Resources for Businesses Impacted by COVID-19

Federal Resources for Small Businesses

SBA Announces Official Restaurant Revitalization Fund Application and Guidelines

SBA Announces Official Restaurant Revitalization Fund
Application and Guidelines

Economic Relief Prioritized for Underserved Communities

WASHINGTON – SBA Administrator Isabella Casillas Guzman today announced key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund (RFF). The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan, signed into law by President Joe Biden, established the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration (SBA). The SBA will administer the funds to the hardest-hit small restaurants.

“Today, we are starting the process to help restaurants and bars across the country devastated by the pandemic, and this is our message: Help is here. With the launch of the Restaurant Revitalization Fund, we’re prioritizing funding to the hardest-hit small businesses – irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet,” said SBA Administrator Guzman. “And, thanks to clear directives from Congress, we’re rolling out this program to make sure that these businesses can meet payroll, purchase supplies, and get what they need in place to transition to today’s COVID-restricted marketplace.”

Administrator Guzman emphasized, “We’re also focused on ensuring that the RRF program’s application process is streamlined and free of burdensome, bureaucratic hurdles – while still maintaining robust oversight. Under my leadership, the SBA aims to be as entrepreneurial as the entrepreneurs we serve – and that means meeting every small business where they are, and giving them the support they need to recover, rebuild and thrive.”

Under this announcement, details on application requirements, eligibility, and a program guide are now available in English at www.sba.gov/restaurants or in Spanish at www.sba.gov/restaurantes.

Ahead of the application launch and over the next two weeks, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training. The pilot period will be used to address technical issues ahead of the public launch. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.

Following the pilot, the application portal will be opened to the public. The official application launch date will be announced at a later date. For the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following the 21-day period, all eligible applicants are encouraged to submit applications.

The groundwork for this announcement is the result of a comprehensive effort to reach out to diverse stakeholders in order to understand the needs and barriers restaurants face in accessing emergency relief aid.

“Local restaurants and bars are being served very good news today,” said Erika Polmar, Executive Director of the Independent Restaurant Coalition. “These guidelines were crafted by the SBA after conversations with independent restaurant and bar operators across the country. We are grateful to the SBA for their hard work to make this process as accessible as possible in a short period of time.  It is clear the SBA and the Biden Administration care deeply about ensuring businesses struggling the most can quickly and effectively use this relief program, and we look forward to continued conversations and collaboration to ensure this fund works as intended for the independent restaurant and bar community.”

Community business leaders from underserved communities also welcomed RRF assistance as much-needed economic relief and are working with their broad membership bases to navigate the grant application process.

“In addition to historically having less operating liquidity and revenue than almost any other small business demographic, Black-owned restaurants received significantly less stimulus funding during the COVID-19 pandemic, heightening challenges and leading to disproportionate closures,” said Ron Busby, Sr., president and CEO, U.S. Black Chambers, Inc. “The USBC believes this initiative and collaboration with the SBA will bring needed resources and relief to these often underserved businesses to aid in stabilization, recovery and ultimately, strengthen our economy.”

In addition to restaurant groups and leading advocacy groups for underserved business communities,  the SBA has engaged national and state trade associations, and other small business stakeholders in recent weeks to understand their concerns about relief programs.

“Small and independent craft breweries are vibrant community gathering places that can be found in nearly every congressional district in the U.S. and contribute to manufacturing, hospitality, retail, tourism, and agricultural industries,” said Bob Pease, president and CEO, Brewers Association. “We are pleased to work with the SBA to promote the Restaurant Revitalization Fund landing page and its available resources, and assist the breweries hit hardest by COVID-19 secure much needed additional relief to help them survive the pandemic and prepare for the restart of the economy.”

At all levels, the SBA will continue engaging with stakeholder communities to inform and design delivery of financial assistance programs. As the SBA builds and prepares to roll out the program, this dedicated SBA website is the best source for up-to-date information for eligible restaurants interested in the RRF.

SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications on April 8

National informational webinar to review  application process on March 30

WASHINGTON – The U.S. Small Business Administration is launching a splash page for the Shuttered Venue Operators Grant (SVOG) application portal today in anticipation of opening applications for the much-anticipated critical economic relief program on Thursday, April 8, 2021.

