Eight things you need to know about the impact of COVID-19 on Saratoga County's economy.
8 @ 8 is a newsletter filled with eight things you need to know on topics related to the economy in Saratoga County, New York. You can expect to see 8 @ 8 in your inbox twice a month. If you have content you'd like us to share or have a topic you'd like to see more of, let us know and we'll work to include it in a future edition! - The Saratoga Partnership Team
1. New Law Passed Last Week Relaxes PPP Rules: What you need to know
On June 5, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) in an attempt to address many concerns expressed by the small business community around the Paycheck Protection Program (PPP) aimed at providing COVID-19 relief. The new law addresses flaws in the original PPP program created under the CARES Act. PPPFA changes amount of loan needed for payroll to 60%, it extends time period to use funds from 8 to 24 weeks, pushes back a June 30 deadline to rehire workers to December 31, 2020, eases rehire requirements; and extends the repayment term from 2 years to 5. The PPPFA is a win for small businesses. The law will ease many of the burdens placed on businesses that received PPP loans, and for many that may still apply for them.  Click here to read details from Forbes and National Law Review.
2. Guidance When You Need it Most
Essential. Not essential. Work from home. Furloughed. Unemployment. How do we get through this? We get through this together, learning from each other, asking questions and getting help. There is so much information around, almost too much. You aren’t in his alone. We work with all businesses in Saratoga County, big and small and we are here to help you get through it all. Our role is to hunt down the information you need and gather it together focusing on what you need. If you or a business you know, need direct, one on one assistance for re-opening, PPP, EIDL, or any other business resource, please call us at 518.871.1887 or email Advisor for Business Retention + Expansion, Mary Estelle Ryckman.
3. Unemployment claims slow as NY economy starts to reopen
According to the Daily Gazette 93,666 people across the seven-county Capital Region filed for unemployment insurance since mid-March when the COVID-19 shelter in place began. That’s 19.5% of the 480,800 people whom the state Department of Labor tallied as employed in the seven counties in January. According to the New York State Department of Labor, Saratoga County had one of the lowest unemployment rates in the state (3.7%) counted 116,300 people in the workforce. Since March 14 23,123 Saratoga County residents filed for unemployment. Hope is on the way with phase I complete and phase 2 reopening underway.  wThe Capital Region saw a more than 50% decrease in claims filed the week ended May 30 over the week ending May 23.
4. Computer Chip Industry Makes Push for $37 Billion in Federal Aid
The semiconductor industry is seeking a $37 billion financial aid package from the federal government in a bid to reduce the United States' dependance on China for computer chip technology, an idea that has gathered support as the coronavirus pandemic has exposed the dangers of a high-tech trade imbalance with Asia. The Wall Street Journal was the first to report the proposal, which is being prepared by the Semiconductor Industry Association. U.S. Senator Charles Schumer recently put his weight behind federal subsidies for GlobalFoundries after it was revealed that the Trump administration had potentially reached a deal with Taiwan Semiconductor Manufacturing Co. to build a new chip factory in Arizona. “The security risks posed by relying almost exclusively on foreign microelectronics suppliers are too great," Schumer said in a statement last month. "We need a robust national strategy to ensure our domestic microelectronics industry, including companies like GlobalFoundries and Cree and other industry leaders that already have a significant U.S. presence, can safely and securely supply our military, intelligence agencies, and other government needs." Read more here.
5. Geography of Jobs
The Geography of Jobs map is a dynamic visualization of job gains and losses over the last 15+ years for every metro area in the U.S. The red and blue bubbles represent a rolling 12-month net change in total employment for each metro area. Last week TIP Strategies updated their map with 2020 data and...words can't really describe it. Take a look for yourself.
6. Finding Talent in a Time of Economic Change
The coronavirus pandemic has caused more economic disruption than the U.S. has seen since the Great Depression. No one can say for sure what the landscape will look like as the economy recovers, but it’s clear that a lot of puzzle pieces won’t snap back into the same places as before. In a post-pandemic reality, business operations may look dramatically different. Many people will be forced to transition from one job or career to another. Put another way, there will be an incredible need for workforce development as millions of idled workers return to the workforce. The country’s many workforce programs are ready to get everyone back in the game and have already been adapting their work to the new reality. Read here on workforce development tools in action.
7. Global Surveys of Consumer Sentiment During the Coronavirus Crisis
As governments and organizations continue to work toward containing COVID-19 and stem the growing humanitarian toll it is exacting, the economic effects are also beginning to be felt. McKinsey & Company is tracking consumer sentiment to gauge how people's expectation, incomes, spending, and behaviors change throughout the crisis across multiple countries over time. Check back here regularly for updates.
8. Four Ways New Technology Is Revolutionizing the 2020 Census
From scribbled answers in 1790 to online responses in 2020, innovation has always been part of the Census. Through the centuries, the decennial count progressed from in-person collections of handwritten answers to mass mailings of paper questionnaires in 1970. Among other changes along the way: the creation of an electrical punch card tabulator for the 1890 Census and the first use by a government agency of the world’s first modern computer – the UNIVAC 1 – for the 1950 Census. The Census Bureau has been a leader in using, adapting, and developing new technologies but the 2020 Census will be the most sophisticated and high tech yet.  Here are four specific changes that have had a major impact on how the Census Bureau counts everyone once, only once, and in the right place.
Keep up to date on the latest COVID-19 information and resources on our website www.SaratogaPartnership.org , Facebook , Instagram , Twitter , and LinkedIn .

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