Long Island Delegation Joins Together to Urge Support for Local Small Businesses, More Direct Funding for State and Local Governments in NY
PATCHOGUE, NY – After funds for the Paycheck Protection Program and Emergency Injury Disaster Loan were replenished by Congress, Representatives Lee Zeldin (R, NY-1), Tom Suozzi (D, NY-3), Peter King (R, NY-2), Kathleen Rice (D, NY-4) and Gregory Meeks (D, NY-5) hosted a joint Zoom video press conference today to discuss the need to drive maximum support from these programs to the small businesses that need the help the most.
The Long Island Delegation also called for more federal help for New York and Long Island in the fight against the ongoing outbreak of coronavirus. Among other helpful proposals for Long Islanders, Congressman Zeldin has urged the Department of Treasury and Federal Reserve to expand access to the Municipal Liquidity Facility, the federal government to change the FEMA Disaster cost sharing from 75% federal and 25% non-federal to 100% federal and the Department of Health and Human Services to alter the allocation of previously appropriated CARES Act funding.
“Whether it’s providing hotspots PPE, expanding testing, supporting small businesses or providing additional federal funding to hard-hit areas, every level of government’s response to the coronavirus has continued to be non-partisan. Now is not the time to waver. We are all in this together and that includes doing everything in our power to support our small businesses, hospitals, state and local governments, and others impacted especially hard by coronavirus,” said Rep. Lee Zeldin. “Our nation’s small businesses employ nearly 50% of our nation’s workforce, and the vital funding that has been their lifeline while our Main Streets are shuttered should have never been allowed to lapse. Thankfully, Congress has gotten its act together to replenish these critical funds, and, as they’re dispersed, we must ensure they’re going to the hardworking Americans who truly need it, not a company flush with cash or an individual comfortably sitting on massive wealth.”
“Now that the federal government has done its job to increase the funding available for small business loans, the banks and the Treasury Department must understand that we will be watching to ensure they take care of the little guys,” said Rep. Tom Suozzi. “I want to thank each of my colleagues on Long Island for joining me in this fight, and for standing in solidarity in the fight for New York in the face of Mitch McConnell’s wrongheaded comments. Our constituents have been hit harder than anywhere else in the country and we will continue to fight for our hospitals, our heroes working in essential government jobs, our residents and small businesses.”
“Every effort must be made by lenders -particularly bigger banks- and the Administration to ensure that funds are awarded to small businesses which are the backbone of Long Island,” said Rep. Peter King. “In the next round of legislation there has to be funding for state and local governments. Mitch McConnell cannot have one-man veto power over New York and Long Island!”
“Small businesses are in desperate need of assistance, and while PPP will help them make ends meet until we come through on the other side of this crisis, they’ve competed with major corporations better positioned to apply for relief. In strengthening and replenishing PPP, we’ve partly addressed this by allocating a set-aside for small community banks,” said Rep. Gregory W. Meeks. “Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). This will help small businesses that don’t have relationships at the largest banks apply for the program. However, there is far more that needs to be done. Moreover, New York is clearly the epicenter of this crisis, and there is no question that Congress must act immediately to provide aid for localities.”
“No matter what Mitch McConnell or anyone else says – we will make certain Congress provides New York and Long Island with every penny of federal aid we need to overcome this crisis,” said Rep. Kathleen Rice. “I’m proud to be working alongside my colleagues in the Long Island Delegation to get this virus under control and ensure our constituents are taken care of.”