Long Island Main Street News, February 5th, 2021

presented by Vision Long Island and the Long Island Main Street Alliance


February 5th, 2021


Quotes of the Week


“The whole goal is to make sure that we can vaccinate 70 to 90% of New Yorkers because that’s the weapon that we’re going to use in the war against this virus: Vaccinations.” – NYSDOT Commissioner Marie Therese Dominguez
“The Long Island African American Chamber of Commerce, Inc. realized that to help a larger number of small businesses in the community access the federal stimulus they need to keep employees on the payroll or protect their sole source of income, the chamber needed a trusted partner that could provide an elegant PPP process.” Phil Andrews, President, Long Island African American Chamber of Commerce

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Main Street Alliance Hosts Regional NYS Budget Presentation

On February 4th, the Long Island Main Street Alliance hosted a special NYS budget presentation by NYSDOT Commissioner Marie Therese Dominguez.

Commissioner Dominguez addressed over 200 participants that included civic leaders, chambers, local elected officials, developers, and community groups from across the island. Her presentation focused on key issues addressed by Gov. Cuomo in his State of the State Address but provided details specific to Long Island.  At the forefront of the presentation, Comm. Dominguez discussed the state’s plan to combat covid-18.  She explained the planned expansion for testing and vaccination sites and funding and increased hiring for1000 fellows to help with vaccination effort. The state is also working with several Long Island based companies to produce PPE and other materials.

“The whole goal is to make sure that we can vaccinate 70 to 90% of New Yorkers,” said Commissioner Dominguez, “because that’s the weapon that we’re going to use in the war against this virus: Vaccinations.”

Despite the State plan to continue to combat the coronavirus crisis, according to Commissioner Dominguez, NYS has been impacted with a $15 billion deficit.  She discussed communications between the state and federal government and believes that assistance of $6 billion in assistance will be provided by the new administration.

As part of an effort to get back to some forms of entertainment, Commissioner Dominguez made note of a developing plan to allow for “pop up” performances.  With new guidelines through Creatives Rebuild will aid arts, music and tourism will receive tax breaks for monies lost due to the pandemic.  Investment in infrastructure included $306 billion plan.  $51 billion will go to the MTA for their capital plan.  The third track expansion to Hicksville will see $2.6 billion. Commissioner Dominguez also discussed areas of environmental concerns including the Northrop Grumman settlement and beginning the Bay Park water quality project. There will also be investment in biotech and green energy.

Commissioner Dominguez also mentioned the governor’s plans to address social and economic disparities and inequalities.

The meeting concluded with a Q&A session that included questions on bus funding, congestion pricing, future vaccination locations and aid to local governments.  This includes food desserts, affordable internet services and childcare.  She discussed that part of the plan in the area of health is to eliminate health care premiums for more than 400,000 qualifying New Yorkers.  Comm. Dominguez also addressed the need for more mental health support.

This event was sponsored by the LI Main Street Alliance representing 45 downtowns, Nassau Council of Chambers of Commerce, LI Hispanic Chambers of Commerce, LI African American Chamber of Commerce, NY South Asian Chamber of Commerce, Pink Tie’s Think Small & Vision Long Island. 

Some important links:
MSA: NYS DOT Budget Presentation: https://vimeo.com/508574779

The Governor’s presentation and the PowerPoint can be viewed here: https://www.youtube.com/watch?v=IJVGZ2IY_u4&t=123s&ab_channel=GovernorAndrewM.Cuomo.

The budget briefing book is here: https://www.budget.ny.gov/pubs/archive/fy22/ex/book/briefingbook.pdf. 

The budget press release can be found here, which has the highlights: https://www.governor.ny.gov/news/governor-cuomo-outlines-fy-2022-budget-reimagine-rebuild-renew.

Covid-19 Updates: https://covid19vaccine.health.ny.gov/

LI African American Chamber Offers Streamlined PPP Application for Underserved Businesses

Many small business owners and members in the Long Island African American Chamber of Commerce, Inc. were underserved during the first rounds of the Small Business Administration’s Paycheck Protection Program (PPP) loans due to inequities and delays in getting to details to the African American community. At the same time, many large companies had the advantages provided by well-staffed accounting departments to deal with the issues and process of applying for PPP loans.

