SBA: NYC Pol's Proposal Would Needs Others' OK

NEW YORK (AP) â¿¿ The federal Small Business Administration says other agencies and lawmakers would have to OK a New York City lawmaker's request for changes to the SBA's Superstorm Sandy recovery loans.

The SBA responded Monday to City Councilman Domenic Recchia Jr.'s idea. He said Sunday he's calling for an extension to a Dec. 31 deadline for filing disaster loan applications with the federal Small Business Administration.

He's also pressing members of Congress to lower the business loan interest rates, now 4 percent and higher.

The SBA says it's committed to helping New York businesses and residents rebuild and "will be there as long as it takes."

The agency says the application deadline is up to the Federal Emergency Management Agency, and any change to the interest rates would require Congressional action.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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