January 2021
IAED Successes in 2020
IAED faced a year unlike any other as the impact of the global pandemic reverberated across the world. IAED staff adjusted priorities to focus on supporting our local business community with the ongoing impact of COVID-19, while also looking forward to what recovery would look like. In addition, IAED stayed committed to goals set prior to the onset of the pandemic, managing to achieve numerous successes throughout the year.
Cayuga Medical Center Now Offering Vaccines for Groups 1A and 1B Eligible Population
Paycheck Protection Program Reopens
The U.S. Small Business Administration (SBA) announced a new round of the Paycheck Protection Program (PPP) starting January 11th.
 
The new PPP authorizes up to $284 billion toward job retention and certain other expenses and is meant to better target smaller businesses that need help most urgently.
 
What’s the Same:
  • Businesses must apply through a local lender, not to the SBA;
  • Funds are meant to enable businesses to retain jobs; and
  • These loans will also be forgivable.
 
Three major changes:
  • It's not just for payroll protection this time. The funds (up to $2 million per company with fewer than 300 employees) may be used for other operational costs as well;
  • Some previous borrowers may re-apply, and may choose the period of time, from 8-to-24 weeks, that best suits their needs; and
  • Non-profit eligibility is greatly expanded. For example, a 501c(6) entity may now apply.

The SBA is initially prioritizing loans to businesses owned by underserved segments of the population. Not all banks will be able to offer the program immediately. Community financial institutions, which focus their lending on underserved applicants, are authorized to begin lending to first-time applicant businesses on January 11. Eligible businesses seeking a second PPP loan may apply two days later. Other banks will be added to the program at a later date.

The new guidance released includes:
 
Businesses can apply through authorized lenders (contact your bank for details).

For assistance with the application process, contact Lindsay Wolf, Business Advisor at the Small Business Development Center (SBDC), at wolfl@binghamton.edu or 607.241.0004.
COVID-19 Resources
LOCAL RESOURCES

Cayuga Heath System COVID-19 Testing for Businesses
Contact Tracy Gates, Vice-President & Chief Operating Officer at Cayuga Health System at 607-351-8487 or at tgates@cayugamed.org.

OTHER RESOURCES

Rural Relief Small Business Grants
The Local Initiatives Support Corporation (LISC) is offering Rural Relief Small Business Grants for up to $20,000. Grants support small businesses and enterprises affected by COVID-19 across the country, especially those in underserved communities, including entrepreneurs of color, women- and veteran-owned businesses that often lack access to flexible, affordable capital. 
 
Applications are being accepted in “rounds” and you must submit a new application for each round in order to be considered for funding in that round. The next application round runs January 26 through February 2. Learn more and apply  
NEW YORK STATE RESOURCES

New York State Small Business Truth in Lending Act
The New York State Small Business Truth in Lending Act will help protect small businesses in NYS who take out loans during emergencies such as the COVID-19 pandemic. Read more

Public-Private Partnership for Legal Assistance to Small Businesses
A Public-Private Partnership between Empire State Development, Start Small Think Big and the NYS Bar Association will provide small businesses and landlords with pro bono legal assistance to renegotiate lease terms due to COVID-19 impacts. Read more

Raising The Bar Restaurant Recovery Fund Announced
More than $3 million is available to assist eligible restaurants in NYS adjust operations to meet changes in operation due to COVID-19 and to meet NYS safety standards. Read more



Datapoint Labs Expanding in Lansing
Rheonix Receives FDA Emergency Use Authorization
Local Ithaca company, Rheonix, received FDA Emergency Use Authorization to include saliva as a sample type in testing for COVID-19.
Rheonix's CEO,Greg Galvin, is a Cornell graduate and IAED board member. Rheonix has almost tripled in size since the spring as demand for Rheonix's COVID-19 testing equipment has grown. Read more
Halomine Wins Grow-NY Competition Prize
Congratulations to Halomine for winning one of the $250,000 prizes awarded by the Grow-NY competition. Halomine is developing antimicrobial solutions to ensure food safety and is part of the Cornell University on-campus technology incubator Praxis Center for Venture Development. Halomine has also partnered with the McGovern Center for Venture Development in Cornell's School of Life Sciences to conduct biological research and testing against coronaviruses. Two other $250,000 winners are also startups affiliated with Cornell University. Read more
Norwhey Wins Fuzehub Commercialization Prize
Congratulations to Norwhey, a local Ithaca company that was one of six winners in the fourth annual FuzeHub Commercialization Competition. Each of the six companies were awarded $50,000 based on the commercialization potential of their technology. Norwhey is an innovative beverage company that focuses on sustainably fulfilling consumer needs through fermentation. Read more
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