Small NY Businesses Eligible for Federal Funds

Valo Martinez, a 63-year-old cook, waits for customers at his resturant. (AP Photo/Jae C. Hong)

Struggling small businesses are able to apply to Payroll Protection Program starting this month.

An estimated 50% of private sector employees in New York City either run or work for a small business, Pix 11 reported.

This is the second round of federal funding for small businesses, after the first was criticized for delays and inconsistent delivery, with some large businesses receiving millions while small businesses were stuck waiting. This time around, the federal government is utilizing community banks and credit unions to disburse the funds.

Borrowers are eligible for loan forgiveness if they maintain employee and compensation levels.