The Mohawk Valley SBDC is ready to assist your small business during this challenging time. Schedule an appointment with one of our business advisors or call us at (315) 731-5884.

EIDL & PPP UPDATES

EIDL Portal Opened for Ag businesses and Certain Non-Ag Businesses

Agricultural businesses may now apply for the Economic Injury Disaster Loan and EIDL Advance program on a limited basis.

For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.

Due to limitations in funding availability and the unprecedented submission of applications already received, the EIDL application portal will remain closed to non-agricultural businesses, with the following exception:

Non-agricultural businesses may re-apply to complete their original application if they meet the following criteria:

Businesses that applied prior to March 29, received a confirmation number starting with "2," and have not yet reapplied through the streamlined portal  must reapply through this portal in order to be considered for an EIDL Loan or Advance.

Businesses that submitted their EIDL applications on March 30 or later and received a confirmation number starting with "3" will continue to have their applications processed on a first-come, first-served basis. 

Paycheck Protection Program

SBA resumed accepting PPP loan applications on Monday, April 27, at 10:30 AM EDT. If you have already submitted a PPP application, your application will be processed on a first come, first served basis. If you have not yet applied, contact your lender to begin the application process. If your lender is unable to accept PPP applications, Pursuit Lending or Betterfin may be able to process your application.

(New) SBA reminds borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification in good faith. 

(New) According to the U.S. Treasury, a borrower’s PPP loan forgiveness amount will not be reduced if the borrower laid off an employee, offered to rehire the same employee, but the employee declined the offer. To qualify for this exception, the borrower must have made a good faith, written offer of rehire, and the employee’s rejection of that offer must be documented by the borrower. Employees and employers should be aware that employees who reject offers of re-employment may forfeit eligibility for continued unemployment compensation.

COVID-19 ASSISTANCE

Economic Injury Disaster Loans

The SBA’s EIDL program provides small businesses with working capital loans of up to $2 million, including a forgivable advance of up to $10,000.

EIDL is currently accepting applications from Ag businesses and select non-Ag businesses. Apply at SBA.gov

Paycheck Protection Program

The PPP provides loans of up to $10 million. SBA will forgive the portion of the loan that is used to cover 8 weeks of payroll and certain other expenses.

Search SBA's database of participating lenders , or contact Pursuit Lending or Betterfin to apply

Employee Retention Tax Credit

The ERTC is applied against the employer portion of payroll taxes.

The Treasury Department will develop a process for employers to receive an advance payment of the tax credit.

SBA Express Bridge Loan

The Express Bridge loan program allows SBA Express lenders to provide expedited financing to small businesses located in declared disaster areas. Express Bridge loans are intended to be interim loans.

LOCAL LOAN PROGRAMS

Madison County Bridge Loan

The Madison County Center for Economic Development has created a bridge loan program to assist businesses impacted by COVID-19. Within seven days from closing their SBA loan, businesses will be required to pay back the money obtained through the Bridge Loan Program.

City of Utica Economic Stimulus Loan Program

Mayor Palmieri recently announced an Economic Stimulus Loan Program to assist local businesses that have been impacted by COVID-19 (Coronavirus). The program will consist of a $500,000 funding pool.

RESOURCE PARTNER NEWS

Grow-NY (New)

Grow-NY is an unprecedented initiative focused on enhancing the emerging food and agriculture innovation cluster in the Finger Lakes, Central New York, and the Southern Tier regions. The competition attracts high-growth food and agriculture startups from around the world to engage them in the region’s rapidly expanding startup and innovation ecosystem. Entrants will compete to win up to $1 million each year during the program’s initial three-year run, with finalists pitching their ideas and business plans in November as they compete for the grand prize.

Innovation Collective Spring Summit

May 15 & 16

Innovation Collective Leadership Network Summits are your opportunity to recharge, get inspired and spend quality time with some of the greatest minds of our generation. These 2-night experiences consist of stories that tell life lessons, professional development and a high energy business building session that will super-charge your ideas!

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