Please see below to learn more about FREE webinars and other resources available to our small businesses, as well as NYS updates regarding the business community and reopening guidelines. If you are a business owner that would like to share resources here, please email firstname.lastname@example.org. Thank you!
New law extends COVID tax credit for employers who keep workers on payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made a number of changes to the employee retention tax credits previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including modifying and extending the Employee Retention Credit (ERC), for six months through June 30, 2021. Several of the changes apply only to 2021, while others apply to both 2020 and 2021. As a result of the new legislation, eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. Thus, the maximum ERC amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021. Please visit here for more information.
SMALL BUSINESS WEBINARS:
- Workforce Trends & How You Can Prepare Your Business: (January 27th, 9-10am via Zoom): Mark your calendars for another upcoming program on Workforce Trends and how you can prepare your business. This will include information from CSS Workforce on training and funding opportunities available to local businesses.
- How Personal and Business Credit Affect Your Business: Join the SBDC in welcoming Lisa Rodino, Commercial Loan Advisor, Rodino & Associates, FitUFinance, for this important workshop. Ms. Rodino will explain the relationship between personal and business credit, how you can improve your credit and what lenders look at when you apply for funding. Sponsored in part by Capital One Bank.
- Google Webinar: Manage Your Business Remotely in Times of Uncertainty | As a Grow with Google Partner, Corning's Gaffer District would like to invite you to tune in to a special live-stream for small businesses: Manage Your Business Remotely in Times of Uncertainty at 12 noon EST on May 6. Aimed at small business owners just like you who have been impacted by COVID-19, this special live-stream event will help you discover tools, tips and resources you need right now. Learn how to update critical business information online to keep customers informed and how to host virtual meetings and events. Google will also share their latest resources and those of other partners to help support small businesses. Please reach out to email@example.com with any questions.
SMALL BUSINESS LOAN & GRANT PROGRAMS (UPDATED 1/16/22):
A summary of the 2021 COVID Relief Package can be downloaded here.
- Restaurant Resiliency Application: As New York continues to recover from the effects of the pandemic, the newly created Restaurant Resiliency Program sets aside $25 million to provide grants to restaurants that offer meals and other food-related items to people within distressed or underrepresented communities. Please visit here for more details.
- State of New York Pandemic Small Business Recovery Grant Program (nysmallbusinessrecovery.com): The New York State COVID-19 Pandemic Small Business Recovery Grant Program was created to provide flexible grant assistance to currently viable small businesses, micro-businesses and for-profit independent arts and cultural organizations in the State of New York who have experienced economic hardship due to the COVID-19 pandemic. Please visit here for more details.
- DoorDash launched a grant program to help businesses access quick capital they need, in partnership with Hello Alice to provide businesses affected by natural disasters with $10,000. Applications are open now and close at the end of January 2022. Please visit here for more details.
- Merchant Maverick will be giving $10K to 10 different AAPI-owned restaurants. Read eligibility requirements and apply now — Merchant Maverick is only accepting the first 5,000 applications submitted. Please visit here to check eligibility and to apply.
- Emergency Relief Loan Program Expanded to Support Flood Recovery for Businesses in Steuben County | The Emergency Relief Loan Program (ERLP) established to assist small businesses in Steuben County that have been impacted by the Coronavirus pandemic has been expanded to assist with flood recovery efforts. Businesses that have been impacted by the recent flooding from Post-Tropical Cyclone Fred can now qualify for up to $25,000 in low interest financing to assist with recovery efforts. Loans for up to 66 months at a fixed rate of 1% can be provided to assist with the rebuilding of a physical structure or to purchase equipment or inventory damaged in the flood. Regional Economic Development & Energy Corporation (REDEC) will continue to administer the loan fund. For more information about eligibility or to apply, interested individuals should call REDEC at 607-962-3021 or send an email to firstname.lastname@example.org. More information can be found here.
