Eight things you need to know about the impact of COVID-19 on Saratoga County's economy.
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8 @ 8 is a newsletter filled with eight things you need to know on topics related to the economy in Saratoga County, New York. You can expect to see 8 @ 8 in your inbox twice a month. If you have content you'd like us to share or have a topic you'd like to see more of, let us know and we'll work to include it in a future edition! - The Saratoga Partnership Team
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Resources for Saratoga County Businesses Impacted by Coronavirus
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1.
Q + A With Congresswoman Stefanik on Federal Stimulus Bill + What It Means To Businesses
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2. How You Can Prepare To Apply For SBA Recovery Loan Funds?
If you think you are going to need a disaster loan, start the application now. Bernard Paprocki, director of the U.S. Small Business Administration office that covers Albany, said the volume of calls they are getting is unprecedented as businesses shut down due to the coronavirus. His best advice for small businesses is to make sure the applications are precise and accurate. If your small business anticipates applying for SBA small business recovery loans
BE PREPARED. Compile information to document your monthly payroll costs. Include wages, tips, health care benefits and insurances for your employees over the last 12 months. These expenses will likely be the basis of calculating eligible funding amounts for loans and will help you be better prepared to apply as soon as program details are announced. You can also review
the SBA 7A checklist (subject to change but the basic information you will need is all here). Additionally, if anyone is looking for assistance and counseling on how to complete their SBA loan, please schedule an
online counseling appointment with Albany's Small Business Development Center here or contact SCORE (Service Corps of Retired Executives)
Bill Edwards at (518) 893-7364.
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3.
SBA Economic Injury Disaster Loans
The SBA’s Economic Injury Disaster Loans are targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). available to businesses unable to meet their obligations and to pay their ordinary and necessary operating expenses. The program provides up to
$2 million in necessary working capital during the period before normal operations resume. Small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
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4. SBA Express $25,000 Bridge Loans
Express Bridge Loan Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a
direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Terms - Up to $25,000, Fast turnaround, Will be repaid in full or in part by proceeds from the EIDL loan. Find an Express Bridge Loan Lender via SBA’s Lender Match Tool The Small Business Administration programs are connected with local lenders, including
Adirondack Trust Company,
Ballston Spa National,
Saratoga National Bank,
Glens Falls National,
NBT Bank,
Pursuit (formerly NYBDC)
Click here for the Express Bridge Loan Pilot Program PROGRAM GUIDE.
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5. How to Navigate the Funding Process - Guide to the CARES Act
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6. NYSDOL Shared Work Program - An Alternative to Layoffs
New York State Department of Labor is encouraging businesses to use a Shared Work Program as an alternative to laying off employees by allowing employees to work a reduced work schedule and collect partial unemployment insurance benefits for up to 26 weeks. Instead of cutting staff, businesses are able to reduce the number of hours of all employees or just a certain group. This means you can gear up quickly when business conditions improve. You save the expenses of recruiting, hiring and training new employees. And, you spare your employees the hardships of full unemployment. Shared Work tells employees you value them as team members. When you avoid layoffs, you tell your employees that you appreciate their work and want to keep them on, despite tough times. Click here for
Shared Work Program Fact Sheet.
NYSDOL Shared Work Program Website. Contact
Kimberly Haviland, Business Service Representative or call (518) 743-0925 x8887
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7.
Saratoga Partnership COVID-19 Impact Survey for Saratoga County Businesses
The Saratoga County Prosperity Partnership, in collaboration with our local, state, and federal community and business partners, is
conducting a survey to identify Saratoga County businesses in need of assistance, how the Saratoga County economy has been affected by the coronavirus (COVID-19), and what resources are needed to ensure business continuity. The Saratoga Partnership is looking to gather information so that we can assist in helping mitigate the impacts to your business and our regional economy and to connect your business to the tools and resources you need during this challenging time. Your individual responses will remain confidential and data collected and disseminated will be aggregated.
Start the COVID-19 Business Impact Survey.
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8.
What Is It Like Inside Globalfoundries During the COVID-19 Pandemic
Like every business, semiconductor foundries like Globalfoundries have had to make some pretty radical changes to their operations in order to keep their workers sage and comply with new government mandates, but there are some challenges unique to running a 24/7 chip-making operation. Globalfoundries' COVID-19 plan is basically an evolution of its responses to a previous coronavirus outbreak, the 2002-3 SARS pandemic. When the company acquired Singapore-based Chartered Semiconductor in 2010, it inherited a set of fabs that had managed to produce chips throughout the worst of that outbreak. At Fab 8 in Malta, NY, Globalfoundries' most advanced 300-mm CMOS facility has a host of safety procedures and they are sharing some of what makes that safety possible. It's assisted healthcare facilities in New York and Vermont, where its U.S. fabs are located with available personal protective equipment, such as face shields and masks, in addition to making cash donations to local food banks and other causes near its fabs around the world.
Read the full story here.
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Saratoga County residents can enroll in the county's CodeRED emergency notification system to receive updates from the county's Emergency Management Team. To enroll,
CLICK HERE
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The Saratoga County Prosperity Partnership leads a host of critical economic and workforce development initiatives across the public and private sectors, driving economic success for residents, businesses and government in Saratoga County, New York. The Saratoga Partnership provides a point of contact for business retention and expansion, enabling a seamless delivery of programs and services for businesses seeking to grow, and spearheads semiconductor industry marketing and attraction, global trade assistance, community economic development, and data collection and planning. For more, visit us at
saratogapartnership.org
and on
Twitter
,
Facebook
and
LinkedIn
. The Saratoga County Prosperity Partnership is a member of the Saratoga County Economic Development Alliance, which includes the Saratoga Economic Development Corporation.
The Saratoga County Prosperity Partnership is a member of the Saratoga County Economic Development Alliance, which includes the Saratoga Economic Development Corporation.
saratogapartnership.org | 518.871.1887
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