Tuesday September 29, 2020 |
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ESD Expands New York Forward Loan Fund to Include PPP Recipients |
Empire State Development (ESD) today announced that Paycheck Protection Program (PPP) recipients are now eligible to receive low-interest loans from the New York Forward Loan Fund (NYFLF). This conditional change will provide the Fund's network of lenders and financial institutions with greater flexibility and enable them to provide more small businesses with working capital to cover expenses associated with reopening.
When the NYFLF launched in May, the federal Small Business Administration had just issued rules regarding companies’ eligibility for federal assistance. The goal of the NYFLF was to help New York-based small businesses that did not receive PPP funding with flexible working capital to reopen and adapt to post-COVID needs. Companies with 20 employees or less make up 90% of New York’s business community, and it was critical to provide a funding lifeline to those businesses shut out of federal assistance.
However, some NYFLF applicants who needed assistance were deemed ineligible because they had already received PPP funds. Through discussions with lenders and applicants, it became apparent that PPP loans did not go far enough to support New York-based small businesses. Legislative criteria restricted how the government assistance could be spent, and oftentimes PPP amounts were a fraction of what was needed and requested.
Starting today, NYFLF Community Development Financial Institutions (CDFIs) will contact previously ineligible applicants to determine if they are still interested in funding and begin the underwriting process. This is limited to small businesses who received $50,000 or less in PPP assistance. The fund is prepared to process the new applications from this change while also working with existing applicants. Small business who did not receive any federal assistance are still eligible and encouraged to apply. Additionally, the program goal of providing at least 60% of loans to Minority- and Women-Owned Business Enterprises (MWBEs) remains, and that goal will not change due to the newly-expanded eligibility.
Eligible small businesses and small residential landlords can apply for a 60-month, no-fee loan with a 3% fixed interest rate; while eligible non-profits can apply for a 60-month, no-fee loan at 2% fixed interest. The maximum loan amount is $100,000. Loan funds can be used for working capital including payroll, operating and emergency maintenance, property taxes, utilities and costs associated with refitting physical space to follow social distancing guidelines. More information is available online at nyloanfund.com.
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Might This Be an Opportunity For Your Business? |
A beautiful new facility is available at Plattsburgh International Airport, for potential creative use by a regional business or organization. Bright, spacious, modern with possibilities including small business, offices, a studio, use by a non-profit, a public sector use.Check out the link below for information and contact us if interested. |
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Montreal and Quebec City Will Enter Red Zone Soon |
As COVID-19 cases continued to soar over the weekend, with 896 new cases in Quebec on Sunday and 698 on Saturday, Health Minister Christian Dubé said he expects to upgrade Montreal’s alert status this week.
“I think we’ve reached that point,” Dubé said Sunday night on Radio-Canada talk show Tout le monde en parle. Montreal and Quebec City, he said, will go from orange (alert) to red (maximum alert) status “in the coming days.”
“What we’ll try to do in the coming days, it’s our biggest challenge, to find an equilibrium mainly — I’ll be very transparent — in Montreal and Quebec City, which are the hardest hit, they’re very close to the red zone.”
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We are excited to announce the return of Business After Hours...safely, of course!
We are eager to get back to in-person networking in a safe and social environment - we hope you are too! We hope that you join us on Thursday, October 15th at Northern Insuring Agency.
The North Country Chamber of Commerce and Northern Insuring Agency are taking all necessary precautions to ensure a safe environment. Attendance will be limited to follow the NYS regulations, masks are to be worn at all times and social distance be respected.
Come see what is happening at Northern Insuring and their newly renovated space. Enjoy snacks, a beverage and quality networking!
** You must pre-register, so we can adhere to the NYS Guidelines and we will be outside hopefully, as well. you must be a North Country Chamber of Commerce Member.
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A Successful 2020 Golf Tournament! |
Thank you to everyone who played and supported our 2020 Northern Insuring/North Country Chamber Golf Event on Friday! It was a great day of golf at Adirondack Golf Course and we appreciate all the support!
It was great to see so many of our members in person!
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Forward NY: Official State Website for opening procedures and guidelines.
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Looking for Supplies: If your business is looking for hard to find protective products, we have created a list of businesses offering hand sanitizer, gloves, wipes, masks and other items.
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SCORE: Visit Scores Coronavirus page for webinars and useful articles for small businesses.
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To help the North Country reopen safely and meet the state and local mandates, The North Country Chamber of Commerce has created a comprehensive list of resources to navigate state and local requirements. Check out the home page for details. There is also a series of webinars available for businesses to help educate and provide answers to common questions.
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Have Questions? We're here to help!
North Country Chamber of Commerce
518.563.1000
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