Prior to the pandemic, the Long Island African American Chamber of Commerce, Inc. launched its Retool, Refocus, and Rebuild Black Business Campaign. The Chamber looked at the staggering number of businesses in the local community that were sole proprietorships and were told they could not apply for the PPP loans.

After some research, the Chamber learned that sole proprietors who report income and pay taxes on a Schedule C in their personal tax return, as well as independent contractors who collect 1099-MISC forms were able to participate in the PPP program if they submit a Schedule C, instead of 1099s.

To help more of its members and entrepreneurs in the community, the Chamber partnered with Customers Bank to take advantage of the bank’s PPP white-label solution that enabled chambers of commerce, credit unions, community development financial institutions, minority deposit institutions, microfinance institutions, and other lenders to provide a seamless platform that enabled members of these organization to access an online PPP application, funding and servicing lifeline.

“The Long Island African American Chamber of Commerce, Inc. realized that to help a larger number of small businesses in the community access the federal stimulus they need to keep employees on the payroll or protect their sole source of income, the chamber needed a trusted partner that could provide an elegant PPP process,” stated Phil Andrews, President – Long Island African American Chamber of Commerce, Inc. “We needed a reputable bank that would enhance our ability to provide essential services to our members and our wider network of African American small business owners.”

Customers Bank established a national reputation by being a top 5 ranked PPP lender by participating in more than 100,000 SBA-approved PPP loans that had an aggregate value of over $5 billion. The bank was also nationally recognized as having the second-lowest average loan size of the nation’s major PPP lenders.

As a result of the partnership with Customers Bank, the Long Island African American Chamber of Commerce was able to assist numerous entrepreneurs that were underserved in the first rounds of the PPP loans. ButterMEssentials, based in Brooklyn, NY (www.buttermessentials.com) and Absolute Trophy, based in Bayside, NY (www.absolutelytrophies.com), are two examples of recent entrepreneurs that were able to secure PPP loans by working with the Long Island African American Chamber of Commerce.

“We are proud to help support important community and economic development organizations in many of the underserved communities across the nation, such as the Long Island African American Chamber of Commerce,” stated Miguel Alban, Senior Vice President and Director of Multicultural Banking for Customers Bank. “

The Long Island African American Chamber of Commerce was named as the New York District Office of the United States Small Business Administration 2019 Small Business Champion for 14 counties in downstate New York which services New York City, Long Island and the downstate counties of Duchess, Orange, Putnam, Rockland, Sullivan, Ulster and Westchester.

To learn more about the Long Island African American Chamber of Commerce, visit www.liaacc.org. To Apply for the Payroll Protection Program, visit https://www.smartbizloans.com/apply?partner_id=liaacc&sb_apply_form=paycheck_protection

Governor Cuomo Announces $200 Million for BRIDGE NY Funding Program

Governor Cuomo has announced $200 million is being made available for the “BRIDGE NY” program that will provide funding for local municipalities to repair and reinforce local bridges and culverts statewide.

The aim of the new program is to strengthen existing infrastructure in an effort to better prepare communities for extreme weather events.  These funds build on $500 million that has already been made available to local communities.  The program will improve quality of life for communities across the state while increasing resiliency.

“New York State and communities around the world are increasingly contending with extreme weather events driven by climate change, and it’s vital that we fortify our community infrastructure to be resilient to those changes,” Governor Cuomo said. “This newly-available BRIDGE NY funding provides communities statewide with the technical and financial support necessary to harden locally owned bridges and culverts, which will not only enhance their safety and reliability, but will facilitate regional and global economic competitiveness.” 

Application for funding is available to all municipalities that have been authorized to receive and administer state and federal transportation funds.  Awards are available through a competitive process that will support all phases of project development that include design, right-of-way acquisition, and construction.  Other factors will also be considered during the process, such as traffic volumes, detour considerations, the number and types of businesses served and the overall impact on commerce.

Applications are currently being accepted and will be open through May 19, 2021 for culverts, and June 9, 2021 for bridges.  This funding is part of New York’s $306 billion infrastructure plan, as laid out in previous years.

Interested municipalities can apply for funding at the DOT’s site here.  Check out the Governor’s press release here.

Suffolk County Legislature Passes Reckless Cycling Bill

The Suffolk County Legislature has passed a new bill that seeks to fine people who ride a bicycle the wrong way on a street, among numerous other infractions. 

