TODAY's DOSE

Tuesday August 31, 2021

Governor Hochul Announces Expanded Eligibility for the $800 Million COVID-19 Pandemic Small Business Recovery Grant Program

Governor Kathy Hochul today announced changes to New York State's $800 million COVID-19 Pandemic Small Business Recovery Grant Program that will enable more small businesses to apply for funding. Starting today, businesses with revenues up to $2.5 million can apply for grants, up from the previous threshold of $500,000. Additionally, the limitation for businesses that received Federal Paycheck Protection Program loans has been increased from $100,000 to $250,000.

Launched in June, the program initially focused on small and micro-businesses across New York State, which were largely left out of federal business recovery initiatives. Empire State Development and its partners have worked hard ensure that these businesses have the technical assistance - including guidance during the application process and support to overcome language barriers - they need to be first in line for this program. To date, more than $48 million has been awarded to over 2,380 small and micro-businesses in all ten regions of the state. The modifications announced today ensure additional small businesses can more quickly access funding through the program.

ESD and Lendistry, the minority-led Community Development Financial Institution that was selected to administer the program, will continue to accept and review applications. All current applicants - those who have not finished their applications, have not uploaded documents or have incomplete documentation - are encouraged to finalize their applications as soon as possible. Previously ineligible small businesses may start applying today, and those applications will start being processed on Wednesday, September 8.

Did you know that the North Country Chamber of Commerce has a dedicated staff member to help you sort out several grant details. Contact Raechell at raechell@northcountrychamber.com or 518.563.1000 for information and details.

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SBA Opens Supplemental Grant Applications for Shuttered Venue Operators Grant Awardees

Awards Expected to Begin Going out within Two Weeks

The U.S. Small Business Administration announced it will begin sending invitations for supplemental awards for the Shuttered Venue Operators Grant program. Per the Economic Aid to Hard-Hit Small Businesses, Non-profits and Venues Act, SVOG supplemental awards are to be provided to those who received an initial grant and have illustrated a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019. Thus far, approximately $9 billion has been awarded in initial SVOGs to more than 11,500 venues, providing a critical lifeline for theaters, live venue spaces, and other entertainment and cultural hubs as they recover from the pandemic, re-open in many communities across the nation and continue contributing to local economies.

For information on SBA’s Economic Relief programs, visit COVID-19 relief options. Further, SBA’s resource partners, including SCORE Mentors, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers, are available to provide entities with individual guidance on their applications. Applicants can find a local resource partner via a zip code search at http://www.sba.gov/local-assistance. For weekly SVOG funding data reports, visit www.sba.gov/svog.

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North Country Chamber and Other Business Groups Urge Caution in Rollout of the NY HERO Act

Two dozen business organizations on Thursday urged Gov. Kathy Hochul's new administration to be cautious in rolling out a new law meant to add safety measures to workplaces in New York meant to stop the spread of illnesses like COVID-19.

The NY Hero Act has been backed by labor unions as a necessary step to helping workers remain healthy in workplaces and job sites as more people return to work and as the highly contagious delta variant leads to a spike in COVID cases.

But business organizations, including the National Federation of Independent Businesses in New York, pointed to the onerous regulations and costs associated with implementing the law and the potential exposure to lawsuits, especially for smaller employers.

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LETTER TO GOV KATHY HOCHUL

U.S. Surgeon General: COVID-19 Vaccination Rates are Up

In the latest edition of the U.S. Chamber Foundation’s Path Forward series, U.S. Chamber President and CEO Suzanne Clark talked to U.S. Surgeon General Vivek Murthy about the state of the pandemic, the Delta variant surge happening now, and how to get more Americans vaccinated.

Why it matters: Getting Americans vaccinated is the best solution to keeping our communities safe and our economy open.

Key takeaways:

Vaccination rates: “The good news is that we have over 200 million people in our country who have received at least one dose of the vaccine,” Murthy said. “The good news also is that we’re seeing vaccination rates increase compared to July and June. In fact, the states that have been hardest hit by the Delta surge are the ones in which the vaccination rates are going up the fastest.”

Vaccine mandates: “The notion of having safety requirements in the workplace is not new…. Healthcare workers, for example, are used to having to get certain vaccines in order to work, like the flu vaccine,” Murthy explained. “These are steps we take to protect not only our workers, but also the people who come into our workplaces, including our customers. I think they’re very reasonable steps to take.”

Bottom line: “Study after study proves that vaccines are effective in protecting against severe cases and hospitalization from COVID-19,” Clark emphasized.

COVID-19 VACCINE QUESTIONS & ANSWERS

Worker Shortage Undercuts Economic Growth Expectations

The Bureau of Economic Analysis released its second estimate of GDP growth in the second quarter today. BEA now reports the economy grew 6.6%. Its first estimate was 6.5%.

Why it matters: This was below the expected growth rate of around 8%. The lack of workers throughout the economy explains this undershot.

Forecasters see the economy growing in the third quarter in part because the growth the economy missed last quarter should be shifted.

But: This assumes businesses can hire the workers they need. We anticipate growth near 8%, but the risks to that forecast grow daily. Forecasters have been lowering estimates in recent weeks.

Be smart: Driving lower growth estimates is concern about the delta variant leading to depressed consumer spending. Consumer sentiment tanked in early August.

If more workers come back, vaccinations rise, Delta wanes, we could still see growth exceed declining estimates for this quarter and hit that 8% mark we should’ve hit in the second quarter.

—Curtis Dubay, Senior Economist, U.S. Chamber of Commerce

Canadians Head to the Polls in September

Canada’s Prime Minister, Justin Trudeau, calls for an early election in just one month. A move Trudeau says is needed to give Canadians an opportunity to weigh-in on how the government is dealing with the recovery from the COVID pandemic. With the nation in recovery, and Canada’s vaccination rates now among some of the highest in the world, are Trudeau and the Liberal Party poised to regain a majority in Parliament? We ask Chris Kirkey, the Director of the Canadian Studies Center at SUNY Plattsburgh.