 

“Help is here for venue operators hit hard by the COVID-19 pandemic. The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant and we will open for applications on April 8,” SBA Administrator Isabella Casillas Guzman said. “The SBA knows these venues are critical to America’s economy and understands how hard they’ve been impacted, as they were among the first to shutter. This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more.”

 

Prior to the official SVOG application opening, the SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30, 2021. Those interested in participating can register here.

 

The SVOG program was established by the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, which appropriated $15 billion for it. The American Rescue Plan Act, signed into law by President Joe Biden on March 11, 2021, appropriated an additional $1.25 billion, bringing the program funding to a total of $16.25 billion, with more than $16 billion allocated for grants.

 

To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program, the American Rescue Plan Act also amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. The PPP loan applications have been updated to reflect this.

 

As the SBA builds and prepares to open the program, the dedicated SBA website, www.sba.gov/svogrant, which includes frequently asked questions, video tutorials and other SVOG details, is the best source for information for those looking to apply for a grant. To prepare in advance of the SVOG application portal opening on April 8, potential applicants should get registered in the federal government’s System for Award Management (SAM.gov), as this is required for an entity to receive an SVOG, and reference the preliminary application checklist and eligibility requirements.

 

 

SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications

SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications on April 8

National informational webinar to review  application process on March 30

WASHINGTON – The U.S. Small Business Administration is launching a splash page for the Shuttered Venue Operators Grant (SVOG) application portal today in anticipation of opening applications for the much-anticipated critical economic relief program on Thursday, April 8, 2021.

 

“Help is here for venue operators hit hard by the COVID-19 pandemic. The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant and we will open for applications on April 8,” SBA Administrator Isabella Casillas Guzman said. “The SBA knows these venues are critical to America’s economy and understands how hard they’ve been impacted, as they were among the first to shutter. This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more.”

 

Prior to the official SVOG application opening, the SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30, 2021. Those interested in participating can register here.

 

The SVOG program was established by the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, which appropriated $15 billion for it. The American Rescue Plan Act, signed into law by President Joe Biden on March 11, 2021, appropriated an additional $1.25 billion, bringing the program funding to a total of $16.25 billion, with more than $16 billion allocated for grants.

 

To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program, the American Rescue Plan Act also amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. The PPP loan applications have been updated to reflect this.

 

As the SBA builds and prepares to open the program, the dedicated SBA website, www.sba.gov/svogrant, which includes frequently asked questions, video tutorials and other SVOG details, is the best source for information for those looking to apply for a grant. To prepare in advance of the SVOG application portal opening on April 8, potential applicants should get registered in the federal government’s System for Award Management (SAM.gov), as this is required for an entity to receive an SVOG, and reference the preliminary application checklist and eligibility requirements.

 

 

SBA - PAYCHECK PROTECTION PROGRAM (PPP) - UPDATED 3.4.2021

In alignment with the Biden-Harris Administration’s commitment to delivering equitable relief to hard-hit small businesses so they can rehire and retain workers, safely reopen, and deliver the essential goods and services that our communities depend on and SBA’s Feb. 22 news release, an Interim Final Rule and updated forms have been posted addressing the PPP changes.

Updated PPP FAQs for lenders and borrowers, as well as loan applications for First Draw and Second Draw PPP loans can be accessed via SBA’s PPP portal at www.sba.gov/ppp.

 

Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief

The latest round of Paycheck Protection Program (PPP) funding opened just one month ago and it represents a marked improvement on the prior round of the Program last year. Compared to the same point in the Program last year:

  • The share of funding going to small businesses with fewer than ten employees is up nearly 60 percent
  • The share of funding going to small businesses in rural areas is up nearly 30 percent
  • The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40 percent

The Biden-Harris administration is announcing several reforms to build on this success by further targeting the PPP to the smallest businesses and those that have been left behind in previous relief efforts. While these efforts are no substitute for passage of the American Rescue Plan, they will extend much-needed resources to help small businesses survive, reopen, and rebuild. VIEW COMPLETE FACT SHEET HERE

 

SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program: Steps to Promote Equitable Relief for Mom-and-Pop Businesses

Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has succeeded in making major improvements to the program’s implementation:

  • For businesses with fewer than ten employees, the share of funding is up nearly 60%
  • For businesses in rural communities, the share of funding is up nearly 30%
  • The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40%

“The SBA is a frontline agency working to create an inclusive economy, focused on reaching women-owned, minority-owned, low- and moderate-income, rural, and other underserved communities in meaningful ways. While reported data illustrates we have made real strides in ensuring these funds are reaching underserved communities, we believe we can still do better,” says SBA Senior Advisor Michael Roth. “The important policy changes we are announcing further ensure inclusivity and integrity by increasing access and much-needed aid to Main Street businesses that anchor our neighborhoods and help families build wealth.”

