Congress Passes PPP Fixes – We are happy to bring you the news that Congress has passed a
billthat makes the Paycheck Protection Program more flexible. The key changes include:
Covered Period extended to 24 weeks, from 8 weeks previously
Reduced payroll ratio to 60%, from 75% previously
Extended rehiring deadline to December 31, 2020, from June 30 previously
Increase loan repayment period to 5 years, from 2 years previously, interest rate remains at 1%
Allow payroll tax deferral for PPP recipients
Allow certain recipients to be exempt from loan forgiveness exemption due to compliance with certain government requirements related to COVID-19
NY Forward Loan Fund Pre-Application Now Open - NYS has launched a new loan program for small businesses, non-profits, and small landlords who have not received funds from PPP or EIDL. The loan maximum is the lesser of $100,000 or average revenues in any 3-month period from 2019 or Q1 of 2020. The loans will carry a 3% interest (or 2% for non profits) and amortize in 5 years. Repayment includes an interest-only period during the first 12 months. Please visit the NYS website for
more information and the
pre-application form.
Open Letter from MTA Chairman and CEO Patrick J. Foye to New York’s Business Community – The
Open Letterincludes public transportation recommendations for businesses planning their reopening. The MTA is also interested in contacting individual employers to understand their public transportation needs during Phase I reopening (sign up
here). For the latest information on MTA Service During the Coronavirus Pandemic, please visit this
page.
Small Group Webinars to Address PPP Questions - We are hosting a number of Small Group Webinars focus on helping businesses understand the PPP application process and address questions related to the loan forgiveness. Interested businesses can sign up for the webinars via
SBS Connect.
City & States upcoming webinar on June 9th at 2pm on NY's Reopening of the Economy and Recovery will feature panelists
Lieutenant Governor Kathy Hochul, Congressman Thomas Suozzi and
Parkside Group's Evan Stavisky.
The 2020 Census is of critical importance to New York, as tens of billions of dollars come to our neighborhoods based on how many people are living in our communities.
We strongly encourage you to take 10 minutes of your time today to fill out the 2020 Census.
NYC Department of Small Business Services is re-launching their Neighborhood Challenge program as "Neighborhood Challenge: Connect & Recover". The re-launched neighborhood challenge program is an online open innovation platform.
