James T. Madore
Business Reporter at Newsday
Business Reporter @Newsday. I report on the NY-area economy and government/biz issues. [email protected], 631-843-2473 or https://t.co/wnfTZ2Z0Bl
Articles
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1 week ago |
newsday.com | James T. Madore
About 6,000 small- and medium-sized businesses in New York could receive low-interest bank loans in the next few years due to the expansion of a state aid program. The 2025-26 state budget adopted last month nearly doubles the funding for the Low Interest Capital program, from $560 million to $1 billion.
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1 week ago |
newsday.com | James T. Madore
The U.S. Small Business Administration should complete a review of nearly 38,000 questionable pandemic-relief loans and claw back up to $4.6 billion that potentially went to ineligible employers, according to an independent review. The agency’s inspector general found that only half the review process has taken place of Paycheck Protection Program loans flagged as ineligible for forgiveness for potential fraud, misuse of funds and other reasons, the 15-page review states.
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2 weeks ago |
newsday.com | James T. Madore
More than 100 small businesses and for-profit arts groups across New York received thousands of dollars in state pandemic grants that they weren’t entitled to, auditors have found. Now, the state agency which oversaw the relief program, Empire State Development, is trying to claw the money back.
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2 weeks ago |
newsday.com | James T. Madore
Consumer prices in the New York area, including on Long Island, increased in May at the slowest rate since spring 2024. The federal Bureau of Labor Statistics reported on Wednesday that its consumer price index for a 25-county region that includes New York, New Jersey and Pennsylvania, increased 3.4% in May compared to a year earlier. That year-over-year increase was the smallest so far this year and for much of 2024.
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2 weeks ago |
newsday.com | James T. Madore
A Commack landlord has repaid nearly $119,500 in tax breaks to Suffolk County because its tenant employs less than half the 636 people it had promised in return for the county’s help. The tenant, Radienz Living LLC and its parent company, filed for Chapter 7 bankruptcy liquidation two years ago after defaulting on a $287.5 million loan. Radienz is the successor to U.S. Nonwovens, a family-owned maker of sanitary wipes and other cleaning products once based in Brentwood.
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.@SBAgov to claw back up to $4.6B in PPP loans after independent review found problems The agency's .@SBAOIG said loan funds should be recouped from ineligible borrowers even if the amounts are small. https://t.co/sL9ZUtsxQZ
Minnesota politician shootings raise concerns in NYS, on LI As stunned officials decried the violence, Assembly Speaker Carl Heastie said more security measures are underway in Albany. (By @GormleyAlbany) https://t.co/ZTvnXXEdYX
.@EmpireStateDev wants back $4.1M in COVID grants to bizs, arts groups More than 100 businesses and arts groups — including 17 on Long Island — received COVID relief grants they weren't eligible for, according to a audit by @NYSComptroller https://t.co/wIakJEq5b2