presented by Vision Long Island and the Long Island Main Street Alliance April 30th, 2021
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Quote(s) of the Week
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Transportation Needs Evolving for Long Islanders in Post-Pandemic World
Transportation has begun to diversify for Long Islanders as we adjust to a post-pandemic world, according to a recent Newsday article. The rise of working from home has encouraged Long Islanders to move in a much smaller area than they used to, which has tapped into a completely new market for transportation. Cycling and walking have both become increasingly popular with locals exploring their neighborhoods while public busses are providing transportation for essential workers who might otherwise struggle. All of this has resulted in a call for increased safety as more people hit the road with non-motorized forms of transportation. This was a major part of the conversation at the recent Long Island Complete Streets Summit. All levels of local government are taking transportation more seriously as people’s habits and needs have changed this past year. While bus ridership has remained in the 50% range for local buses, that ridership level is higher than most other public transportation agencies. There is also a report of more frequent local trips for residents and a rise in midday and weekend travel. While numbers had already been trending in this direction, the pandemic has only made it more relevant. "The pandemic has forced us to maybe take what would be a five- or 10-year evolution and jam it into 24 months,” said NICE Bus chief executive Jack Khzouz. “If you have to look at something that comes out of this that's good, I think that's the one thing." While bus ridership has dipped to focus more on workers and local day trippers, the cycling industry has had trouble dealing with increased demand. As more people seek to use bicycles for exercise and local travel, biking stores are seeing a boom in sales. As this trend looks to be a larger part of our future, advocates are pushing for more safety for local bikers on crowded streets. "The hope is that when we rebuild our roads, we redesign them with cycling in mind, which is something as simple as narrowing the car lanes and increasing the shoulders," said Dan Flanzig, executive board member of the New York Bicycling Coalition and a lawyer for cyclist’s rights. This article is an excellent example of how important walking and cycling are becoming in the region as people are leading increasingly local lives. Local downtowns are key to this trend as they become increasingly walkable and provide a more complete experience for residents. You can read more at Newsday. New York State Updates Reopening Guidelines
This week, New York State again released updated guidelines easing COVID rules. • Large-Scale Outdoor Event Venues Can Increase Spectator Capacity from 20% to 33% Beginning May 19th The updated guidance for food and beverage services: • The 12 a.m. food and beverage service curfew will be lifted for outdoor dining areas beginning May 17 and for indoor dining areas beginning May 31. Social distancing, masks, health screenings and all other State Health/Safety Protocols remain in effect. NYS to Adopt CDC Guidelines on Outdoor Mask Use for Vaccinated People
New York State will adopt the Centers for Disease Control and Prevention's new guidance on mask use for fully vaccinated people, according to a statement by Governor Cuomo. The new guidelines will allow for fully vaccinated people who are two or more weeks after receiving the second dose of the Pfizer or Moderna vaccine or the single-dose Johnson & Johnson vaccine, no longer need to wear masks outdoors. There will be some exceptions for certain crowded settings and venues. Masks should still be worn indoors and should still be worn by people who are not fully vaccinated. "The CDC announced new guidance today saying that when Americans who are fully vaccinated are outside, biking, hiking, running, or in small gatherings, you don't need to wear a mask. That is liberating, especially now that the weather is getting warmer," Governor Cuomo said. According to the new CDC guidance, fully vaccinated people can engage in more activities than unvaccinated people, which include: • Fully vaccinated workers no longer need to be restricted from work following an exposure as long as they are asymptomatic This modification will be noticed to the legislature but will take effect immediately using the exigency provisions of Ch. 71 of the laws of 2021, enacted earlier this year. New York’s Eviction Moratorium Expected to be Extended Again
