presented by Vision Long Island and the Long Island Main Street Alliance May 21st, 2021
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Quote(s) of the Week
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$55 Million TOD Project Proposed in Hicksville
The second downtown redevelopment project in Hicksville has moved forward as the developer has submitted a site-plan application to Oyster Bay. The project, proposed by Questus Capital, would create a new 144-unit mixed-use, transit-oriented development located on 1.6 acres and within a short walk of the Hicksville train station. The new complex, called Fieldstone at North Broadway, will feature a mix of one and two bedroom apartments on top of two levels of parking and 7,000 square feet of retail space. It’ll be built on 8 properties that have been purchased by the developer. There will be a number of amenities for residents, including a rooftop deck, a gym, a business center, and an outdoor pool. Questus will also be seeking economic incentives from the Nassau County IDA. “It is very important that we redevelop those properties,” said Harry Malhotra, a member of the Downtown Hicksville Revitalization Committee and deputy chairman of the New York South Asian Chamber of Commerce. “That is the gateway to downtown Hicksville and you want the entrance to be attractive.” This all has come about thanks to the work done by local residents to get new zoning passed for Hicksville’s downtown area. After ten years of planning with the local community it is heartening to see this project and others move forward. You can read more at Long Island Business News. Westbury Arts Celebrates Official Opening
Westbury Arts delivers arts and cultural programs to connect, educate, and inspire the Westbury community. Since 2013, Westbury Arts, originally known as The Greater Westbury Council for the Arts, has been operating out of borrowed space throughout Westbury. That changed on May 20th with a ribbon cutting ceremony at its new and permanent location at 255 Schenck Avenue (just off the main street of Post Avenue). “Now we have a centralized location to continue to bring art, music, dance, theater and literature to our community and beyond,” said director Julie Lyon. “Many thanks to the Village of Westbury, Mayor Peter Cavallaro and the Westbury community for their confidence in Westbury Arts and support of our mission and vision. Together we create Westbury!” Opening weekend will be celebrated on June 12th and 13th. Highlights include: • Saturday, June 12th open house from 1 to 5 pm - meet artist Francisco Ciccio Poblet, the last living apprentice of Salvador Dalí Space is limited for the play, solo performances and Sunday kid’s day so preregistration is mandatory. To register and for information: https://westburyarts.org/ To learn more about Westbury Arts--which is a 501 (c) (3) organization--and get up-to-date information on activities, visit the organization’s official website: https://westburyarts.org/ |
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PinkTie Marks One Year of Food Deliveries
The PinkTie Delivers Team was out Friday, April 30th, bringing food and financial contributions to four local pantries. This delivery marked the one-year anniversary of the PinkTie Delivers initiative, which saw nearly 120 deliveries of food and monetary contributions to over 45 Long Island food pantries during the COVID-19 pandemic. In response to the pandemic, Rich and Mike Cave, co-founders of the PinkTie Foundation, pivoted their giving efforts to food insecurity in a hyper local fashion. Each week they organized volunteers to bring food, and often financial contributions, to food pantries from Elmont to Greenport, Valley Stream to the Shinnecock Reservation in Southampton, and to the many communities in between. The Team helps local volunteers and organizations serve families, children, seniors and others who have been impacted by job losses and loss of income through the pandemic. “It’s been a year since PinkTie changed gears to help those most in need in our Long Island community,” volunteer Asia Lee told the LI Times. “Led by our fearless leaders Mike and Rich Cave, and spearheaded by Eric Alexander from Vision Long Island, we have been able to deliver thousands of meals to churches and food pantries throughout Long Island.” On the week of its first anniversary, the PinkTie Delivers Team visited the communities of Hempstead, Long Beach, Medford and Central Islip. That week saw 500 meals delivered, with ShopRite contributing food donations and volunteers from Keller Williams and PinkTie assisting in the deliveries. Financial contributions were made to each pantry.
“This event, reflecting on one year of helping local communities, is a reminder of the ongoing needs and the importance of corporate philanthropy that goes directly to folks who need it,” stated PinkTie volunteer Eric Alexander, Director of Vision Long Island and the Long Island Main Street Alliance. The first stop on the one-year anniversary trip brought PinkTie to the Hempstead Salvation Army, in the community where it started. Major’s Soo Kim and Pastor Young Kim shared the work they were doing to keep their food pantry stocked with fresh food to meet the ongoing need. Village of Hempstead Trustee Clariona Griffith joined the team, along with Belinda Watkins from the Hempstead Chamber of Commerce. The second stop was the Long Beach MLK Center where Center President James Hodge spoke of the need for food and the services the Center provides daily for young people and families in the heart of Long Beach. The third stop brought the Team to Medford where the Genesis Church was preparing for its weekend soup kitchen and stocking up for its drive through pantry. Ken Carmel, the Pantry director, discussed the consistent numbers of folks in need and the deliveries they provide to home-bound seniors and residents, noting fresh meals were important, as well as the shelf stable foods.