These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas. The SBA will:

  • Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
  • Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. The SBA is working on the program changes and will communicate details throughout this week. VIEW PRESS RELEASE HERE

 

PPP Interim Final Rule – Revisions to Loan Amount Calculation and Eligibility

SUMMARY: This interim final rule implements changes related to loans made under the Paycheck Protection Program (PPP), which was originally established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was enacted, extending the authority to make PPP loans through March 31, 2021, revising certain PPP requirements, and permitting second draw PPP loans. This interim final rule allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans. FIND COMPLETE POLICY GUIDANCE HERE

SBA - Paycheck Protection Program (PPP) - UPDATED 1.18.2021

PAYCHECK PROTECTION PROGRAM
SBA Payroll Protection Program Loan Program

The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced today that the Paycheck Protection Program (PPP) re-opened the week of January 11 for new borrowers and certain existing PPP borrowers. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
  • A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
    • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
    • Has no more than 300 employees; and
    • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

FIRST DRAW PPP LOANS 

  • First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020 and is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SECOND DRAW PPP LOANS

  • Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.

How to Apply
You can apply through any existing SBA 7(a) lender, like Adirondack Trust Company, Saratoga National Bank, Glens Falls National, Ballston Spa National Bank, NBT and more or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

SBA - Economic Injury Disaster Loans (EIDL) - Updated January 18, 2021

COVID-19 Economic Injury Disaster Loans (EIDL) This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

Shuttered Venue Operators Grant

The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

Eligible entities include:

Live venue operators or promoters
Theatrical producers
Live performing arts organization operators
Relevant museum operators, zoos and aquariums who meet specific criteria
Motion picture theater operators
Talent representatives, and
Each business entity owned by an eligible entity that also meets the eligibility requirements

Other requirements of note:

Must have been in operation as of Feb. 29, 2020
Venue or promoter must not have received a PPP loan on or after Dec. 27, 2020

Allowable use of funds
Funds may be used for specific expenses, which include:

Payroll costs
Rent payments
Utility payments
Scheduled mortgage payments (not including prepayment of principal)
Scheduled debt payments (not including prepayment of principal) on any indebtedness incurred in the ordinary course of business prior to 02-15-20)
Worker protection expenditures
Payments to independent contractors (not to exceed $100K in annual compensation per contractor)
Other ordinary and necessary business expenses, including maintenance costs
Administrative costs (incl. fees and licensing)
State and local taxes and fees
Operating leases in effect as of 02-15-20
Insurance payments
Advertising, production transportation, and capital expenditures related to producing a theatrical or live performing arts production. (May not be primary use of funds.)

APPLICATION COMING SOON

SBA Express Bridge Loans

SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms

Up to $25,000
Fast turnaround
Will be repaid in full or in part by proceeds from the EIDL loan

Express Bridge Loan Pilot Program Guide

 

Coronavirus Tax Relief and Economic Impact Payments

Get information on coronavirus (COVID-19) tax relief for businesses and tax-exempt entities.

Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. You can get immediate access to the credit by reducing the employment tax deposits you are otherwise required to make. Also, if your employment tax deposits are not sufficient to cover the credit, you may get an advance payment from the IRS.

Coronavirus-Related Paid Leave for Workers and Tax Credits for Small- and Mid-Size Businesses

The Families First Coronavirus Response Act (PDF) gives all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members.

Get details on paid leave for employees.

NOL Carrybacks of C-Corporations

Get answers about NOL Carrybacks of C Corporations to Taxable Years in which the Alternative Minimum Tax Applies.

Tax Exempt NOL Carrybacks

Get more information about the carryback of NOLs by certain exempt organizations.

Online Tax Help

Online resources for small business and self-employed taxpayers:

Online resources for tax exempt and other entities:

More Information

See all Frequently Asked Questions, resources and guidance.

SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications

SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications on April 8

National informational webinar to review  application process on March 30

WASHINGTON – The U.S. Small Business Administration is launching a splash page for the Shuttered Venue Operators Grant (SVOG) application portal today in anticipation of opening applications for the much-anticipated critical economic relief program on Thursday, April 8, 2021.

 

“Help is here for venue operators hit hard by the COVID-19 pandemic. The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant and we will open for applications on April 8,” SBA Administrator Isabella Casillas Guzman said. “The SBA knows these venues are critical to America’s economy and understands how hard they’ve been impacted, as they were among the first to shutter. This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more.”

 

Prior to the official SVOG application opening, the SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30, 2021. Those interested in participating can register here.

 

The SVOG program was established by the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, which appropriated $15 billion for it. The American Rescue Plan Act, signed into law by President Joe Biden on March 11, 2021, appropriated an additional $1.25 billion, bringing the program funding to a total of $16.25 billion, with more than $16 billion allocated for grants.

 

To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program, the American Rescue Plan Act also amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. The PPP loan applications have been updated to reflect this.

 

As the SBA builds and prepares to open the program, the dedicated SBA website, www.sba.gov/svogrant, which includes frequently asked questions, video tutorials and other SVOG details, is the best source for information for those looking to apply for a grant. To prepare in advance of the SVOG application portal opening on April 8, potential applicants should get registered in the federal government’s System for Award Management (SAM.gov), as this is required for an entity to receive an SVOG, and reference the preliminary application checklist and eligibility requirements.

 

 

SBA - PAYCHECK PROTECTION PROGRAM (PPP) - UPDATED 3.4.2021

In alignment with the Biden-Harris Administration’s commitment to delivering equitable relief to hard-hit small businesses so they can rehire and retain workers, safely reopen, and deliver the essential goods and services that our communities depend on and SBA’s Feb. 22 news release, an Interim Final Rule and updated forms have been posted addressing the PPP changes.

Updated PPP FAQs for lenders and borrowers, as well as loan applications for First Draw and Second Draw PPP loans can be accessed via SBA’s PPP portal at www.sba.gov/ppp.

 

Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief

The latest round of Paycheck Protection Program (PPP) funding opened just one month ago and it represents a marked improvement on the prior round of the Program last year. Compared to the same point in the Program last year:

  • The share of funding going to small businesses with fewer than ten employees is up nearly 60 percent
  • The share of funding going to small businesses in rural areas is up nearly 30 percent
  • The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40 percent

The Biden-Harris administration is announcing several reforms to build on this success by further targeting the PPP to the smallest businesses and those that have been left behind in previous relief efforts. While these efforts are no substitute for passage of the American Rescue Plan, they will extend much-needed resources to help small businesses survive, reopen, and rebuild. VIEW COMPLETE FACT SHEET HERE

 

SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program: Steps to Promote Equitable Relief for Mom-and-Pop Businesses

Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has succeeded in making major improvements to the program’s implementation:

  • For businesses with fewer than ten employees, the share of funding is up nearly 60%
  • For businesses in rural communities, the share of funding is up nearly 30%
  • The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40%

“The SBA is a frontline agency working to create an inclusive economy, focused on reaching women-owned, minority-owned, low- and moderate-income, rural, and other underserved communities in meaningful ways. While reported data illustrates we have made real strides in ensuring these funds are reaching underserved communities, we believe we can still do better,” says SBA Senior Advisor Michael Roth. “The important policy changes we are announcing further ensure inclusivity and integrity by increasing access and much-needed aid to Main Street businesses that anchor our neighborhoods and help families build wealth.”

These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas. The SBA will:

  • Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
  • Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. The SBA is working on the program changes and will communicate details throughout this week. VIEW PRESS RELEASE HERE

 

PPP Interim Final Rule – Revisions to Loan Amount Calculation and Eligibility

SUMMARY: This interim final rule implements changes related to loans made under the Paycheck Protection Program (PPP), which was originally established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was enacted, extending the authority to make PPP loans through March 31, 2021, revising certain PPP requirements, and permitting second draw PPP loans. This interim final rule allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans. FIND COMPLETE POLICY GUIDANCE HERE

SBA - Paycheck Protection Program (PPP) - UPDATED 1.18.2021

PAYCHECK PROTECTION PROGRAM
SBA Payroll Protection Program Loan Program

The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced today that the Paycheck Protection Program (PPP) re-opened the week of January 11 for new borrowers and certain existing PPP borrowers. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
  • A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
    • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
    • Has no more than 300 employees; and
    • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

FIRST DRAW PPP LOANS 

  • First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020 and is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SECOND DRAW PPP LOANS

  • Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.

