RESOURCES and SUPPORT
for your business
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Coronavirus Economic Stimulus Bill Includes Help for Small Businesses and Nonprofit Organizations
Here are some
key points
from the latest legislation aimed at providing emergency relief to workers, families, small businesses, and distressed industries:
- A “paycheck protection program”: An incentive to keep employees on payroll. Provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency. If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven, which would help workers to remain employed and affected small businesses and our economy to recover quickly from this crisis. This proposal would be retroactive to February 15, 2020, to help bring workers who may have already been laid off back onto payrolls.
- Flexibility with Disaster Loans: Businesses that have already taken advantage of the SBA’s Economic Injury Disaster Loans will have the opportunity to “re-finance” those loans into the “paycheck protection program”.
- Extensive debt relief: For six months, SBA is required to pay all principal, interest and fees on all existing SBA loan products including 7(a), Community Advantage, 504, and Microloan programs.
- The Small Business Administration is required to enact these programs with regulations no later than 15 days after the Act is signed into law.
- Employee Retention Tax Credit: Employers that face closure orders or suffer economic hardship due to the coronavirus crisis that continue to pay employees that are furloughed may be eligible for a 50% credit on up to $10,000 of wages paid to those employees.
- Delays Payroll Tax Payments for Employers: Employers would be able to delay the payment of their 2020 payroll taxes until 2021 and 2022, leading to approximately $300 billion of extra cash flow for businesses.
- Expands Unemployment Benefits: Self-employed, independent contractors, and “gig-economy” workers can now receive unemployment benefits during the public health emergency. The bill also includes support to state and local governments and nonprofits so they can pay unemployment to their employees.
- More Money for a Longer Period for More Workers: A $600/week across-the-board payment increase through the end of July. In addition, for those who need it, the bill provides an additional 13 weeks of benefits beyond what states typically allow.
CEDA staff are hard at work tracking various resources available to Cayuga County businesses. We will share more information as it becomes available.
Free and confidential
guidance from our staff is available to
all Cayuga County businesses
.
Please contact the following individual initially to discuss your needs and be directed to the appropriate resource:
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Our partner organization, the
Cayuga County Chamber of Commerce
has a
RESOURCES
page intended to keep the business community informed with current and valuable information.
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COVID-19 Updates for Cayuga County
Status Report 3/24/20 The County Office Building is closed to the public, except for Department of Social Services emergency services. Please contact the county hotline 315-253-1355 and call takers will direct you to the appropriate department...
Read more
www.cayugacounty.us
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The Cayuga County Emergency Management Office
is seeking donations of
personal protective equipment (PPE)
from local companies, such as unused masks, gowns, gloves, and Tyvek suits. The county’s frontline staff in fire rescue and law enforcement as well as staff at the hospital, health department, and medical facilities are in dire need of PPE to tackle the Novel Coronavirus COVID-19 in our communities. Being able to supply county frontline staff with sufficient supplies of PPE goes to the heart of the county’s response to the COVID-19 pandemic in an effort to protect them, their families, and everyone they work with and serve.
Construction companies or other industries that have extra PPE to donate can contact
Harry Sherman
at the
County Emergency Management Office
at
315-702-7643
to coordinate the drop-off. Any assistance is greatly appreciated.
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Take our short survey to help us better understand your current state of operations and needs. Businesses that respond to the survey will be contacted by a member of the CEDA team or referred to an Auburn SCORE Chapter mentor depending upon the need they describe in the survey.
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Support small and local businesses while practicing social distancing by:
- Purchasing memberships and donating to non-profit organizations
- Buying gift cards electronically and shopping local online retailers
- Ordering take out from local restaurants
- Leaving positive online reviews and social media comments for the local businesses you frequent
- Use #SupportCayuga in your social media posts and shares to show your support for Cayuga County businesses and the community
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The Cayuga Economic Development Agency (CEDA) provides businesses with easy access to all of the information, incentives and resources needed to start or grow in Cayuga County. For instance, CEDA can help businesses and entrepreneurs find a location or mentor, as well as assist in accessing tax incentives, low interest loan programs, technical assistance, or State grant funding. CEDA does this by working collaboratively with partners and experts throughout the region.
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