Chemung County IDA to release emergency relief loan program

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ELMIRA, N.Y. (WETM) – While many small business owners are struggling to keep their business afloat amid the coronavirus pandemic, the Chemung County IDA is working to put together an emergency relief loan program.

The emergency relief loan is to help assist small businesses with 50 or fewer employees.

Also, the New York State Small Businesses Development Center has seen a significant increase in caseloads by at least 10 times, but they are coming up with a plan to help businesses to pivot and get to where they need to be to operate in the new normal.

One of those plans includes continuing to help businesses to apply for loan programs.

“There are things that you can do to help you get through it, but it’s still a precarious time,” said Scott Bloor, the assistant director of the New York State Business Development Center at Binghamton University.

“The bottom line is that with no income coming in and the other difficult part is we have no idea really how long that’s going to be. The hope would be that everybody survives this, but the reality of the situation is not everybody will,” said Bloor.

The Chemung County IDA met Thursday and approved up to 400-thousand dollars coming from the IDA.

Stick with 18 News as details on the emergency relief loan is expected to be released sometime this week.

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