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
- Adirondack Regional Federal Credit Union
- Champlain National
- Community Bank NA
- Dannemora Federal Credit Union
- 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.
Local & Regional COVID-19 Loan Funds
But here in the North Country we’ve always come up with creative solutions when disaster strikes and this crisis is no different. Several North Country organizations have created loan funds to help fill the gaps left between the assistance available through the U.S. government and the needs of local businesses. We’ve listed some below:
The funds include:
- AEDC Disaster Microloan Program: $5000 (higher amounts may be requested), 5% fixed interest, maximum loan term 6 years, deferred principal and interest for up to 6 months, available in 14 counties
- Essex County COVID-19 Emergency Loan Program: Maximum loan $25,000, minimum loan interest 0%, maximum loan term 5 years, moratorium on principal and interest for 6 months, available in Essex County only
- Franklin County Small Business Relief Loan Fund: $5,000-$25,000, base interest rate 4.25%, principal and interest moratorium for first 3 months then interest only for subsequent 6 months, open to businesses and 501(c)3 entities with under 100 employees, available in Franklin County only
- Lake Champlain-Lake George Regional Planning Board COVID-19 Micro-Loans: Working Capital, $5,000-$25,000, 5% fixed rate interest, first 6 months interest only, 24-60 month loan term, must show job retention, available in Clinton, Essex, Hamilton, Warren and Washington counties.
- North Country Alliance COVID-19 Emergency Business Relief Program: Maximum loan $25,000 based on demonstrated need for 6 months working capital, 5% interest, principal and interest moratorium for first 3 months then principal and interest only for subsequent 6 months, open to for-profit and not-for-profits entities with under 100 FTEs, available in Clinton, Essex, Franklin, Hamilton, Jefferson, Lewis, and St. Lawrence counties.
These are just the basics of the loan programs. Contact information and more about the terms, benefits, and eligibility criteria for each type of loan are listed on the fact sheets. Thank you to all of these organizations for quickly putting together these assistance programs for our small businesses and not-for-profit organizations.
U.S. Chamber of Commerce Announces a New Grant Fund
Businesses can apply for a $5000 Grant starting Monday April 20th
The US Chamber of Commerce Foundation, in an effort to help small businesses impacted by the COVID-19 outbreak, has created the Save Small Business Fund. Eligible businesses can apply for a $5000 grant.
Click here to get the details and apply.
To qualify, the business must:
Be in an economically vulnerable area.
- Many areas of the North Country qualify. It’s easy to check to see your business is in a qualified community. Go to the US Chamber savesmallbusiness page and enter the zip code your business is located in. The site will immediately tell you if your community qualifies.
- Employ between 3 and 20 people
- Have been harmed by the COVID-19 pandemic
A short application will go live on April 20th at 3pm Eastern Standard time. Funds are limited so apply as soon as possible.
Click here to get the details and apply.
Guidance on Requiring Face Coverings for Employees
For all essential businesses or entities, any employees who are present in the workplace shall be provided and shall wear face coverings when in direct contact with customers or members of the public. Businesses must provide, at their expense, such face coverings for their employees. This provision may be enforced by local governments or local law enforcement as if it were an order pursuant to section 12 or 12-b of the Public Health Law.
This requirement shall be effective Wednesday, April 15 at 8 p.m.
For full guidance and clarification from the Department of Health, click here.
To read the Executive Order, click here.
- 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
- 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!
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.