The last stop of the day took the Team to Central Islip Youth Enrichment Services. Central Islip Coalition of Good Neighbors President Deborah Cavanaugh arranged the effort, which served 75 cars that afternoon. NYS Senators Alexis Weik and Phil Boyle, Town of Islip Councilman John Cochrane and Suffolk County Legislator Steve Flotteron joined the distribution as well. This spot was special for PinkTie co-founders Rich and Mike Cave and mother Sue Cave as they grew in Central Islip. Lula Lukas, Director of Studio Operations, Tiedin Media, Inc, summed it up well, “What PinkTie has demonstrated throughout the years has been the key essence of what Long Island is all about; community and resilience. During what was one of the scariest experiences of our modern generation, PinkTie was able to transform against all odds and build something so important for the families and organizations struggling. I am beyond grateful for Pinktie and everything it stands for.” The PinkTie Delivers team will continue to be out each week to local pantries across Long Island. Please contact them if you would like to contribute food, financial resources or participate in the deliveries - visit pinktie.org or email contact@pinktie.org. You can read the LI Times article here. Walkable Downtowns Increasing Demand for Home Buyers
As an influx of residents from New York City to Long Island continues, we have begun to see a surge in the ongoing trends of new homebuyers looking for locations near busy and walkable downtowns. This lines up with what Vision Long Island has been seeing when it comes to where people want to live in our region. For the almost 25 years that Vision has been working, we have seen poll numbers go from about a third of Long Islanders wanting to live near downtowns to over 50%. “There’s been a two-decade-long effort by over 50 downtowns [on Long Island] to improve walkability and approve projects and I think all the pieces are coming together as we recover from the coronavirus," said Vision Long Island Director Eric Alexander. "Now there’s an additional need [for walkable downtowns] because of because of demographic changes and the New York City exodus of folks who want those experiences." In a recent Newsday article on this subject, new residents talked about how important the ability to walk to almost anything you need was an important factor in their decision to move to Long Island. Communities that offer easy commutes into the city coupled with excellent school programs are more highly sought after by parents while younger residents are enjoying downtowns in bustling main streets. Popular downtowns with high or increasing walk scores that Newsday covered in their article include Port Washington, Freeport, Hicksville, Long Beach, Rockville Centre, Patchogue, and Ronkonkoma. These are far from the only downtowns that have seen a jump in new residents. Check out the article at Newsday for a much more in depth view of why people are moving to local downtowns. Uncertainty Continues for Local Businesses in Spite of Changes to Mask Policy
Effective Wednesday, May 19th, New York State adopted the new Centers for Disease Control and Prevention guidelines for masks and social distancing for vaccinated people. As outlined in Newsday, the CDC guidelines state fully vaccinated people no longer have to wear masks, except on public transportation, and in schools, homeless shelters, correctional facilities and health care facilities, among other settings. Private businesses are not required to accept the guidelines and can impose additional requirements, Governor Andrew Cuomo noted during a recent announcement. Fully vaccinated people are not required to wear masks inside private businesses, if the private business agrees to not mandate masks. Unvaccinated people, however, must continue to do so. Social distancing must be maintained in settings where vaccinated and unvaccinated people mix, therefore capacity limits still may be impacted. If a business requires vaccination proof for entry or designates a section of a business for fully vaccinated people, either that entire business or that section requires no mask or distancing, Newsday reports. Uncertainties have emerged from the business community. Frank Camarano, whose family owns Evolve Fitness in East Meadow and is a member of the Main Street Alliance, tells Newsday, it's unclear what gyms will be asked to do. "If the governor says a vaccinated person can work out in a fitness facility without a mask on, I can't imagine a gym forcing members to wear a mask anyway," he said. "If they do, I'd imagine members would be looking elsewhere." According to Newsday, Sweet & Savory Cafe in Baldwin has yet to reopen its indoor dining section, which has about 20 seats. "We want to keep our staff safe and our regulars safe," owner Antoinette Burrows said. "I am more cautious about reopening as a result of the new mask rules, because there has to be a better process in place on how we go about making sure everyone is safe." For example, Burrows said many people could say they're vaccinated, but aren't. "Are we asking for vaccination cards?"