New York lawmakers are likely to extend the State’s COVID eviction moratorium through the end of August. This relief would come days before the present May 1st deadline and will cover both residential and commercial tenants facing financial trouble due to the pandemic. The New York Assembly and Senate reached an agreement this past weekend to extend the moratorium provision until August 31st. The bill is expected to pass the legislature later this week, Crain's New York Business reports. “Until rent relief programs are functioning and supporting both renters and small landlords, this looks like the only option available,” states Eric Alexander, Director of Vision Long Island and the Long Island Main Street Alliance. “Cea Weaver, coordinator for the Housing Justice for All Campaign, said she was happy that New York looks poised to extend its eviction moratorium, but it also made her nervous about the status of the state’s $2.4 billion rent-relief program from the Office of Temporary and Disability Assistance, which has yet to begin distributing funds,” Crain’s reports. The legislation was introduced by Senator Brian Kavanagh and Assemblymember Jeff Dinowitz. It appears likely that New Yorkers will be able to start applying for rent-relief funds in May. You can read the Crain’s article here. |
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Save Our Sewers Rally Held in Mastic-Shirley
Vision was out speaking in support of our friends in Mastic, Shirley and Mastic Beach to continue the call to fully fund and complete the sewer project that has been underway for over 20 years. Funding has been threatened for this important project as bids for the work to install new sewers came back higher than expected. This project is considered vital to the region and numerous local residents came out in support of continuing to work. Town of Brookhaven Councilman Dan Panico and NYS Assemblyman Joe Destefano addressed the group along with various civic, chamber and school board members. Kudos to Beth Wahl and members of the Chamber of Commerce of the Mastic’s and Shirley and the William Floyd Community Summit for keeping the momentum going. Pink Tie Delivers to Valley Stream
The Pink Tie team made its way out to Valley Stream to the Masjid Hamza Food Pantry for a food and financial contribution delivery. We were happy to connect to President Sarfraz Ahmed and his work just that weekend to pack 200 boxes of meals. They have an active operation that provides meals, deliveries and other services to hundreds of community members in need. We will be recognizing the 1 year anniversary of deliveries this week with a multi-stop day this Friday April 30th. If you can join us or take part in any way please let us know!! For more info on how you can take part in the doorstep donation program or join the Delivers Team check out pinktie.org or please email us at contact@pinktie.org New Ride Share Program Could Bring Electric Scooters To Riverhead
“With a bike share program scheduled to take effect by May 1 in Riverhead Town, officials now hope to also add a similar program for electric scooters,” Riverhead News-Review reports. “The Town Board discussed that program at its work session last Thursday with Jeremy Lynch of Bird scooters.” In early April, the Riverhead Town Board approved a bike share agreement with PedalShare, a Southampton-based company. Individuals can download a smartphone app called Bloom, from either the Apple “App Store” or from Google Play, and sign up to use the program. The prices are $4 per hour; $35 per day; and $59 for an annual membership, which does unlimited one-hour rides. The service runs from May 1st to November 1st. During the April 22nd board meeting, Jeremy Lynch of Bird scooters stated the company is a last mile, stand-up electric vehicle sharing company dedicated to bringing affordable, environmentally friendly transportation solutions to communities everywhere. The company’s mission is to get people out of cars and solve the last mile challenge by connecting more residents to transit options, Riverhead News-Review reports. Several details the Riverhead News-Review published include: • Scooters would be subject to local rules and riders would have to read a tutorial on how to ride safely before they can ride. Reaction from Town Board members was mostly positive. You can read more at Riverhead News-Review. |
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Upcoming PPP & EIDL Workshops
The SBA will be offering several PPP & EIDL Workshops in the upcoming weeks Lead by SBA’s Economic Development Specialist Elaine Powell-Belnavis, these workshops will cover the following: • Latest updates of the Paycheck Protection Program (PPP) and PPP Forgiveness. You can register for each of the workshops at the below links: Tuesday, May 4, 2021 – 1:00pm – 2:00pm INNkeepers’ Ball to Take Place on May 12th
The Annual INNkeepers’ Ball is scheduled for Wednesday, May 12. This year, they will be honoring Elizabeth McCaul & Frank Ingrassia. The Honorary Chairs for this event are Janet & Frank J. DellaFera. For the safety of those attending, this event will be an outdoor, tented cocktail reception at the Nassau Country Club in Glen Cove starting at 6pm on May 12. Dress is casual business attire. Following safety protocols, attendance will be limited to 200. For those unable to attend in person, there will be a virtual ball at 7pm on May 12. This can be accessed on this page. For questions, contact Nora White, Director of Events at nwhite@the-inn.org or 516-486-8506 x108 or Rob Kammerer at 516-732-6009. Sponsorships and journal ads are available here. You can find more information on this event here. 15th Annual Latina Hat Luncheon - Wednesday, June 9th, 2021
