This week's SMALL BUSINESS SPOTLIGHT

Joy Insurance Agency, Inc.

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Private sector employers across New York State recently received another Unemployment Insurance (UI) tax bill for 2023, called the “Interest Assessment Surcharge (IAS),” to pay more than $130 million in interest on the state’s remaining $6.8 billion in federal UI program loans. READ MORE

Tell your Legislators: Please take a moment to message your legislators. Click HERE . Shared from our partners at the Business Council of NYS.

Empire State Development (ESD) announced the application deadline for their $250 million COVID-19 Capital Costs Tax Credit Program has been extended to September 30, 2023. New York State small businesses that made investments to comply with emergency orders and regulations in response to COVID-19 can apply for a refundable tax credit of up to $25,000. 

Office of Strategic Workforce Development

Round 3 of the OSWD grant programs is open. 

Applications will be accepted on an ongoing basis & awards will be announced every three months.

Click here for program information and guidelines

Mid-Hudson Momentum Fund

$150 million for mixed-use housing, transit-oriented development, and infrastructure projects throughout the Mid-Hudson Region. Applications will be available soon!

Program Information | Sign up for updates

Empire State Development Announces Application Window Opens for

Round Five of the Grow-NY Business Competition

READ MORE

Additional $146 million awarded through the

Restore New York Communities Initiative - details here

$500 Million Investment in FY 2024 Budget to Bolster

New York’s Child Care Workforce - details here



State Small Business Credit Initiative (SSBCI) Programs

More than $500 million in federal funding is now available to support the resurgence of small businesses across New York State through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act.

Click here to find Out Which SSBCI Programs Can Help You

Governor Hochul Announces Launch of $30 Million Pre-seed and

Seed Matching Fund Program

"The Program will offer early-stage businesses growth assistance from $50,000 up to $250,000 with matching from the private sector (there must be at least $1 of private sector investment for every $1 NY Ventures invests). In addition to financial support, Empire State Development offers the tools and key introductions needed to help companies reach the next level." according to Empire State Development. Part of New York's $500 Million Federal Funding Allocation to Support Small Businesses, Particularly in Traditionally Underserved Communities READ MORE…

$11.6 Million Awarded to Municipalities for Climate Smart Communities Projects - Read more here

Meet in New York Grant Created to incentivize the return of conferences, meetings and trade shows that generate significant tourism economic activity. Find guidelines and details here

Tourism Return-to-Work Grant Program Created to incentivize employment growth by providing financial assistance to businesses in the tourism industry that suffered economic hardship due to the COVID-19 pandemic. Find guidelines and details here

$5 million available through newly created Veterans' Nonprofit Capital Program - Read more

Legislation to promote job opportunities in New York State and help job seekers secure new employment opportunities - Learn more

Small business owners who are creditworthy but do not qualify for conventional financing can access capital and get funding to grow their business through SBA-backed loans. Connect with a lender near you using SBA's Lender Match. Learn more

NEW FROM BUSINESS COUNCIL OF NYS

Federal Changes to Several HR Policies 

While the New York Legislature, Governor, and state regulators have been active of late in labor/human resource issues, recent federal actions, Supreme Court decisions, and rulemaking will also significantly impact New York employers. 

Recent policy changes and court rulings in the following areas have been announced over the past several weeks.

• Affirmative Action
• Religious Accommodations
• Damages Caused by Strikes
• Arbitration
• Independent Contractor Standards 
• Workplace Protections for Pregnant and Postpartum Workers
• EEO Reporting

A complete breakdown of each of the policy changes to the issue areas above can be found here.

Inflation falls, but underlying data still worrying...

The Consumer Price Index (CPI), the broadest measure of consumer prices, rose 3% annually in June. That is down from 4.1% in May and well down from the peak of 8.8% in June 2022. 

Dig Deeper: 

• Much of the drop is due to inflation being so high a year ago, known as “base effects”, and the drop in gas prices.
• On a monthly basis, inflation rose 0.2% from May to June, up slightly from the 0.1% rise from April to May.

Big Picture: Despite the progress, inflation remains well above the Federal Reserve’s 2% target, and the underlying data is more concerning. Core prices, which strips out volatile elements like food and energy, rose 4.8% on an annual basis and 0.2% from May to June.

Be Smart: 

• The Fed looks more closely at core prices than the overall inflation number, which has been stuck around 5% since late 2021.
• The drop in the headline inflation number will prompt many to say the Fed should stop raising rates, but the stickiness of the core data likely means the Fed will continue raising rates at its next meeting later this month.

Learn More

Live Webinar:

Demystifying Artificial Intelligence:

A Conversation with AI Insiders and Social Change Makers

In collaboration with W20, we invite you to join us for a comprehensive conversation on Artificial Intelligence, its value, challenges and impact on the social fabric. Our well-informed panelists will explore the opportunities AI genuinely offers today’s businesses and social policy proponents.

Tuesday, August 15, 2023

9:30 a.m. - 11:00 a.m. EDT - LIVE WEBINAR

Key Topics: 

• Demystification Step One: A Realistic Introduction to the Technology
• An Essential Evaluation of How Social Policy Makers are Adapting to AI 
• The Integration of AI in Business and How to Leverage its Potential
• Q&A Session with Featured Speakers

Featured Speakers:

Dr. Rama Ramakrishnan, Professor of the Practice, Data Science and Applied Machine Learning, MIT Sloan School of Management

Nishtha Satyam, Head of Office, Timor-Leste UN Women

Hosts:

PKF O'Connor Davies

Suma Chander, Partner

Kelly Lin, Partner

Rachel DiDio, Partner

About W20:

W20 is the official G20 engagement group focused on gender equity. Its primary objective is to ensure that gender considerations are mainstreamed into G20 discussions and translate into the G20 Leaders’ Declaration as policies and commitments that foster gender equality and women’s economic empowerment.

Have you joined the

Members ONLY Group?

Share your business, tips, network...its just for YOU

Click HERE to join

New Form I-9 Now Includes Alternative Procedure for E-Verify Employers to Remotely Examine Employee Documents

The new version of Form I-9, Employment Eligibility Verification is now available for use. This version contains changes to the form and instructions, including shortening the Form I-9 to one page and reducing the instructions to eight pages.

READ MORE

There's more to paying taxes than just federal and state income taxes. Another major tax chore for employers is payroll taxes. These expenditures can be significant, and the reporting requirements can be onerous. So it's important for small business owners to understand the basics.  READ MORE

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Hudson Valley Credit Union is excited to announce that three members were named winners in the Annual Scholarship Program  READ MORE

Josh Sommers, Founder and CEO of Focus Media, Inc., a strategic full-service marketing, public relations and advertising agency based in New York’s Hudson Valley, hosts his weekly podcast  WATCH HERE

Orange County Chamber of Commerce 

924 Homestead Avenue, Maybrook NY 12543

(845) 294-1700

 www.orangeNY.com