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.
COVID-19 Relief
PPP Re-Opens to Small Lenders on 1/15 & All Lenders on 1/19 (New)

The U.S. Small Business Administration will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, at 9 AM. The portal will fully open on Tuesday, January 19, to all participating PPP lenders to submit First and Second Draw loan applications to SBA.

First and Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
  • Employee and compensation levels are maintained;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
SBA has released revised applications for first draw and second draw PPP loans. Please note that lenders may develop their own versions of the application forms. We recommend borrowers contact their lender for more information regarding the application process.
As always, SBA's PPP website is the best source for up-to-date PPP information.
Repeal of EIDL Advance Deduction Requirement for SBA Loan Forgiveness Remittances to PPP Lenders (New)

SBA will no longer deduct EIDL Advances from forgiveness payments remitted to PPP lenders. For those loans where SBA remitted a forgiveness payment to a PPP lender that was reduced by an EIDL Advance, SBA will automatically remit a reconciliation payment to the PPP lender for the previously-deducted EIDL Advance amount, plus interest through the remittance date.
Shuttered Venue Operators Grant (New)

The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
PPP & EIDL Borrowers Now Eligible for the New York Forward Loan Fund (New)

The New York Forward Loan Fund (NYFLF) is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small residential landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. 

When the NYFLF launched in May, the fund was open only to New York-based small businesses that did not receive PPP or EIDL. Now, small businesses and non-profits that received a PPP loan of $500,000 or less or an EIDL loan of $150,000 or less may be eligible for a NYFLF loan
Empire State Development Announces “Raising The Bar” Restaurant Recovery Fund

Empire State Development is offering grants of up to $5,000 for restaurants adjusting to COVID-19 safety guidelines. "Raising the Bar" grant funding can be used for COVID-19-related improvements and equipment.
SBA Extends Application Deadline for COVID-19 Economic Injury Disaster Loan Program

The Small Business Administration has announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021. These loans offer working capital funds to businesses affected by COVID-19.
QuickBooks Training
Three-Part Course: Jan 19, Jan 26, Feb 2; 10:00 - 11:00 AM

The Mohawk Valley SBDC has partnered with (part of the Simon Sez IT family) to provide QuickBooks Desktop training. This hybrid program includes training videos from along with three virtual classroom sessions with QuickBooks experts from the Mohawk Valley SBDC.
Federal Women-Owned Small Business Certification
Feb 23; 10:00 - 11:00 AM

Attention Women-Owned Businesses! The SBA has changed the process to become certified as a woman-owned small business for federal opportunities. 

  • If you are currently self-certified, attend this webinar to find out what you need to do to recertify.
  • If you are NOT currently certified, attend to learn what you need to do to position your business for future federal contracts.

This webinar is hosted by SBDC Government Contracting Coordinator Gina Hayduk. A question and answer session will follow the presentation.
SBA Announces Ascent (New)

SBA has announced Ascent, an interactive digital platform packed with resources women business owners need to set, and achieve, their business goals. Ascent is designed for the “missing middle” — growth-oriented women entrepreneurs who are beyond the start-up phase and already generating revenue yet looking to grow and scale. 
Herkimer County IDA Microenterprise Grant Fund

The Herkimer County Industrial Development Agency is pleased to announce the development of a Microenterprise Grant Fund. Funding from the state in the amount of $200,000 will be granted to small and start-up businesses with five or fewer employees, that want to establish or expand a new or existing business located within Herkimer County. Grant amounts will range from $5,000 to $35,000, depending upon job creation and owner’s income status.
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Mohawk Valley SBDC
(315) 731-5884
New York SBDC is a Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.
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