How to Apply
You can apply through any existing SBA 7(a) lender, like Adirondack Trust Company, Saratoga National Bank, Glens Falls National, Ballston Spa National Bank, NBT and more or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

SBA - Economic Injury Disaster Loans (EIDL) - Updated January 18, 2021

COVID-19 Economic Injury Disaster Loans (EIDL) This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

Shuttered Venue Operators Grant

The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

Eligible entities include:

Live venue operators or promoters
Theatrical producers
Live performing arts organization operators
Relevant museum operators, zoos and aquariums who meet specific criteria
Motion picture theater operators
Talent representatives, and
Each business entity owned by an eligible entity that also meets the eligibility requirements

Other requirements of note:

Must have been in operation as of Feb. 29, 2020
Venue or promoter must not have received a PPP loan on or after Dec. 27, 2020

Allowable use of funds
Funds may be used for specific expenses, which include:

Payroll costs
Rent payments
Utility payments
Scheduled mortgage payments (not including prepayment of principal)
Scheduled debt payments (not including prepayment of principal) on any indebtedness incurred in the ordinary course of business prior to 02-15-20)
Worker protection expenditures
Payments to independent contractors (not to exceed $100K in annual compensation per contractor)
Other ordinary and necessary business expenses, including maintenance costs
Administrative costs (incl. fees and licensing)
State and local taxes and fees
Operating leases in effect as of 02-15-20
Insurance payments
Advertising, production transportation, and capital expenditures related to producing a theatrical or live performing arts production. (May not be primary use of funds.)

APPLICATION COMING SOON

SBA Express Bridge Loans

SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms

Up to $25,000
Fast turnaround
Will be repaid in full or in part by proceeds from the EIDL loan

Express Bridge Loan Pilot Program Guide

 

Coronavirus Tax Relief and Economic Impact Payments

Get information on coronavirus (COVID-19) tax relief for businesses and tax-exempt entities.

Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. You can get immediate access to the credit by reducing the employment tax deposits you are otherwise required to make. Also, if your employment tax deposits are not sufficient to cover the credit, you may get an advance payment from the IRS.

Coronavirus-Related Paid Leave for Workers and Tax Credits for Small- and Mid-Size Businesses

The Families First Coronavirus Response Act (PDF) gives all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members.

Get details on paid leave for employees.

NOL Carrybacks of C-Corporations

Get answers about NOL Carrybacks of C Corporations to Taxable Years in which the Alternative Minimum Tax Applies.

Tax Exempt NOL Carrybacks

Get more information about the carryback of NOLs by certain exempt organizations.

Online Tax Help

Online resources for small business and self-employed taxpayers:

Online resources for tax exempt and other entities:

More Information

See all Frequently Asked Questions, resources and guidance.

New York State Resources for Small Businesses

New York Forward Loan Fund

New York Forward Loan Fund

New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.

NYFLF targets the state’s small businesses with 50 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income.

NYFLF is providing working capital loans so that small businesses, nonprofits and small landlords have access to credit as they reopen. These loans are available to small businesses and nonprofits that did not receive a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of greater than$150,000, and small landlords.  The loans are not forgivable in part or whole.  The loans will need to be paid back over a 5-year term with interest.

The working capital loans are timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.

Access to loans for small residential landlords will be targeted to owners with residential buildings of 50 units or less and will prioritize loans for residential landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants.

PRE-APPLICATION
LOAN TERMS
BUSINESS REQUIREMENTS
NYFLF FAQ

New York State COVID Resources for Small Businesses

New York State Agencies

New York State Small Business Development Center

Albany Small Business Development Center

Serving Albany, Columbia, Fulton, Greene, Hamilton, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, Washington Counties. Make an appointment for counseling: Call (518) 380-5077 or use our online form

SEED Program – Small Enterprise Economic Development

SEED is a new Loan Program for future Entrepreneurs and Small Business Owners that bases the lending decision on the character of the applicant and feasibility of the business model.

