SBA Releases Revised PPP Forgiveness Forms (New)

On January 19, 2021, SBA released revised PPP forgiveness forms. These forms replace any previous versions of the documents. Please read the rules included with each form to determine which document you must use.

First Draw PPP Loan Increases (New)

The Economic Aid Act allows for increases to first draw PPP loans for certain businesses. Some partnerships, seasonal businesses, farmers and ranchers, and other businesses may qualify for an increase in their first draw PPP loan if they meet specific criteria. Click the button to learn if your business qualifies for an increase.

The U.S. Small Business Administration has re-opened the Paycheck Protection Program (PPP) loan portal 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:

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

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.

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.

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.

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

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. 

This webinar is hosted by SBDC Government Contracting Coordinator Gina Hayduk. A question and answer session will follow the presentation.

16th Annual Legislative Forum (New)

The Genesis Group and the Chamber Alliance of the Mohawk Valley invite you to attend the 16th Annual Legislative Forum. The following elected officials will discuss local issues and plans for the new year:

Meeting ID: meet.google.com/azx-bwjo-rnv

Phone: ( US) +1 413-597-8135

PIN: 567 633 792#

Please RSVP to [email protected]

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. 

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.