presented by Vision Long Island and the Long Island Main Street Alliance July 2nd, 2020
|
||||||||
Quotes of Day
|
||||||||
Helping Main Street through the
|
||||||||
|
||||||||
|
Potential Extension of PPP Loan Program
Just hours before the SBA’s Payroll Protection Plan was set to end, the Senate extended the deadline to August 8th. This came as the program was set to shut down with more than $130 billion in still untapped. While the legislation will still need signed by the president, the US House of Representatives joined the Senate on Wednesday in passing by unanimous consent the 5 week extension. As many businesses still remain closed or only beginning to partially reopen in New York, economic support is desperately needed to avoid them closing their doors permanently. Other areas of the country are just beginning to feel the affects of the coronavirus as it spreads across the nation, leaving business owners to also need federal assistance. Lack of promotion and education of this program has played a large role in such a large amount of funds going unused. While the SBA has done some promoting of the program, it has been largely left to grassroot efforts and “word of mouth” to get out information on this program. Many groups have been hosting conference calls and webinars to better help businesses decide if this program will provide the aide they need. This extension would allow for those organizations to continue their efforts to help save our small businesses and hopefully give the SBA an opportunity to increase their promotion of the program. For more on this story, click here. Main Street Alliance Hears the NY Forward Loan Program
On Tuesday, June 30th, Long Island Main Street Alliance held a joint Nassau/Suffolk meeting via Zoom. Over 35 downtowns were represented, including chambers, mayors, and civics. The agenda included reopening Main Street updates, preparing for Phase 4 business openings, update on food assistance and an introduction to the New York Forward Loan Fund (NYFLF). An explanatory presentation regarding the NYFLF was furnished by Ms. Huey-Min Chuang, Senior Director of Business and Economic Development, of the Empire State Development Corp. By way of introduction, Vision Long Island Executive Director Eric Alexander explained the New York Forward Loan Fund will pick up where the PPP leaves off. Ms. Chaung explained the New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. It targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income. The working capital loans are timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan. These loans are available to small businesses, nonprofits, and small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with first year interest only and the last 4 years are a straight-line interest and principal repayments. Applications for the New York Forward Loan Fund will be open based on the industries and regions that have been reopened. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis as regions and industries reopen. For small businesses and nonprofits that are in industries and regions that have not yet reopened, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available at https://esd.ny.gov/nyforwardloans-info#organizations-available-to-assist. Currently there is 100 million dollars allocated for the Loan Fund, potentially there could be additional resources. 65% of the loan is reserved for small businesses; 30% for small landlords; and 5% for nonprofit organizations. Pre applications are now open at www.nyloanfund.com. The geographic proportionality goals for the New York Forward Loan Fund for small businesses are: · Capital Region 4% · Central NY Region 4% · Finger Lakes Region 4% · Hudson Valley Region 12% · Long Island Region 18% · Mohawk Valley Region 4% · NYC Region 30% · North Country Region 4% · Southern Tier Region 4% · Western NY Region 8% Five Community Development Financial Institutions (CDFIs) have been processing pre-applications as of June 1, 2020. The application portal will help you choose the best lender for your industry. Small businesses can apply for a loan in the amount of the lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in any 3-month period from 2019 or first quarter of 2020. The fixed annual interest rate on the loan will be 3%. Proceeds are required to be used for working capital, inventory, marketing, refitting for new social distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent, supplies, etc. Refinancing of an existing loan is not permitted. The loan applicant will be required to detail anticipated use of funds upon application. There are no application fees. Late fee will be assessed for missed payments. No collateral is required and the borrower may prepay the loan without penalty. To be eligible for a New York Forward Loan Fund working capital loan, a small business must meet the following requirements: · Employ 20 or fewer full-time equivalent (FTE) employees for both small businesses; · Have gross revenues of less than $3 million per year; · Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020; · Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacted their operations; · Been in business for at least 1 year as of the date of loan application; and · Located in the State of New York. The online pre-application should be completed and submitted by the owner of the business with the largest ownership interest. The following businesses are not currently eligible for a loan from the Fund: corporate-owned franchises, not-for-profit social clubs, branch banks, pay day loan stores, pawn shops, astrology, palm reading, liquor stores, night clubs, adult bookstores, massage parlors, strip clubs, track wagering facilities, trailer-storage yards, and marijuana dispensaries.
The loan applicant must provide the following documentation: · Most recently filed tax returns, if available and required by the lender; if not available, internally generated financial statements or other documentation used to determine cash flows; · Schedule of ownership (name, address, Social Security number, phone number, email, percentage ownership, photo ID for any owners with more than 20% ownership); · Executed Attestation Form (to be provided by lender); · Brief description of COVID-19 impacts on jobs and revenues; · Evidence of legal formation of business entity (Articles of Incorporations and/or Bylaws); and · Personal Credit Report (if applicable). A participating lender will reach out to the loan applicant to collect the required documentation, conduct any credit checks, and finalize the application review process. Small Landlord and Nonprofit requirements and application information can be found at https://esd.ny.gov/nyforwardloans-info#organizations-available-to-assist. Ms. Chaung stated she is available to provide even more detailed information to applicants, such as a review of what questions are specifically asked. Ms. Chaung’s contact information is 212-803-3238 or BAP@esd.ny.gov. Kudos to the Empire State Development Corp for its proactive community outreach and to Ms. Chaung for such an informative presentation. The New Workplace Post-Coronavirus
As business begins to reopen, many companies are having to reimagine and redesign their workspace to comply with new health and safety regulations. With more than 3 months of quarantine, it is a challenge to many in this environment, particularly sorting out the guidance and changes you need to make. Companies such as H2M Architects & Engineers has transformed their office layout for safety and distancing. Their principal architect and Vision Board member, Mike Bonacasa, provided an overview to Newsday in a video walking through of their office configuration. Some of the changes included plexiglass barriers between facing cubicles, comprehensive measuring to allow for social distancing in shared spaces, and additional routine cleaning. Self-monitoring of employees has been requested by the company which includes safety measures like employees checking their temperature prior to coming into the office. They have also allowed employees to return a few days a week to allow employees to reacclimate to the office an environment and reduce the occupancy of the building. For more on this story, visit Newsday. Photo credit: Newsday |
||||||||
Island Harvest Receives $2.1 Million Grant from Town of Hempstead
New funding for a food delivery initiative was presented by the Town of Hempstead to Island Harvest in hopes to ease food insecurity for senior citizens, US military veterans, and residents in need. This funding was secured through the aid of Senator Charles Schumer. Town of Hempstead Supervisor thanked Sen. Schumer for his assistance in his remarks. “I’d like to thank Senator Schumer for his part in securing the funding for this Island Harvest initiative,” stated Supervisor Don Clavin. “Senator Schumer’s continued support from the beginning of the pandemic with regards to CARES Act funding has been invaluable and the Town is truly grateful.” Councilman Bruce Blakeman was also grateful for the opportunity to work with Island Harvest in assisting residents in need. “The funding that Island Harvest has received from the Town is going to do so much good for the community,” said Councilman Bruce Blakeman. “Island Harvest has always been an essential service for so many, and the expansion of their programs and services will only further alleviate the burden of food insecurity.” Island Harvest, a nonprofit on Long Island that has continuously been providing food to those in need for since 1992, has seen a significant rise in demand with this latest coronavirus pandemic. The organization is a part of the nation’s food bank network and distributes fresh produce, meat, and nonperishables to thousands of Long Island residents. With this $2.1 million grant, Island Harvest will be able to expand their reach to residents including a “Harvest to Home” delivery service for those shut in. “On behalf of food-insecure residents throughout the town, we thank Supervisor Don Clavin and the Hempstead Town Board for their invaluable assistance in securing much-needed funds to allow us to provide essential food support to people affected by the pandemic,” said Randi Shubin Dresner, president and CEO, Island Harvest Food Bank. “The economic upheaval caused by the pandemic has created an unprecedented demand for food assistance, including among people who have never sought help before, the funding will help us to make sure that no one goes without something as basic as food.” For more on this, visit LI Times. |
||||||||
Upcoming Events'Zoom' to New Heights with Project Independence |
||||||||
|