Program Components:
-Assistance in Accessing Capital to Start or Expand a Small Business
-Business Model Development (SBDC along with interns from UAlbany School of Business and School of Social Welfare)
-Entrepreneurial Training Classes
-One on One business Counseling Assistance
-Peer Mentoring Support

Application Process:
-Completed Application Packet
-Copy of Credit Report
-3 Letters of Reference (2 professional, 1 personal)
-Interview with SEED program Coordinator

Maximum Loan- $35,000

Business Planning Services
If you or your business reside in New York, the SBDC can maneuver you around the obstacles to success. Client Services include:

  • understand the importance of a business plan
  • discover sources of funding
  • prepare for e-commerce
  • identify avenues for exporting goods & services
  • develop marketing plans
  • assess an invention’s viability
  • comply with licensing & regulations

All services are free of charge.

Contacting the Albany SBDC:

Center: (518) 380-5077
Fax: (518) 380-5071

Address:
University at Albany
6 Executive Park Drive, Entrance B
Albany, NY 12203
Directions to the center

Director: Katherine Baker
Email Address: kbaker@albany.edu

Hrs. of Operation:
9 AM – 5PM

Local Resources for Small Businesses

Saratoga County Industrial Development Agency PPE Grant

Saratoga County IDA PPE Grant Program

The Saratoga County Industrial Development Agency (the “IDA”) was created in 1971. For almost half a century, the IDA has provided assistance in connection with the development of economically sound commercial entities within Saratoga County. The IDA’ goal is to advance the job opportunities, general prosperity, and the economic well-being of the citizens of Saratoga County.

Through legislation recently approved by the State of New York, the IDA is now able to assist for profit and not-for-profit entities in Saratoga County which have been negatively impacted by COVID-19 by providing grants of up to $10,000.00 for the purchase of personal (and other) protective equipment. In order to qualify, applicants must:

a) Have been financially viable entity prior to March 20, 2020

b) Have their principal office in Saratoga County

c) Be able to demonstrate that they were negatively impacted by the outbreak of the novel coronavirus COVID-19.

The Board will consider all invoices for PPE spent from March 7, 2020 to date.

Documentation will have to be supplied to the IDA to confirm to its satisfaction that any funds issued as a grant to a small business or not-for-profit have been used solely for the above purpose.

Please note that a “small business” is defined as business with its principal offices in Saratoga County, New York with fewer than fifty (50) full-time equivalent employees. A “small not-for-profit corporation” is a not-for-profit corporation formed pursuant to the New York Not-for-Profit Corporation Law, with its principal office in Saratoga County which has fewer than fifty (50) full-time equivalent employees.

The funds that are being expended by the IDA for this program are derived from the fees that the IDA has collected over the years in assisting local businesses to build, expand and employ people within the state and primarily in Saratoga County.

The Application for the grant may be completed by logging onto the IDA website – https://www.saratogacountyida.org/. Only a fully completed Application will be reviewed by the IDA, which anticipates that the demand for the grants will exceed the funds that have been allocated for this program.

Please also note that the IDA is a public authority. As such, all information submitted will be examined in a public forum and may become public information.

All applications should be sent to:
Saratoga County Industrial Development Agency to the attention of Scott Duffy, CEO
at the following address: 50 West High Street, Ballston Spa, NY 12020.

PPE Grant Program Application

Business Planning - SCORE - Service Corps of Retired Executives

SCORE welcomes you as a Small Business Client. Their counselors will meet with you in a private conference room or teleconference at the appointed time. Please bring with you whatever documents you feel you will need for in-depth discussion. Services are at no cost to you.

If this is a first meeting, you and the counselors together will form a business strategy. Out of this meeting should come some action items that will lead to follow-on meetings. If needed, other counselors with different specialized knowledge, training and background will be assigned.Please be prepared to take notes.

Counselors will explain to you the Business Resources Center, with computers, Internet access, specialized software and library, for your use at no cost. SCORE, SBA, IRS and other business literature is available for you to take with you. You may download forms, eg., cash flow projections to take with you. Other services will be explained. Ask questions.

