Business
Keep up with Long Island and national business news, including complete coverage of local companies, technology updates, stock market changes and more.
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Business owners are required to spend 75% of the loans on payroll expenses within 8 weeks; otherwise, they will have to pay a portion back.
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The leisure and hospitality sector was the hardest hit, with 62% of jobs lost to the economic shutdown to slow the spread of the coronavirus.
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The state approval process confused and frustrated some business owners.
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Tenants have been calling for rent forgiveness after months of lost income.
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More than 2.4 million people applied for U.S. unemployment benefits last week in the latest wave of layoffs.
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Fonar, based in Melville, returned its $5 million loan less than 2 weeks after receiving it, bowing to pressure from federal officials and small business owners.
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The retailer's 500-plus stores, including four on Long Island, will wind down as soon as businesses are allowed to reopen.
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Factories, retailers and service firms in the metro area were polled earlier this month, and they were less pessimistic about the coming months than they were in April.
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Consumers find what airlines, cruise lines, hotels and other travel companies offer when trips are canceled varies.
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Businesses closed since mid-March must now face new rules, requiring new procedures for cleaning and social distancing.