- Corning's Gaffer District Pandemic Recovery Grant | With generous support and sponsorship from Corning Enterprises and Corning Federal Credit Union, Corning's Gaffer District is thrilled to offer this opportunity to reimburse up to $1000 of the expenses incurred by CGD businesses and the coronavirus pandemic. Pandemic Recovery and Business Model Adjustment Grant Information Sheet | Pandemic Recovery and Business Model Adjustment Grant Application
- The NYS COVID-19 Pandemic Small Business Recovery Grant Program | Applications open up n June 10th at 12pm | The $800 million COVID-19 Pandemic Small Business Recovery Grant Program provides grant funding to small businesses and for-profit independent arts and cultural organizations impacted by the pandemic. The grants are flexible and can be used for many different business needs, including payroll, rent or mortgage payments, taxes, utilities, PPE or other business expenses incurred between March 1, 2020, and April 1, 2021. Small businesses, Micro-businesses and For-profit independent arts and cultural organizations must have 100 or fewer employees, be currently viable and have begun operation on or before March 1, 2019, and continue to be in operation as of the date of application. Eligible Applicants will be required to show a 25% year over year loss of gross receipts as a result of the pandemic or due to compliance with COVID-19 health and safety protocols which resulted in business modifications, interruptions, or closures. Please click here for more information and eligibilty requirements.
- Restaurant Revitalization Fund | The American Rescue Plan Act established the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. You must register before you apply. Click here to find out more about the fund and to register.
- Shuttered Venue Application Portal to Reopen | The U.S. Small Business Administration will reopen the Shuttered Venue Operators Grant application portal on April 24th, 2021, at 12:30 p.m. EDT for operators of live venues, live performing arts organizations, museums and movie theatres, as well as live venue promoters, theatrical producers and talent representatives to apply for critical economic relief. In preparation for the application portal reopening, the SBA recommends eligible applicants take the following actions::1) Register on the portal in advance. Applicants will need a smartphone and a multi-factor authenticator app to register and apply; 2) review the SVOG Frequently Asked Questions and Applicant User Guide; and 3) prepare required documentation, per the Application Checklist. For more information and to view applicant resources, visit www.sba.gov/svogrant.
- SBA Announces Official Restaurant Revitalization Fund Application and Guidelines (Economic Relief Prioritized for Underserved Communities) | SBA Administrator Isabella Casillas Guzman announced today key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund (RFF). The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan, signed into law by President Joe Biden, established the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration (SBA). The SBA will administer the funds to the hardest-hit small restaurants. Under this announcement, details on application requirements, eligibility, and a program guide are now available at www.sba.gov/restaurants
- Small Business Administration: Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications | as of April 8. National informational webinar to review application process on March 30. Please click here for more information.
- Emergency Relief Loan Program Updated | This loan program has been updated to suit current needs. Loans of up to $25,000, fixed a 1 % with no payment for 1 year to assist business to adjust to the COVID economy. REDEC has additional funds available should a business need it. Currently SBA Microloan borrowers have the first 3 months of new loans issued by REDEC paid by the SBA. Rates are generally 4%-5%, for up to 6 years. Any for-profit business located in Steuben County with less than 50 employees, that was in business prior to March 1, 2020 is eligible to apply. For more information, please click here.
- Paycheck Protection Program (PPP) Re-Opening; Issue New Guidance | The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the PPP will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. The PPP will open to all participating lenders shortly thereafter. For more information, please click here.
- Rural Relief Small Business Grants | 2/10/21: Currently closed; please check back for additional rounds to be announced. Only businesses located in rural communities are eligible for this grant. Rural communities are defined as having a population of 50,000 or less. A community is defined as the city/town/village where your business address is located. Non-profit organizations are ineligible for the relief funding program at this time, but may be eligible for later rounds of funding. Please click here for more information and for application deadline dates.
- EIDL Application Deadline Extended to December 31, 2021 | The U.S. Small Business Administration(SBA) has announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is now extended to Dec. 31, 2021. To review eligibility requirements and apply for the EIDL, please visit: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans#section-header-0
- Community Foundation of Elmira-Corning and the Southerrn Finger Lakes offers grants and resources for businesses impacted by COVID-19. Click here to learn more.
- New York Loan Forward Fund (NYFLF) | Recently Empire State Development (ESD) announced that Paycheck Protection Program (PPP) recipients are now eligible to receive low-interest loans from the New York Forward Loan Fund (NYFLF). This conditional change will provide the Fund's network of lenders and financial institutions with greater flexibility and enable them to provide more small businesses with working capital to cover expenses associated with reopening. When the NYFLF launched in May, the goal of the NYFLF was to help New York-based small businesses that did not receive PPP funding by providing flexible working capital to reopen and adapt to post-COVID needs. However, some NYFLF applicants who needed assistance were deemed ineligible because they had already received PPP funds. Yesterday's change is now making additional resources available to small businesses who received $50,000 or less in PPP assistance. Small businesses who did not receive any federal assistance are still eligible and encouraged to apply as well. Eligible small businesses and small residential landlords can apply for a 60-month, no-fee loan with a 3% fixed interest rate. Eligible non-profits can apply for a 60-month, no-fee loan at 2% fixed interest. The maximum loan amount is $100,000. Loan funds can be used for working capital including payroll, operating and emergency maintenance, property taxes, utilities and costs associated with refitting physical space to follow social distancing guidelines. More information is available online at nyloanfund.com.