On Tuesday, May 18th, Newsday Live hosted a live panel, moderated by Associate Editor Joye Brown and economics writer James T. Madore, to discuss the sorting out of the various regulatory changes regarding reopening and what it means for local businesses and communities. Participating were Eric Alexander, founder of the Long Island Main Street Alliance and Dr. Chid Iloabachie, associate chairman of the Department of Emergency Medicine at Long Island Jewish Valley Stream Hospital. Discussing issues of mask use and local businesses, “These decisions put businesses in the position of being the mask police or the vaccination checkers," Mr. Alexander said. "Folks are really frustrated that they have to become the arbiters of these decisions, so literally every business owner and their staff are ambassadors for New York State policy." Businesses should make sure to have clear expectations of what is required of customers and employees and make sure that policy is clearly displayed, Mr. Alexander advised. Dr. Iloabachie stated vaccinated customers should feel comfortable that they have a high degree of protection against the virus and "almost perfect protection" against serious COVID illness. He does concede the new policy is "largely operating on the honor system. There's not a reliable way to tell if any given person has been vaccinated or not vaccinated or half-vaccinated … We need to trust people in our community and trust those around us." Mr. Alexander acknowledged businesses must navigate a divided public that's made mask-wearing a political football and some who might use social media to "shame" patrons and operators. "No business owner wants to lose parts of their customer base," he said. "They feel they are in the middle of this thing that they didn't sign up for." Clear expectations, patience and communication are important moving forward, Mr. Alexander urged. You can read the Newsday article here. You can read the Newsday Live Panel here. $150 Million Distributed to Local Communities through Outdoor Recreation Grant Program
On May 10, 2021, the Department of the Interior announced the National Park Service will distribute $150 million to communities through the Outdoor Recreation Legacy Partnership (ORLP) grant program to help states and local communities create close-to-home outdoor recreation experiences. This program, established in 2014, enables urban?communities to?create new outdoor recreation spaces, reinvigorate existing parks, and form connections between people and the outdoors?in economically underserved communities. The announcement comes on the heels of the Biden-Harris administration’s newly launched “America the Beautiful” initiative to support locally led, voluntary conservation and restoration efforts that address the nature and climate crises, improve equitable access to the outdoors, and strengthen the economy. Providing safe outdoor spaces for communities that are park-deprived is one of six areas of focus identified in the report. During this grant cycle, open May 10 through September 24, 2021, the National Park Service will be awarding between $300,000 and $5 million to state and local governments. State agencies must be the lead applicant for this grant opportunity, but they may apply for funds on behalf of a local government. This grant program provides funding to renovate existing parks or create new outdoor recreation space in underserved communities. You can read the Department of the Interior’s full press release here. You can view past examples of projects here. |
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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 25, 2021 – 1:00pm – 2:00pm Wed. May 26, 2021 at 11am (SBA and Queens Chamber of Commerce) Thurs. May 27, 2021 at 2pm (SBA and Manhattan Chamber of Commerce) Thurs. June 3, 2021 at 2pm (SBA and Manhattan Chamber of Commerce) Thurs. June 10, 2021 at 9:30am (SBA and York College SBDC) Thurs. June 17, 2021 at 9:30am (SBA and LaGuardia Community College SBDC) Tue. June 22, 2021 at 7:00pm (SBA and Finkelstein Memorial Library) Wed. June 23, 2021 at 11am (SBA and Queens Chamber of Commerce) Thurs. July 1, 2021 at 9:30am (SBA and Tech Incubator at Queens College) Thurs. July 15, 2021 at 9:30am (SBA and York College SBDC) Tue. July 20, 2021 at 7:00pm (SBA and Finkelstein Memorial Library) Environmental Workshops Present Solutions to LI Pollution Problems
The Nature Conservancy, Save the Sound and Citizens Campaign for the Environment present “Long Island Sound: Driving Local Actions to Tackle Water Pollution,” a 3-week collaborative workshop series focused on policies, technologies and projects that help tackle bacterial contamination, nitrogen pollution, and marine debris in Long Island Sound’s coastal waters. The series kicks off on May 11th at 12:00 PM and will include an overview of project goals and results of a recent Social Network Analysis survey. A knowledgeable line up of scientists, practitioners and leaders will share their experiences combating pollution and cleaning up coastal waters around the Long Island Sound. Dates: Tuesday, May 25th, 12:00 PM to 1:30 PM - Marine Debris and Plastic Pollution You can register, learn more about the series, and view recordings here. EmPower Solar to Host Training and Hiring Event on May 22nd
