The federal shutdown has slowed Long Island’s economy.
A local business group called The Long Island Association estimates the region is losing $28 million a week in unpaid federal salaries. This means people are shopping and eating out less.
Erica Chase-Gregory, regional director for the Small Business Development Center at Farmingdale State College, said the federal shutdown also means local entrepreneurs aren’t getting the loans they need.
“Those are dollars that aren’t going into our local economy. Those are jobs that aren’t being started for another eight to twelve weeks.”
If and when the government fully reopens, Gregory said the loan approval process will have a severe backlog.
