UPDATE: Paycheck Protection Program
The Small Business Administration and Treasury Department have released new information and guidance on the Paycheck Protection Program (PPP).
The PPP will provide small businesses, private nonprofits, veteran organizations, self-employed individuals, independent contractors, and more with the funds necessary to sustain their operations and keep their workers employed.
Assistance will come in the form of loans that can be forgiven; forgiveness will be based on the borrower using the funds appropriately and maintaining or quickly rehiring employees while also maintaining wage/salary levels.
These loans can be accessed through SBA approved lenders. It is our understanding that the following member banks and credit unions are SBA participating lenders:
- Adirondack Bank
- Champlain National
- Community Bank NA
- Glens Falls National Bank
- TD Bank
- SeaComm Federal Credit Union
The Treasury Department has announced that small businesses and sole proprietorships can begin applying on April 3rd and that independent contractors and self-employed individuals can begin applying on April 10th. We do, however, encourage you to first contact your financial institution to determine how and when they will begin accepting applications.
Financial Assistance and Information:
- SBA Economic Injury Disaster Loan Program: As a result of the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, the SBA is offering up to $2 million in assistance through its Economic Injury Disaster Loan Program.
- CoronaVirus Tax Relief: The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus (this page will be updated as new information is available).
- NYS Department of Financial Services Business Interruption Insurance FAQs
- Protect yourself financially from the impact of the coronavirus!
- NYS Paid Sick Leave
- March 5th NYS Business Council Recorded Webinar: “The Impact of Coronavirus on Employers”
- March 20th NYS Business Council Recorded Webinar: “The Impact of Coronavirus on Employers”
- Link to Empire State Development web page for questions and inquiries
- Small Business Counseling - SCORE
- Gov. Cuomo's Executive Order
- US Small Business Administration Guide
- Coronavirus: What Employers Need to Know
- FAQ regarding COVID-19 and the Fair Labor Standards Act
- Guidance for Dealing with Concerned Employees
- OSHA Preparation Guide
- Telecommuting Policy Letter to Employees (Template from NYSBSC)
- US Chamber: 7 Things to Do When Creating an Emergency Work from Home Policy
- World Health Organization: Information on Getting Workplace Ready
- FEMA’s Emergency Preparedness Resource List
- Citi Bank- Citi Bank is working on Assisting customers who may have been affected by the Coronavirus. They are providing fee waivers on monthly service fees and remote deposit capture; and waived penalties for early CD withdrawal.
- NYSEG issues promise to provide safe and reliable services, including initiatives to manage bills and maintain services.
- List of SCORE “Disaster Preparedness” Resources including webinars, templates, and articles
- Five Communications and Operational Tips for Companies to Prepare for the Coronavirus
- Department of Labor: Coronavirus Information
- Employment in the Covid Crisis - Triage for Employers (Presented by Attorney Jacqueline Kelleher)
For more information on other Coronavirus related topics, visit our home page HERE.
Have questions? Let us know! Email us and we will do our best to find the answer.