This bill will levy a $250 fine against transgressors and came about due to a series of incidents where teenagers would try to startle drivers while riding the wrong way on streets.  More specifically, the law makes it “a violation for bicyclists to trick ride, weave or zig-zag unless necessary to operate the bike safely; to ride while wearing more than one earphone or headphone; to ride without at least one hand on the handles; or to ride with more than one person on the bicycle unless it is a bicycle made for two.”  There are also provisions for equipment violations for cyclists in the bill, such as faulty tail lights and other similar infractions.  In addition to the $250 fine, police may also impound bikes if they feel that it is warranted.  Parents of children under the age of 14 could also receive an additional $50 fine.

Vision was on the record opposing this legislation, here is a portion of our statement from the hearing:

We are opposed to this bill because, while Suffolk’s roads are unsafe for cyclists, this bill will do little to change that.  Reckless cycling is dangerous, to be sure, but the far bigger danger to cyclists is roads that are designed for speed and not safety and aggressive driver behavior.  The infrastructure we currently have on our local, state, and yes, even county roads provides minimal accommodation for those outside of motor vehicles, then blames those trying to navigate this system that doesn’t accommodate them for being in the way.

Ultimately, which is more dangerous, a 5000 pound SUV at 45 mph or a 25 pound bike moving 10 mph? Which has the most potential to cause harm?  We believe that it is misguided that the county is so focused on protecting people driving SUVs with airbags and crumple zones from teenagers on bikes, yet so little effort is spent providing places to ride safe from aggressive drivers.  It’s hard enough to ride a bike in Suffolk County, the focus should be on making an easier and safer system, not on penalizing riders for inadequate facilities that are outside of their control.

If the county was truly concerned for the safety of road users, whether they are people in cars, taking transit, on bikes, on foot or any other method, it would focus more effort on redesigning its roads to calm traffic, reduce speeding and reckless driving and provide safe and convenient ways for people to get around outside of cars.  This bill does not do this, but instead seeks to punish cyclists while doing nothing to curb reckless driving.

You can read more info on this bill at the Legislature’s Facebook page here.

Proposed Bill would Legalize “Granny Flats” Across New York State

A new piece of legislation in the NYS Assembly would require cities and towns across New York State to legalize accessory apartments, sometimes referred to as “Granny Flats.”

This bill would clear away regulations that prevented these types of apartments and allow residents to convert basements, attics, garages, or detached structures into separate apartments.  It would also overcome floor-area-ratio restrictions and prevent minimum ceiling heights of more than seven feet.  These types of regulations have been major obstacles to residents looking to legalize accessory apartments in the past.

While the bill is mostly considered a win for small property owners and tenants, there is also a good cause eviction provision that prevents landlords from removing tenants from accessory apartment for nonpayment after a rent increase.  Essentially, nonpayment of rent couldn’t be listed as grounds for eviction if rent rose more than 3% or higher than 1,5 times the Consumer Price Index increase, whichever is higher.

The bill is being lauded by housing advocates, which have long advocated for legalization of basement apartments.  The bill could lead to upwards of 100,000 new affordable units in NYC alone.

NYC previously introduced a pilot program in 2019 to legalize basement apartments in East New York.  This move helped to protect tens of thousands of tenants living in illegal basement apartments from hazards and displacement.   But the program also showed that the cost of conversion into legal apartments was prohibitively expensive for some owners.

To that effect, the state bill is also calling on the state Division of Homes and Community Renewal to create a lending program that will help low- and moderate-income homeowners to secure financing that will allow for accessory dwellings.

You can read more at The Real Deal.

Greenport BID Members Named People of the Year on North Fork

Last March was a time of uncertainty and even fear for small businesses on the North Fork as the reality of the pandemic began to set in and businesses were closed for health reasons.  At a time when business owners were unsure of what the future could bring, the Greenport Business Improvement District (BID) stepped in to try and help bring stability to the region.

With summer on the way members of the BID began to survey members on what would be needed to help them get through restrictions imposed as a result of the COVID-19 outbreak.  One of the most popular answers was the need for outdoor space so people could still socially distance while patronizing local establishments.  This led to the creation of “parklets” to provide more space for customers.

