on the way. There’s more to come. This is just the beginning.”
Specifically, the $2 trillion coronavirus stimulus package — which was approved by the U.S. Senate on Wednesday night and the House of Representatives on Friday afternoon — offers small businesses more relief. The legislation includes a $350 billion forgivable loan program that seeks to help small firms avoid laying off employees and a 50 percent refundable payroll tax credit on worker wages to provide further incentive to keep staff on the payroll.
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