Downtown Syracuse Business and Property Owners,

Billions of dollars in federal funding are still available through the Payroll Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) and Loan Advance. If you haven’t applied, now is the time!

PPP – Why Apply Now?

The  Paycheck Protection Program Flexibility Act  updated the original PPP program to better meet businesses’ needs during COVID 19 – but businesses have less than one week left to apply.

What's different:
  • More Time to Spend Funds: The PPP Flexibility Act extended the time to spend funds from eight weeks to now 24 weeks from the disbursement date (or Dec. 31, 2020, whichever is earlier).
  • More Money for Non-Payroll Expenses: Borrowers can spend more money on non-payroll expenses. In the original PPP legislation, 75% of loan proceeds had to be spent on payroll costs in order to qualify for loan forgiveness; now, businesses only need to spend 60% of their PPP loan on payroll, freeing up 40% of loan proceeds for non-payroll costs (such as rent, utilities, interest on mortgages).
  • More Time to Repay Loan: For borrowers whose loans are not forgiven, the PPP Flexibility Act also extends the repayment period for the 1% loan from two years to five years.

Who should apply for PPP?
  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets the Small Business Administration's size standards
  • 501(c)(3) non-profit organizations with 500 or fewer employees
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location

Applicants must apply through a commercial lender. The last date on which a PPP loan application can be approved is  June 30, 2020 .
  • For the application form, click here.
  • For a list of participating lenders, click here.
  • For no-cost business advisement through the Small Business Development Center, click here.


More EIDL and Loan Advance (Grant) Funding Now Available

On June 15, SBA began accepting new applications for the Economic Injury Disaster Loan (EIDL) and EIDL Advance (Previously submitted EIDL applications will continue to be processed on a first-come, first-served basis).

What does the EIDL and EIDL Loan Advance offer?
  • EIDL loan funds may be used to pay debts, payroll, inventory, accounts payable and other bills that can’t be paid because of the disaster’s impact, and aren't already covered by a PPP loan. 
  • Low Interest Rates: 3.75% for small businesses; 2.75% for non-profits.
  • Long repayment terms: Up to a maximum of 30 years.
  • Deferred payment: First loan payment is deferred for one year.
  • In addition, small businesses and non-profits may request an EIDL Advance of up to $10,000 ($1,000 per employee) as part of their loan application. These emergency grants do not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
 
Who should apply for EIDL and the EIDL Loan Advance?
  • Businesses with 500 or fewer employees
  • Sole Proprietors and independent contractors
  • Non-profit organizations

To learn more about the EIDL and Loan Advance, click here . To apply, click here . For no-cost business advisement through the Small Business Development Center, click here .


Complete Your New York State Reopening Requirements

Central New York will be entering Phase Four of the New York Forward re-opening plan this Friday, June 26. For guidance on Phase Four industries, please click here .

As of the time of this writing, 87 businesses in Downtown Syracuse have completed the full process to comply with New York State reopening rules. The rules have two steps: In addition to developing a written Business Safety Plan , all reopening businesses MUST complete an Online Affirmation stating they have read and understand the reopening requirements for their industry (e.g. restaurant, retail, salon, office, etc.).
 
To complete the Online Affirmation:
  • Click on the re-opening phase specific to your industry:
  • Phase One – Construction; Agriculture, Forestry, Fishing and Hunting; Retail (Limited to curbside or in-store pickup or drop off); Manufacturing; Wholesale Trade
  • Phase Two – Offices; Real Estate; Essential and In-Store Retail; Vehicle Sales, Leases, and Rentals; Retail Rental, Repair, and Cleaning; Commercial Building Management; Hair Salons and Barbershops; Outdoor and Take-Out/Delivery Food Services
  • Phase Three – Restaurants/Food Services; Personal Care (other than Salons and Barbershops).
  • Scroll down to your industry and click on “Read and Affirm Detailed Guidelines.” Read through the guidelines and, at the end of the document, click on the link to affirm that you have read and understand your obligation to operate in accordance with the guidance.

If you have questions about the programs and requirements mentioned here, please email our economic development team leader, Heather Schroeder, at hschroeder@downtownsyracuse.com