If you become unable to attend the meeting at the appointed time, please call or e-mail at least 24 hours in advance, so we can allocate the time to another client.

Please visit our Web sites for more information, including business resources and our schedule of presentations, seminars and workshops.

To make an appointment in Saratoga County contact

Bill Edwards
518.893.7364
Email: wedward1@nycap.rr.com

Reopening Guidelines

Reporting Large Gatherings in Saratoga County - Updated 3.5.2021

Governor Cuomo Announces Event, Arts and Entertainment Venues Can Reopen at 33 Percent Capacity Beginning April 2

In accordance with recent guidance from the Governors office, the Saratoga County Public health Services has created a Large Gathering Notification Form which can be used to register and report gatherings which meet the capacity threshold.

To access the Saratoga County Public Health Service, and the Large Gathering Notification form click here.

Full guidance on reopening capacity and procedures from the Governor’s office can be found here.

Saratoga County Reopening

Saratoga County Re-opening Resources

Considerations for Restaurants and Bars – Updated July 17, 2020

As restaurants and bars resume operations in some areas of the United States, CDC offers the following considerations for ways in which operators can protect employees, customers, and communities and slow the spread of COVID-19. Restaurants and bars can determine, in collaboration with state and local health officials, whether and how to implement these considerations, making adjustments to meet the needs and circumstances of the local community. Implementation should be guided by what is feasible, practical, acceptable, and tailored to the needs of each community. These considerations are meant to supplement—not replace—any state, local, territorial, or tribal health and safety laws, rules, and regulations with which businesses must comply.
For More details Click Here

Capital Region Reopening Plan

The Capital Region action plan for safely reopening businesses and reinvigorating the economy.

Capital Region Regional Re-opening Plan (5.18.20)

NY Forward - A Guide to Reopening New York and Building Back Better

The Governor’s Office published “NY Forward: A Guide to Reopening New York & Building Back Better.”  The complete guide details the State’s plans to reopen the economy. CLICK HERE TO READ NY FORWARD RE-OPENING PLAN

Statewide Guidelines for Essential Businesses and Re-Opening

CDC Guidance on Preparing Workplaces for COVID 19

Centers for Disease Control and Prevention

Workplace Guidance and Strategies
To prevent and reduce transmission and maintain healthy business operations and work environments

Planning and Policy

OSHA: Preparing Workplaces for COVID-19 
Identify risk levels and determine appropriate control measures

Preparing Small Businesses and Employees
Tips for operating during COVID-19

Workplace FAQs
Common questions about many topics

Resuming Business Toolkit
The Resuming Business Toolkit is designed to assist employers in slowing the spread of COVID-19 [1] and lowering the impact in their workplace when reintegrating employees into non-healthcare business settings. Not sure whether you’re ready to resume business? Use CDC’s decision tools [2-3] as a start.

New York State Guidance For Travel

New York State COVID-19 Travel Advisory
Call the Hotline: 1-888-364-3065 or Ask a Question

Click here for the most up to date guidance for those traveling to and from New York State.

New York State Traveler Health Form
In response to increased rates of COVID-19 transmission in the United States and other countries, and to protect New York State’s (NYS) successful containment of COVID-19, NYS has issued a travel advisory for anyone entering NYS from a non-bordering state or traveled internationally from a country designated under a CDC level 2 or higher COVID-19 travel health notice.

All travelers coming to NYS from areas beyond the border states (NJ, CT, PA, MA, VT) must fill out this form. Travelers that are asymptomatic must quarantine for 10 days from the last day in a non-border state or another country, unless the traveler meets certain criteria.

(One form per adult required. Children or other dependents traveling with you can be included with one adult.)

Exemptions for Essential Workers
Exceptions to the travel advisory are permitted for essential workers and are limited based on the duration of time in designated states, as well as the intended duration of time in New York. The Commissioner of Health may additionally grant an exemption to the travel advisory based upon extraordinary circumstances, which do not warrant quarantine, but may be subject to the terms and conditions applied to essential workers or terms and conditions otherwise imposed by the Commissioner in the interest of public health.

Short Term – for essential workers traveling to New York State for a period of less than 12 hours.