Founded in 1988, the Long Island Hispanic Chamber of Commerce was established to serve the needs of the Long Island minority owned small business community. Through an array of networking events, members have an opportunity to make contacts necessary to help their businesses thrive. One such event, the Latina Hat Luncheon, is one of its best attended events, where attendees can be honored based on their work for the community and professional achievements. Last year, the LIHCC, along with other non-profit organizations, were forced to cancel all in-person events due to COVID-19. This caused many individuals, business, and nonprofit organizations, including the LIHCC, to suffer deep financial losses. The LIHCC has continued to fulfill its mission to service the minority business community by offering informational webinars related to COVID-19 updates, such as PPP loan information and where to get personal protective equipment (PPE). The Chamber is also continuing its yearly toy drive to benefit the victims of the 2020 Hurricanes in Honduras. With the rollout of COVID-19 vaccines and restrictions being eased, the Long Island Hispanic Chamber of Commerce is moving ahead with planning the Latina Hat Luncheon. The Chamber is optimistic that by June 2021, it will be able to host this luncheon with limited in person capacity. The LIHCC's biggest priority is the safety and well-being of its members, sponsors, and staff. The event will follow the guidelines provided by the CDC, federal, and local authorities. The 15th Annual Latina Hat Luncheon will be held on Wednesday, June 9th, 2021. Contact their office at (516) 333-0105 or email at admin@lihcc.org for tickets and sponsorship packages. |
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Applications Are Now Open for Suffolk Legislature’s 2021 Page Program
Suffolk County Legislature Presiding Officer Rob Calarco has announced that applications are being accepted for the Suffolk Legislature’s 2021 Page Program. Approaching its seventh year, the legislature’s Page Program is an immersive summer internship program that gives college students the opportunity to learn about county government and public service. The 2021 program will run for 12 weeks, beginning with an orientation on May 21 and culminating in a graduation ceremony on Aug. 6. Nearly 30 students participated in last year’s program, which went fully remote as a result of the COVID-19 pandemic. This year’s program will be remote as well, offering students the ability to participate virtually via Zoom. Participants will connect with legislators, elected officials, and policymakers from throughout Suffolk County, participate in an online mock legislature, and attend weekly virtual workshops on leadership and personal development. Students will also be tasked with developing service projects that address one of the many issues presented by the COVID-19 pandemic. The Page Program was created by the Suffolk County Legislature Office of the Presiding Officer in 2015 to provide students with a rewarding and educational experience in local government. Several former Pages return to serve as “Senior Pages” who help organize activities and guide the new class. Applications due May 7. Download the Page Program application here. You can find details on the program here. |
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Applying for the Second Round of PPP Loans for Small Businesses
The Paycheck Protection Program (PPP) has been revived, with $280 billion available for a second round, for small businesses still struggling to make ends meet. Monday, January 11th, was the first day to apply for this new, potentially forgivable, federal loan. What you need to know about PPP Loans: Differences in Round 2: Eligibility for PPP funding: PPP applicants who are seeking funding in addition to what they received earlier in the year (also known as Second Draw Loans) are eligible for loans up to $2 million provided they meet the following requirements: How and when to apply: SBA reopened the Paycheck Protection Program (PPP) for First Draw PPP Loans the week of January 11, 2021. SBA will began accepting applications for Second Draw PPP Loans on January 13, 2021. To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from participating community financial institutions (CFIs), which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. Paycheck Protection Program lending will reopen to all participating lenders shortly thereafter. At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. NEW DEADLINE EXTENSION: SBA HAS ANNOUNCED THAT APPLICATIONS WILL BE ACCEPTED UNITIL MAY 31st! How much can a business borrow? What can the money be used for? What about loan forgiveness? For further information, and to apply, click here. PPP Webinars & Workshops Offered by Asset Enhancement Solutions