The idea of parklets was that parking spaces along Front Street and parts of Main would be closed off to extend the sidewalks.  Some of the spaces were also filled with tables and chairs to allow for outdoor dining.  These parklets allowed for more outdoor space that could be used for both retail and dining experiences and helped local shops to safely conduct business.  Eventually, over 50 parking spaces were used for this purpose.

“It was an immediate hit,” said BID president Richard Vandenburgh. “It was one of those things where if you build it, they will come, and it was exactly what happened. As soon as that first weekend was done, I started to get calls from all the other food and beverage businesses asking, ‘When do I get mine?’ At that point, we knew we were on to something.”

The BID were instrumental in coordinating the creation of these outdoor spaces.  They worked to help with traffic diversions, keeping sidewalks compliant with Americans with Disabilities Act, and ensuring that reduced parking didn’t become an issue in the downtown.  The program has been such a success that there might be momentum to make parklets into a yearly feature of downtown Greenport.

“The work done by BID to keep pushing the parklet concept was monumental in creating an all-around safer environment for our business community to continue to remain open,” said Marc LaMaina, owner of Lucharitos. “They worked tirelessly. There was a lot that went on behind the scenes. It wasn’t easy — a total uphill battle. We would all be in a world of hurt had we not had these parklets. There is just no getting around that.”

For these reasons and more, the Greenport BID members have been named People of the Year by the Northforker, and they deserve every bit of the praise they have received.  Congratulations to them, and we look forward to seeing what new innovations they can come up with going forward.

The Greenport BID have been members of the Long Island Main Street Alliance and their leadership in creating parklets and placemaking has insipred downtowns across Long Island.

You can read more on this story at the Northforker.

Pete Buttigieg Confirmed as New US Transportation Secretary

In an 86-13 vote, the United States Senate has confirmed Pete Buttigieg as the new head of the US Transportation Department.

Mr. Buttigieg, who is the former mayor of South Bend, Indiana and a Navy veteran, will become the 19th Transportation secretary and is the first openly gay man to be confirmed by the senate for a cabinet position. He is also a former opponent of President Joe Biden after running for the Democratic nomination in the 2020 primaries.

Secretary Buttigieg will face an uphill battle in his new role as he tries to head an industry that has been hit hard by the ongoing pandemic.  He has expressed support for Amtrak as well as opposition to increasing the gas tax.  He will also be the only millennial serving in the cabinet.

We look forward to seeing what new policies Mr. Buttigieg can put in place to help our country’s ailing infrastructure.  Especially since President Biden has put an emphasis on improving it across the USA.

You can read more at The Hill.

Long Island Main Street News, Under Production, makes Extended Interviews with Local Leaders Available

Vision Long Island has been in the process of interviewing some of our community partners: local civics, small business/chamber friends, municipal officials and local food pantry and religious leaders. 

As part of these efforts, we have reached over half of the communities we work in and are starting now to connect to some of our friends not rooted in any one community from development, design and infrastructure professionals and environmental leaders as well.   These interviews will be pieced together into a future show titled “Long Island Main Street News,” but, in the meantime, you can view an extended version of these interviews here.

Special thanks to our guests for sharing their experiences, to our friends at Pink Tie for providing access to their studio, and to Rob Comforto from Videomasters for the filming and production.

We were happy to be back with another edition of the LI Main Street News interviews that took us to Huntington Station, connecting with our good friend and community leader Jim McGoldrick.

Mr. McGoldrick shared the benefits of living in Huntington Station for families, local businesses and the very active work of the local organizations through the Coronavirus.  He also shared his origins of community work that was born out of public safety issues in the Station that brought the law enforcement and community leaders together a number of years back.    He also spoke in support of the ongoing effort at revitalization with new development by the train station.

Mr. McGoldrick is candid and a true fighter for Huntington Station.  As a former contractor he has a very focused approach to getting bringing attention to his community.

Check it out here.

This next interviews took us over to Massapequa where we featured Keith Wilson, President of the Massapequa Chamber of Commerce.

Mr. Wilson walked us through a profile of his community, the social, fraternal organizations along with the Chamber.  We had a robust dialogue concerning the impact of NYS regulations on the small business community and a spirited effort to shop local.

Mr. Wilson does a wonderful job as a genuine ambassador for Massapequa and head on down there for any number of local restaurants as well.

Check it out here.