- Steuben County Emergency Relief Fund | The Steuben County loan fund was created to assist local businesses within the county to remain operational through the pandemic. Loan amounts range from $5,000 - $20,000, uses include working capital to assist in payroll, overhead costs, and inventory. The business must employ at least one additional employee outside of the business owner. Loan program terms are no payments or interest for six months, with full repayment over a 30 month period. There is no cost to apply for this loan program and applications are ongoing. Checklist for Emergency Borrowers | Eligibility Form for Steuben County Emergency Fund | REDEC Loan Application - Steuben County | SCDLP Guidelines for Borrowers
SMALL BUSINESS RESOURCES & GUIDANCE: (UPDATED 1/12/21):
- Build Your Digital Presence And Sell Online: Empire State Digital is an invitation for small businesses to explore the benefits of expanding beyond their physical brick and mortar location to an online marketplace. Building a digital presence allows entrepreneurs and small business owners to reach their existing customer base, new markets and provides continuity of business operations in a time when social distancing is an essential public health priority. Through unique partnerships with leading global e-commerce and e-payment providers, Empire State Digital connects New York-based small businesses with the education, access and resources needed to digitize, expand and adapt to the new economy due to the changes from COVID-19. Terms and conditions may apply. Please click here for more information.
- NY Forward Small Business Lease Assistance: This program offers support services for small businesses to renegotiate their lease and avoid eviction. The initiative provides both landlords and commercial tenants with pro bono legal services, and the information needed to reach a mutually agreeable lease renegotiation. Read more here.
- NY.gov updates and Governor Cuomo messages on COVID-19 status here
- Corning Area Chamber of Commerce updates, including free opportunities for New Yorkers to learn new skills, earn certificates, and advance their careers, can be found here
- Submit any business-related questions about COVID-19 to Empire State Development here
- Click here for the Steuben County Industrial Agency (IDA) website for COVID-19 business community updates, resources, and more
- Contact the Small Business Development Center at Binghamton University for the latest in important small business updates. 607-777-4024 | Email: email@example.com
- Frequently asked questions about the Paycheck Protection Program (PPP) click here
- Best Accounting Software has just published a guide to all the small business state-level support that is available during the COVID-19 crisis. Click here for more details
- Facebook launches Shops to bring more businesses online during the pandemic: click here to read more, and click here to set up!
- Recovery Readiness Guides by Cushman Wakefield: Cushman Wakefield has assisted over a million employees in China to return to the workforce, and these guides contain many lessons learned from that experience.: The Safe Six Checklist, Recovery Readiness How to Guide 1.0 Pyramid, and Recovery Readiness Deck.
- Business Mentor NY: click here for small business guidance or to become a volunteer
- Reopening Businesses Guidelines: specifics guidelines, business plan templates, and attestations for these industries can be found at https://forward.ny.gov/phase-two-industries and should be reviewed and completed prior to reopening your business. This includes the affirmation that you are following the state guidance. Please also continue to check the New York Forward site for guidance that is applicable to your business or certain parts of your business functions.
Steuben County Industrial Agency (IDA) previous updates:
The Small Business Administration released three documents concerning the Paycheck Protection Program (PPP). Summaries of the information will be forwarded when they are available.
Effective November 13 at 10 p.m., bars, restaurants and gyms, as well as any State Liquor Authority-licensed establishment, must close in-person service from 10 p.m. to 5 a.m. daily. Click here for more information. Updates can be found here.
Steuben County added to the cluster zone. For complete guidance for the Cluster Action Initiative, click here. To find out if a business is located in a cluster zone, click here.
Governor Cuomo Releases the "NY Forward Reopening" Plan, available here.
Emergency Relief Loan Program (ELRP) Established to Support Small Businesses in Steuben County. Click here for more informationn
NYS Tax Department issues sales tax guidance related to COVID-19 tax relief. Click here for more information.
The IDA will continue to monitor and provide updates as they become available. For more information on this and other resources, please visit their COVID-19 resources page here.