US Chamber Launches #savesmallbusiness Initiative
New Small Business Grant Application Opens Monday
The Save Small Business Fund is providing $5,000 grants to small employers located in economically vulnerable communities in the United States and its territories. Tompkins County zip codes seem to be eligible for funding. Qualifying applicants employ between 3-20 people and have been financially harmed by the pandemic.
 
A short application will go live at savesmallbusiness.com on Monday, April 20 at 12:00 p.m. Funds will move fast, so we encourage qualifying businesses to apply as soon as possible. Sign up to receive an email alerting you to apply when the application opens.
New Collaborative Tompkins County/City of Ithaca Small Business Resilience Fund Offers $5000 Forgivable Loan

This program has stopped accepting applications at this time due to volume of applications received. We will alert you if the program opens back up.
Tompkins County Area Development (TCAD) introduces short-term emergency relief fund for businesses in Tompkins County that have been impacted by the Coronavirus pandemic.
 
The Emergency Relief Loan Program will provide 3-year term loans to legally recognized traded sector businesses whose customers are regional or national in scope ( businesses who primarily sell products or services outside Tompkins County ).
  
The loan will be for working capital to: Prevent staff reductions; Allow business operations to continue; Offset losses related to the Coronavirus COVID-19.
 
Loan terms: Maximum amount offered for this 36-month loan is $50,000; Interest rate is 2.5%; Principal and interest payments are deferred for one year;   There is no equity requirement
 
Eligible Loan Uses Include: Working capital (including payroll coverage); Inventory; Equipment; New marketing efforts; Other reasonable business expenses. The loan may not be used to pay off existing loans or debt.
  
There is no cost to apply . There are no closing costs or filing fees . Loans will be available until funds are committed or until October 1, 2020. For further information and to request an application  please contact Kathy May below.
EIDL & PPP Funds Run Out

On Thursday, April 16th, the SBA stopped taking applications for EIDL & PPP . The Chamber is advocating for additional funding allocations with our representatives. Our Federal elected officials are aware of this need, and supportive of recapitalizing these funds.
SBA cautions business on increase of lending SCAMS
 
Reports of scammers are on the rise with respect to the PPP and EIDL programs.
 
A couple of things the SBA has seen directly:
 
  1. Emails impersonating SBA to a borrower regarding PPP loan applications. SBA DOES NOT communicate with borrowers regarding specific PPP loan applications. All PPP loan correspondence should be between the lender and the borrower.
  2. Emails impersonating SBA asking for borrowers to complete and sign attached documents to “complete” their disaster “Grant Application.” SBA does not process grants. All EIDL loan processing now occurs through the EIDL portal, and legitimate loan approval emails clearly reference the original confirmation #. If additional documentation is required (95% of loans do not require more documentation), it is electronically handled in the portal. EIDL Advances process with NO action required on the part of the applicant.
  3. These phishing emails are sophisticated, with SBA logos and styling consistent with legitimate SBA communications. If in doubt, the borrower may contact the regional SBA office.
  
Report Fraud
Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at,  https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline .

New Executive Order:
Face Coverings Required for Employees in Essential Businesses Interacting with Public

> Began 8 p.m., April 15th
> Employers responsible for providing masks/coverings
> Employees allowed to use own coverings, but cannot be mandated to do so
> Scroll further in this email to request support locating face coverings from Chamber & community
> Read the full text of EO 202.16 at left
Do you need masks or hand sanitizer to protect your employees or customers?

Please click the button below to fill out a Google form. Indicate how many essential employees you're seeking homemade fabric masks for (and for what purpose/responsibilities), and how many gallons of hand sanitizer you would be interested in receiving in the next week or two. We cannot promise supplies will be available, and note that you'll need to be patient especially for masks. Public health priority order will determine where masks go and when. Thank you!
Tompkins Chamber Support Fund through Chamber Foundation

The Chamber is providing critical support to our network and the community during this unprecedented crisis. Engaging with peers, receiving valuable information and resource updates, conducting effective advocacy, and sustaining the promotion and support of local businesses or organizations are as important as ever. We are striving to make this information and our services universally available, regardless of ability to pay.

If you represent a business or organization that values the work our team is doing and wants to help ensure the Chamber is here to support our members and the community for the long term - our community and organization could use your support.
Still have questions?

Here's an adorable, inquisitive kitten to make you feel better.

Seriously, though...we'll do our best to help you or make referrals to those who have the answers you need.

Just call the Chamber at 607-273-7080, or email us at info@tompkinschamber.org .

* A brief reminder that we are not doctors or legal experts - just your friendly local Chamber doing our best to keep you informed.*
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