This includes instances such as an essential worker passing through New York, delivering goods, awaiting flight layovers, and other short duration activities.
Essential workers should stay in their vehicle and/or limit personal exposure by avoiding public spaces as much as possible.
Essential workers should monitor temperature and signs of symptoms, wear a face covering when in public, maintain social distance, and clean and disinfect workspaces.

Essential workers are required, to the extent possible, to avoid extended periods in public, contact with strangers, and large congregate settings.

Medium Term – for essential workers traveling to New York State for a period of less than 36 hours, requiring them to stay overnight.

This includes instances such as an essential worker delivering multiple goods in New York, awaiting longer flight layover, and other medium duration activities.
Essential workers should monitor temperature and signs of symptoms, wear a face covering when in public, maintain social distance, and clean and disinfect workspaces.

Essential workers are required, to the extent possible, to avoid extended periods in public, contact with strangers, and large congregate settings.

Long Term – for essential workers traveling to New York State for a period of greater than 36 hours, requiring them to stay several days.

This includes instances such as an essential worker working on longer projects, fulfilling extended employment obligations, and other longer duration activities.
Essential workers must seek diagnostic testing for COVID-19 on day 4 after arriving.

Essential workers should monitor temperature and signs of symptoms, wear a face covering when in public, maintain social distancing, clean and disinfect workspaces for a minimum of 14 days.

Essential workers and their employers are expected to comply with previously issued DOH guidance regarding return to work after a suspected or confirmed case of COVID-19 or after the employee had close or proximate contact with a person with COVID-19. Additionally, this guidance may be superseded by more specific industry guidance for a particular industry (e.g., for a nursing home worker, a negative test PCR test will be required before return to work). Consult with your employer regarding whether there is industry-specific guidance that may apply to you.

Please consult the DOH website and resources for additional details and information regarding isolation procedures for when a person under quarantine is diagnosed with COVID-19 or develops symptoms.

For reference, an “essential worker” is (1) any individual employed by an entity included on the Empire State Development (ESD) Essential Business list; or (2) any individual who meets the COVID-19 testing criteria, pursuant to their status as either an individual who is employed as a health care worker, first responder, or in any position within a nursing home, long-term care facility, or other congregate care setting, or an individual who is employed as an essential employee who directly interacts with the public while working, pursuant to DOH Protocol for COVID-19 Testing, issued May 31, 2020, or (3) any other worker deemed such by the Commissioner of Health.

NYS Contract Tracer Training

Contact Tracing

New York State has partnered with Bloomberg Philanthropies, Johns Hopkins Bloomberg School of Public Health and Vital Strategies to create the NYS Contact Tracing Program, a nation-leading initiative to help slow the spread of COVID-19 and make it safer to begin to return to normal again.

Contact Tracers work with people who have tested positive for COVID-19 to identify people they have had contact with and let them know they may have been exposed to the disease.

A contact tracer will:
NEVER ask for your Social Security number
NEVER ask for any private financial information
NEVER ask for credit card information
NEVER send you a link without proper authentication procedures

Contact Tracers have been hired and trained to work with state-of-the-art software to gather information on the spread of the infection. Your participation is confidential.

New York State Contact Tracing Tool

If you test positive for COVID-19, you will get a call from a public health representative to identify any contacts you have had. This form can help you identify your contacts so you will be ready for the call.

If you get a call from “NYS Contact Tracing” (518-387-9993), please answer the phone!

Join the Contact Tracing Team: Apply here to become a Contact TracerTeam Supervisor, or Community Support Specialist.

Personal Protection Equipment (PPE) Suppliers

Latest News Alerts from NYS Governor Andrew Cuomo

Sign Up for Coronavirus Updates from Governor Andrew Cuomo

Micro-Cluster Strategy – COVID-19 Hot Spots
The Micro-Cluster Strategy identifies clusters and the areas around them and categorizes them into one or more color-coded zones with corresponding levels of restrictions based on severity: Red Zones, Orange Zones, and Yellow Zones. New rules and restrictions directly target areas to help control COVID-19 spread and protect hospital capacity.
View the Cluster Maps
Restrictions by Cluster Zones

Sign Up for Updates!

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#SaratogaCounty Looks to Set up #Vaccination Pods at Large Scale Employers in County
If you are an employer interested in having vaccines administered to employees onsite, contact Supervisor Gaston at tngaston @saratogacountyny.gov or 518-934-1944 to learn more

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