To assist members of Associations, Chambers of Commerce, etc., Asset Enhancement Solutions is offering a complimentary 2 session webinar on how to apply for a PPP Loan. Session #1 Session #2 Many are still unaware they may be eligible for a PPP Loan, which may be up to 100% forgiven. For more information, contact Neil Seiden at (516) 767-0100 or neil.seiden@assetenhancement.com NEW DEADLINE EXTENSION: SBA HAS ANNOUNCED THAT APPLICATIONS WILL BE ACCEPTED UNITIL MAY 31st! SBA Announces New Restaurant Revitalization Fund
The new Restaurant Revitalization Fund, part of the recently passed American Rescue Plan Act, provides $28.6 billion in grants to restaurants and bars in need. The new fund, modeled on the bipartisan RESTAURANTS Act, will provide a down-payment of $28.6 billion in flexible grants through the Small Business Administration (SBA) as a lifeline for New York’s restaurant industry, one of the hardest hit by the economic effects of the coronavirus pandemic. Across Long Island more than 82,000 people that work in restaurants and in the hospitality industry lost their jobs due to the regional industry’s struggles. Food service or drinking establishments, including caterers, brewpubs, taprooms, and tasting rooms, that are not part of an affiliated group with more than 20 locations, will be eligible. To provide comprehensive support to local restaurants, grants from the fund can be used alongside first and second Paycheck Protection Program (PPP) loans, SBA Economic Injury Disaster Loan assistance, and the Employee Retention Tax Credit. The SBA will begin registrations for the Restaurant Revitalization Fund on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT. The online application will remain open to any eligible establishment until all funds are exhausted. In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by: • Registering for an account in advance at sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT. Additional Details • Grant Maximum – $10 million per restaurant group, $5 million per individual restaurant, minimum award is $1,000. You can find more details here. You can apply for grants here. Orientación disponible en español aquí. PPP Lifeline Available for 1099 Recipients
COVID-19 has created the most daunting financial challenges for businesses in our lifetime. Asset Enhancement Solutions, LLC is reaching out to fellow members of the business community with important information, such as Paycheck Protection Program (PPP) Loan eligibility. Many people who are 1099 recipients are not aware they are eligible for a PPP Loan. Individuals that receive non-employee compensation via Form 1099-NEC (or 1099-MISC) and report this income on Schedule C of their Form 1040 U.S. Individual Income Tax Return are eligible. Included in this category are Sole Proprietors, Independent Contractors, Self-Employed Individuals and Single-Member LLCs. All of these taxpayers are eligible for a PPP Loan even if they do not have employees that are paid salaries. If Salaries are Not Paid to Employees, the amount of the PPP Loan is determined either by the amount on Line 7, Gross Income, or Line 31, Net profit or (loss) on your Schedule C. Use whichever line has the higher amount. Also, you may use either 2019 or 2020’s Schedule C—whichever is higher. If you have not submitted your taxes for 2020 yet, you can prepare a Schedule C on a stand-alone basis for purposes of applying for a PPP Loan. The PPP Loan amount is calculated by dividing the amount on either Line 7 or Line 31 by 12, then multiplying this result by 2.5. (If your business is a restaurant or hospitality business with an SIC code of 72, and this is its 2nd PPP loan, multiple by 3.5 instead.) PPP Loans for this category of taxpayers have a Cap of $20,833, or $29,167 for businesses with SIC 72. Contact Asset Enhancement Solutions, LLC at (516) 767-0100 or PPPsupportstaff@assetenhancement.com with any questions. Nassau County Reopens Restaurant Recovery Grant Program
Nassau County Executive Laura Curran is pleased to reopen the portal below to accept more applications for the Restaurant Recovery Grant Program (RRGP). The program is intended to support full-service restaurants – the industry hit hardest by the pandemic – during the winter months when outdoor dining is limited and as restaurants adjust to New York State’s COVID-19 safety restrictions and new mandates. Minority- and Women-Owned Business Enterprises (M/WBEs) are encouraged to apply. Nassau County is using funding made available through the federal Community Development Block Grant (CDBG) program to provide grants to restaurants. Grant funds are valued at either $5,000 or $10,000 depending on the number of employees. If you have not already begun the application process and would like to APPLY, click here: https://zoomgrants.tools/zgf/nassaurestaurantrecovery Eligible businesses that have been APPROVED to receive Restaurant Recovery Grant Program (RRGP) funding are shown in the list at this link. These businesses will receive a direct email from the Restaurant Recovery team this week, requesting confirmation of bank details so that the grant can be disbursed. Please watch for the email from nassaurestaurants@ndconline.org. Restaurants that have applied to the RRGP but do NOT see their business on the list at the above link must get in touch with the Restaurant Recovery team immediately to complete their