EmPower Solar, a solar and battery storage installation company, has partnered with the Jones Beach Energy & Nature Center to host Solar Installation 101: Training and Hiring Event. This free event will be held on Saturday, May 22nd at 11:00 AM, at the Jones Beach Energy & Nature Center, Bay Parkway, Wantagh. Through a series of talks and interactive training, EmPower Solar will help attendees explore the opportunities available to advance their career, while supporting a future powered by clean, renewable energy. The event will focus on the solar industry, solar installation process, solar panels, and backup battery technology. Participants are welcome to come arrive at 10:30 AM for a free tour of the Jones Beach Energy & Nature Center. After the educational series concludes at 1:30 PM, EmPower Solar will be hosting a series of 10–15 minute interviews for a variety of open positions. Bring a copy of your resume and any questions that you may have. You can view available job opportunities here. Registration is available 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. LIBN Corporate Citizenship Awards to be Held Virtually on June 10th
Through its Corporate Citizenship Awards, Long Island Business News celebrates companies and individuals who prove that by being a good corporate citizen, we contribute to the economic and social well-being of employees, businesses and the community. Past and present honorees consistently prove that true community stewardship evolves through building strong partnerships with nonprofit organizations and others that strive to meet the critical needs of our community. The LIBN Corporate Citizenship Awards will be held virtually on Thursday, June 10th, 4:00 PM to 5:00 PM. Congratulations to the 2021 Honorees: COMMUNITY IMPACT AWARD HELPING HANDS AWARD CORPORATE TEAM OF THE YEAR NONPROFITS OF THE YEAR PROFESSIONAL ORGANIZATION LEADERSHIP EXCELLENCE – FOR
PROFIT LEADERSHIP EXCELLENCE– NONPROFIT CORPORATE CITIZENS OF THE
YEAR – LARGE BUSINESS CORPORATE CITIZENS OF THE
YEAR – MID-SIZED BUSINESS CORPORATE CITIZENS OF THE
YEAR – SMALL BUSINESS CORPORATE SOCIAL
RESPONSIBILITY VOLUNTEER OF THE YEAR You can register for this event here. |
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LICH Looking for Street Outreach Worker in Brookhaven Town
The position includes providing housing-focused street outreach and case management targeted for single adults experiencing long-term homelessness either living on the street or living in shelter. Street Outreach Workers will engage in community canvassing, partnered outreach, and coordination with partners to identify and engage all persons experiencing homelessness that are residing unsheltered in Nassau County. Engagements focus around direct and person-centered support. Some essential duties include: • Provide direct outreach and follow up to clients Benefits after probationary period will be available. These include paid time off (vacation, holiday, sick, personal), medical insurance for the employee. Interested parties should submit a resume and salary requirements via email to mgiuffrida@addressthehomeless.org . Please do not call the Long Island Coalition for the Homeless regarding this position. Questions should be submitted via email only. |
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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. NY COVID-19 Emergency Rental Assistance Program (ERAP)
New York renters, regardless of immigration status, who suffered a financial hardship due to COVID-19 may be eligible for rental assistance through a new program - New York's Covid-19 Emergency Rental Assistance Program of 2021. The program utilizes $2.3 billion federal stimulus funding and an additional $100 million in state funding. The New York State Office of Temporary and Disability Assistance (OTDA) will administer the program. Renters are eligible if they meet the following requirements: • Have qualified for unemployment or have experienced Covid-19 related financial hardship OTDA will prioritize certain applications they receive for the first 30 days of the portal being open, at which point the remaining applications will be processed on a rolling basis. Applications will be prioritized in the following order: • Households below 50% of the AMI where a household member is in a priority group, which includes those currently unemployed and have been for 90 days, tenants of mobile homes with arrears, members of vulnerable populations including but not limited to domestic violence survivors, human trafficking survivors and veterans, households in communities disproportionately affected by Covid-19 as determined by OTDA, and households who reside in buildings with 20 or fewer units owned by a small landlord Funds are available to cover rent and utility payments. Eligible households can receive utility relief if they have not received a corresponding benefit through the home energy assistance program. For rental assistance, funding can cover 12 months of arrears going back to March of 2020, and/or for 3 months of prospective rent going into the future. However, only households that can demonstrate rent burden (30% of income going towards rent) at the time of application are eligible for prospective rent payments. You can find more information here. 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. 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/ 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 to DisasterCustomerService@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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