We had another LI Main Street News interview, this time zooming into downtown Northport.  We were able to hear from Mercy Smith, Trustee with the Village of Northport.

Trustee Smith has been active through the Coronavirus supporting and promoting local small businesses while bringing resources too them as well. 

Her passion and leadership in the Village has been important through a very tough year. 

Check it out here.

The next LI Main Street News interview took us to downtown Manhasset where we connected with Susan Auriemma from the Coalition of Manhasset Civic Organizations.

Sue shared with us the work the community did through the pandemic to feed families in need and keep local businesses open.   We also spoke about the importance of pedestrian safety and traffic calming measures on local roadways.  She also shared the importance of considering sewers for their downtown which would both assist businesses on Plandome Road – their main business district and improve water quality.  

Check it out here.

We had the opportunity to connect head to the Village of Freeport and interview Lois Howes from the Freeport Chamber of Commerce, Friends of Freeport and the LI Arts Council at Freeport.  Lois shared the many efforts the Chamber has advanced to help their Main Street, North Main Street and Nautical mile businesses as well as the work to assist families and children through the pandemic.  Her work at the LI Arts Council has also continued pivoting to virtual programming.  

Check it out here.

Keep an eye on Vision Long Island’s Facebook page here, where we’ll be premiering a new Main Street News Interview daily! Simply follow us if you have not already and you should get alerts before a new video debuts.

Here is our upcoming schedule of interviews for next week, so be sure and tune in for any that you are interested in:

Monday, February 8th
Neil Seiden, Asset Enhancement Solutions

Tuesday, February 9th
Hon. Phil Boyle, New York State Senator
Hon. Mario Mattera, New York State Senator

Wednesday, February 10th
Hon. Ed Ra, New York State Assembly

Thursday, February 11th
Hon. Taylor Darling, New York State Assembly

Friday, February 12th
Adam Haber, Trellus

NYS Vaccination Guide Now Available

The State of New York has prepared a guide to help eligible New Yorkers schedule a COVID-19 vaccination appointment at a state-operated distribution site.

· Appointments are REQUIRED. To make an appointment, you can call the hotline or go the New York State eligibility website using the links below;
· New York State Vaccination Hotline: 1-8333-NYS-4-VAX (833-697-4829). The Hotline is open 7 days a week from 7:00 AM – 10:00 PM;
· Check your eligibility at this site:  https://am-i-eligible.covid19vaccine.health.ny.gov/ You can also locate the site by googling “New York am I eligible.” If eligible, you will be able to move forward and search for an appointment near you at a state-operate distribution location;
· For further information, the New York State website is a great resource: www.ny.gov/vaccine.

A reminder: Appointments are based on vaccine supply. Supply is currently limited.

SBA New York Hosting PPP2 Webinars

The SBA New York office is holding webinars on the SBA PPP 2 program many days next week.  Important to take advantage of this program and get your paperwork in order to apply.

Check them out:

Please register at the Zoom link to secure your seat
Mon. Feb. 8, 2021 at 10:00AM Eastern Time (Women’s Enterprise Development Center)
New PPP First Draw/Second Draw Forms and Instructions
https://us02web.zoom.us/webinar/register/WN_Vy_ycTp0RlSxmmT4cnAGFQ

Please register at the Zoom link to secure your seat
Mon. Feb. 8, 2021 at 1:00PM Eastern Time (LaGuardia CC SBDC and Queens College)
New PPP First Draw/Second Draw (Briefing) and Forgiveness (details),
https://us02web.zoom.us/j/82878151312

Thurs, Feb. 11, 2021 at 12:00PM East Time (Manhattan Chamber of Commerce)
Shuttered Venue Operators Grants (SVO Grants/Save our Stages)
https://app.livestorm.co/manhattan-chamber-of-commerce/shuttered-venue-operator-grants-save-our-stages-act

Fri, Feb. 12, 2021 at 11:00AM East Time (Italy America Chamber of Commerce)
PPP Forgiveness All New Forms: 3508, 3508S ($150,000), 3508EZ released on 1/19.
Registration information will be announced when it is available

Thurs, Feb. 18, 2021 at 1:00PM East Time (Specialty Food Association)
PPP Forgiveness All New Forms: 3508, 3508S ($150,000), 3508EZ released on 1/19.
Registration information will be announced when it is available

