161st Street BID pushes to receive $10 million for businesses from new PPP funding
One business district in the Bronx is banding together to try and maximize the funding it can get from the federal government’s newest COVID relief package.
It’s in the area all around Yankee Stadium where business owners say hard times caused by the pandemic are coming to a head, and now they say they are desperate.
The 150 businesses in the 161st Street Business Improvement District are struggling. The head of the BID says he’s rallying banks and business owners to make sure they’re ready to go when the newest round of federal funding through the Paycheck Protection Plan opens.
He says the area is especially in need after being hit so hard by the pandemic. It’s been almost a year of no fans at Yankee Stadium and no people at the courthouse--the two biggest draws that normally bring thousands to the area.
While some were able to get federal funding from the first PPP over the summer, many say it was tough to navigate the process. Many say that what they received was just a drop in the bucket compared to their losses.
The BID’s goal is to get $10 million of the new PPP funding for businesses in the district.