Economic News for
Ithaca and Tompkins County
February 2021
IAED Discusses 2020 Accomplishments and
Regional Economic Impacts
IAED President, Heather McDaniel, discussed IAED's 2020 accomplishments with News Talk WHCU, including 13 new projects, 633 housing units, $239.5M in Capital Investment, and highlighted IAED's COVID-19 response to the needs of the business community.

Heather also recently participated in FL1 Daily's Sunday podcast discussing not only IAED's 2020 accomplishments, but also the economic climate in the region, how COVID-19 has impacted our area, and planning for recovery.
TCIDA Awards 13 Childcare Grants Since November
The Tompkins County Industrial Development Agency (TCIDA), administered by Ithaca Area Economic Development, has approved 13 grants to eligible childcare providers since November 2020 to purchase Personal Protective Equipment (PPE) and upgrade facilities for safer operation during the pandemic.

COVID-19 Resources and Information

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

For information on COVID-19 testing, vaccinations, daily data, and more.


NEW! SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program (PPP)
The SBA is instituting steps to further promote equitable relief for America’s mom-and-pop businesses including establishing a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees that begins March 24th. The other four steps will begin by the first week in March. Read More


NEW! Weddings and Catered Events Resume March 15th
Venues are restricted to 50 percent capacity, with no more than 150 people per event. All attendees and patrons must be tested prior to the event. Mask wearing and other safety protocols will be required. Read more

NEW! New York Forward Rapid Test Program
New York launched the New York Forward Rapid Test Program to help accelerate a safe economic recovery. This unique public-private partnership will make low-cost rapid testing available to the public to support enhanced economic activity as the State continues to reopen sectors of the economy. Sites are open in New York City with additional sites scheduled to open in other parts of the state in the coming weeks. Learn more

Research & Development Tax Credit
An overlooked source of cash for New York manufacturers is the Research and Development (R&D) tax credit. This incentive helps companies to grow by reducing its tax liability for qualified R&D expenditures.

Most manufacturers are unaware that their efforts in designing and improving products and processes qualify as R&D, and may make them eligible for tax credits for expenditures associated with these activities.

R&D credits may be applied to taxes due or to future tax liability, and they may be retroactive for three years in addition to the current year and carry forward for twenty years! These credits can additionally be used to reinvest in the company.
Qualifying costs include:
  • Tasks performed by Engineering, Executive Leadership, Legal, Sales, Engineers, Operations and IT
  • Cost of supplies
  • Third-party contractor fees

Contact the Alliance for Manufacturing & Technology (AM&T) for more information on R&D Tax Credits (
Ithaca Tompkins International Airport - Keeping Ithaca and Tompkins County Connected to the World
Ithaca Tompkins International Airport (ITH) renovated and expanded in 2019 and now offers a gorgeous terminal and multiple jet bridges and amenities for travelers. The airport provides connectivity to the world for local businesses, educational institutions, and our community. ITH was recently spotlighted in a Business View Magazine article.

Congratulations to the 2020 Fab5 Winners
Congratulations to all the 2020 Fab5 award winners! A special congratulations to IAED board member and Executive Director of Ithaca Neighborhood Housing Services (INHS), Johanna Anderson, for being named Not-for-Profit Leader of the Year!

Local Companies in the News
GrammaTech Developing Artificial Intelligence Technology
Dimensional Energy One of Two Carbon X Finalists
Ithaca Area Economic Development | 607.273.0005 |