applications at nassaurestaurants@ndconline.org and 1-646-825-9617. For any questions, please contact the Restaurant Recovery team at nassaurestaurants@ndconline.org and 1-646-825-9617. Questions? Please email any RRGP questions to the Restaurant Recovery team at mailto:nassaurestaurants@ndconline.org. Check back to this webpage for any RRGP updates! Program Eligibility Criteria Eligible Businesses • Full-Service Restaurants (NAICS code 722511) engaged in providing food services and meals prepared on-premises to patrons who traditionally order and are served while seated (i.e., waiter/waitress service) General Eligibility • Located in Nassau County Eligible Expenses • Grant funds to cover working capital and operating expenses including: Ineligible Businesses • Non-profit organizations Keep an eye on the restaurant recovery page on Nassau County’s website for more information and to apply once the grant program becomes available. Suffolk County Water Quality Improvement Division Calls For Applications
The Suffolk County Department of Economic Development and Planning has issued a Call for Applications for the ¼% sales tax Suffolk County Water Quality Protection and Restoration Program (WQPRP) funding. The latest application and the instructions can be found on the Water Quality Improvement Division’s website here. Applications are open to all Suffolk County departments, non-profit organizations, and to all local municipalities. All non-County projects will require a match of at least 50% of the total project cost which is equivalent to at least 100% of the WQPRP funding being requested. Any potential applicants for this round of Suffolk County Water Quality Protection and Restoration Program funding have the opportunity to attend a remote Proposer’s Conference at 10 AM on April 21, 2021. Please be prepared with all questions/comments on the application at that time. Application Available Online - April 7, 2021; Applications Due: May 28, 2021 by 4PM. Award Amounts: Minimum $50,000/Maximum $250,000 PSEG LI is Helping the Local Economy Weather COVID
PSEG Long Island is proud to announce funding for the Outdoor Spaces program has been renewed for a limited time. More than $2 million in grants and discounts were provided last year to help more than 1,000 local businesses and organizations meet the ever-evolving challenges of COVID-19 and continue to thrive. “PSEG Long Island knows that small and medium-sized businesses are the backbone of our communities and our local economy,” said John Keating, manager of Economic and Community Development at PSEG Long Island. “Even before the pandemic transformed all of our lives, we were offering grants and discounts to encourage foot traffic in downtown commercial districts and bring businesses into empty storefronts. We evolved our programs to address the new realities our commercial customers are seeing, and the response has been enormous.” PSEG continues to offer Main Street Revitalization grants and Vacant Storefront discounts to businesses. In 2020, the company also began offering “Outdoor Spaces” grants to local chambers of commerce to help transform sidewalk areas and plazas with the seating, lighting and heating needed to keep customers dining and shopping locally. Limited funding for this grant program will be renewed for 2021 on a first come, first served basis. The program will offer funding of up to $5,000 to a Chamber of Commerce or Business Improvement District. Applications will be accepted until June 1, 2021. Here is a breakdown of PSEG Long Island’s 2020 support of local businesses: Small Business First • Supplemented PSEG Long Island’s already significant energy efficiency rebates with $1.8 million in PSEG Long Island Economic Development funding, allowing most projects to be done with no customer cost. Outdoor Spaces • PSEG Long Island approved 29 applications, representing a total of more than $125,000. Main Street Revitalization • More than $254,000 was provided to businesses and organizations through standard Main Street Revitalization grants in 2020, supporting upgrades and projects at restaurants, arts centers, breweries and more. To learn more about all the programs PSEG Long Island offers to support local businesses, please visit this site. New Funding from PSEG Now Available for a Limited Time
John Keating, Manager of Economic Development for PSEG Long Island, announced during a Long Island Main Street Alliance virtual meeting on Tuesday, March 23rd, that PSEG is again initiating its very successful Chamber of Commerce and BID grant program. “These are very unusual times, and PSEG is trying to come up with programs that benefit small business,” Mr. Keating stated. “Last year PSEG was able to offer up to $5,000 grants to about 26 different Chambers and BIDs. We felt it was very worthwhile and we were able to help small businesses in downtowns to set up shopping and restaurant areas outdoors, which we saw as the lifeline for small business.” “Since it was such a successful program, PSEG has agreed to offer it again,” Mr. Keating announced. “Even if you participated and got a grant last year, you can apply this year. This is