The Town of Babylon Business Improvement District is offering grants and interest-free loans as part of a new initiative geared to help businesses affected by Covid-19. The “Babylon is Back” Emergency Assistance program offers grants up to $10,000 and inter loans up to $25,000.
For more information, visit LIBN.

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 that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020. 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.

As we head into the 4th of July weekend, Vision wants to encourage you to be cautious as we are still battling the coronavirus. We know folks are ready to head outside and enjoy the sun, but please keep in mind the health and safety regulations that put in place for our protection. Below are some of the guidelines and some fun ideas to help you have a safe and happy weekend.
As New York State moves through its phased reopening of businesses by industry and region, please check with venues and attractions for information on openings, capacity, and available amenities before making plans. For more information on the New York Forward business reopening plan, visit forward.ny.gov.
Preventing the spread of coronavirus is important. Governor Cuomo issued executive orders 202.17 and 202.18 requiring any individual within the state who is over age two and able to medically tolerate a face-covering to cover their nose and mouth with a mask or cloth face-covering when in a public place or business and unable to maintain, or when not maintaining, social distance including when taking public or private transportation or riding in for-hire vehicles. The New York State Department of Health advises all people in New York to keep at least 6 feet distance from others when in public.
Please note New York State, New Jersey, and Connecticut have implemented a tri-state travel advisory that requires any individuals traveling from states with significant community spread of COVID-19 to quarantine for 14 days upon arrival. More information on the advisory, including the daily updated list of which states the travel advisory applies to, can be found here.
We continue to monitor the situation and will provide tourism-related updates. Travelers are encouraged to visit the New York State Department of Health website. You can also sign up for coronavirus updates from Governor Cuomo.
If you have a business that has been impacted by coronavirus, please visit Empire State Development for information on available resources.
Additional information:

At Certilman Balin, their priority has always been their clients. They understand that the practice of law is a relationship business. That’s why they do more than work for you. They work with you.
Since 1965, they have been doing what they do best: serving the Long Island community. During this time, they met many people who became longtime clients, and many became lifelong friends. These relationships have grown and have helped them to develop diverse areas of practice, expanding their reach nationally and internationally.
They advocate for our clients. We also support their philanthropic endeavors. They understand the importance of giving back to their community, and they realize their clients helped them to become one of Long Island’s largest full-service law firms.
But don’t let their size fool you. They pride themselves on that small law firm atmosphere. When you need them, they are there to help. They make you their priority and respond promptly. When you have a legal issue, they apply their collective knowledge to ensure the best possible outcome.
Contributors:
Eric Alexander, Director; Tawaun Weber, Assistant Director;
Christopher Kyle, Communications
Director;
Elissa Kyle, Placemaking Director; Linda Henninger, Outreach Coordinator
We strive to provide continued quality publications like this every week. If you have any news or events that you would like to add to our newsletter, submit them to info@visionlongisland.org for consideration.
If you are interested in becoming a newsletter or news blast sponsor, please call the office at 631-261-0242 for rates and opportunities.
Vision Long Island
24 Woodbine Ave., Suite Two
Northport, NY 11768
Phone: 631-261-0242. Fax: 631-754-4452.
Email: info@visionlongisland.org
Home | Contact Us | Donate | About Us