a new round, new funding. Last year we ended up funded up to $120,000 and we anticipate being in the same ballpark this year.” As businesses begin or continue to develop outdoor commercial spaces, they may qualify for a PSEG Long Island grant of up to $5,000 to reimburse the purchase of materials including, but not limited to: • Barricades and/or planter style barricades Funding is limited and available first come, first served. Applications will be accepted until June 1, 2021. Eligible grantees include Chambers of Commerce and Business Improvement Districts. Pre-approval is required and purchases must be made by a Chamber of Commerce or Business Improvement District. Marketing and promotional expenses and rentals of any kind of equipment do not qualify under this program. There is talk about use enhancements of this grant, check the PSEG website for any changes. “We are happy to see the impact of actual corporate philanthropy on Long Island," stated Eric Alexander, Director of Vision Long Island and the Long Island Main Street Alliance, “and we are happy to see these kinds of programs for small businesses that are most in need during these tough times. Kudos to PSEG for its commitment to Long Island’s downtowns.” Click here to access PSEG loan application and information: https://www.psegliny.com/inthecommunity/revitalization/chambers SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications
The U.S. Small Business Administration (SBA) has launched a splash page for the Shuttered Venue Operators Grant (SVOG) application portal in anticipation of opening applications for the much-anticipated critical economic relief program on Thursday, April 8, 2021. “Help is here for venue operators hit hard by the COVID-19 pandemic. The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant and we will open for applications on April 8th.” SBA Administrator Isabella Casillas Guzman said. “This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more.” Prior to the official SVOG application opening, the SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30, 2021. The SVOG program was established by the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, which appropriated $15 billion for it. The American Rescue Plan Act, signed into law by President Joe Biden on March 11, 2021, appropriated an additional $1.25 billion, bringing the program funding to a total of $16.25 billion, with more than $16 billion allocated for grants. To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program, the American Rescue Plan Act also amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. The PPP loan applications have been updated to reflect this. For more information, click here for the dedicated SBA SVOG portal: https://www.svograntportal.sba.gov/s/ Click here to register for the March 30th informational webinar: https://www.eventbrite.com/e/svog-application-informational-webinar-registration-147041437899 SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans
The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000. “More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses. However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access,” said SBA Administrator Isabella Casillas Guzman. Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000. This new relief builds on SBA’s previous March 12, 2021 announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021. Questions about SBA COVID-19 EIDL and disaster loan payments can be emailed toDisasterCustomerService@sba.gov or directed to SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing). New York State Accepting Applications for NY Forward Loan Fund
New York State has opened pre-applications for the New York Forward Loan Fund. Loans from this fund are available to small businesses, nonprofits, and small landlords in New York State. New York Forward loans must be fully repaid over a 5-year term with fixed annual interest rates of 3 percent for small businesses and landlords. Small businesses may apply for the lesser of $100,000 or up to 100% of the average monthly revenues in any 3-month period from 2019 or the first quarter of 2020. This loan can be paid back over five years with first year being interest only. However, if small businesses have received either a PPP loan or an EIDL loan from SBA, they would not be eligible to apply. NYS has set a goal of 18% of total funds under this Program for Long Island Applications will be reviewed on a rolling basis as industries and regions reopen however, priority for New York Forward Loans will be given to industries and regions that have been reopened. Resources are available to assist in preparing applications for small businesses, landlords and nonprofits in industries and regions that have not yet reopened. To view more details, including eligibility requirements and how to apply, click here: If you need technical assistance through this process, please contact an Entrepreneurial Assistance Center near you and inform the counselor that you need help for the NY Forward Loan application. You can find your closest contact center here. |
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