Fri, Feb. 19, 2021 at 12:00PM East Time (Manhattan Chamber of Commerce)
SBA Coronavirus Relief Five Programs : PPP 1st and 2nd Draw Loans, PPP Forgiveness, EIDL, https://app.livestorm.co/manhattan-chamber-of-commerce/sba-coronavirus-relief-five-programs-summaryhttps://app.livestorm.co/manhattan-chamber-of-commerce/sba-coronavirus-relief-five-programs-summary

American Heart Association Invites you to Undesign the Redline

As we work to address housing security, it’s important to understand the legacy practices that result in many of the health and housing issues our communities face.  Please join us in learning more about that topic in “Undesign the Redline” — A Virtual Workshop on Understanding Redlining with our colleagues at Design the We.

Please register to secure your participation for this free virtual event on February 11, 2021 from 11:00 am-12:30 pm CST.  We are pleased to provide access to this experience through the support of the Kresge Foundation.

Upcoming Events

•          February 5 – National Wear Red Day
•          February 8 – House Calls: Real Docs, Real Talk – Congenital Heart Disease Focus
•          February 15 – House Calls: Real Docs, Real Talk – Maternal Health Focus
•          February 18 – Connect with the CEO: Solving Women’s Top Health Threats
•          February 22 – Research Goes Red LiveEmPOW
•          February 25 – ERED Black Women and Well-being Roundtable – details below

EmPOWERED Black Women and Well-being Roundtable  – Thursday, February 25, 2021, at 8:00 pm EST. Amy Dubois Barnett, VP of Digital for BET, will moderate a discussion on health equity, COVID-19, and the vaccine with the sorority Presidents from the National Pan-Hellenic Council, and The Links, Incorporated.

Anna Kaplan to Host Event on Resources for Small Businesses

With so many new and evolving programs and resources for small businesses from the federal and state governments, it can be hard for a small business owner to keep up and know what’s out there.

Get updated about new programs, free resources, grants, and special loan programs that you may qualify for as a New York small business owner by joining this informative webinar.

Small Business Experts from the US Small Business Administration and NY’s Empire State Development will present on available programs and resources, and they’ll answer your questions during an extended Q&A portion.

Wondering if the new round of PPP or EIDL are a good fit for you? Looking to take your business online with Empire State Digital? Looking for a mentorship program to learn more and help grow your business? This is the event for you.

Tune in on Wednesday, February 17th, 2021 from 7pm – 8:30pm.

There is no cost to join, but you are encouraged to click the “Going” button on this page to RSVP.
Questions? Contact Senator Kaplan’s office at 516-746-5924 or email mailto:kaplan@nysenate.gov

Applying for the Second Round of PPP Loans for Small Businesses

The Paycheck Protection Program (PPP) has been revived, with $280 billion available for a second round, for small businesses still struggling to make ends meet. Monday, January 11th, was the first day to apply for this new, potentially forgivable, federal loan.

What you need to know about PPP Loans:
PPP loans are forgivable loans, meaning the money doesn’t need to be repaid if it meets the criteria laid out by the Small Business Administration. They have an interest rate of one percent and the current batch will mature in five years. The loans require no collateral and come without fees. Borrowers must spend at least 60% of the loans on payroll, with the other 40% going to other eligible operating expenses. Forgiven PPP loans are not considered income for federal tax purposes.

Differences in Round 2:
Targeted funds are being made available for the most vulnerable businesses; restaurants can get bigger loans; the forgiveness process is simpler; the tax break for PPP loan recipients have gotten bigger; and there is an expanded use of funds.

Eligibility for PPP funding:
For round 2 of the PPP funding, both first-time and second-time qualified borrowers are eligible to apply. First-time borrowers can apply for loans up to $10 million.

PPP applicants who are seeking funding in addition to what they received earlier in the year (also known as Second Draw Loans) are eligible for loans up to $2 million provided they meet the following requirements:
–          Employ fewer than 300 people (down from 500);
–          Have used or will use the full loan amount granted to them in their first round of PPP funding;
–          Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019 (if a business was out of operation for a portion of 2019, they can use different quarters to compare gross receipts.)

How and when to apply:

SBA reopened the Paycheck Protection Program (PPP) for First Draw PPP Loans the week of January 11, 2021. SBA will began accepting applications for Second Draw PPP Loans on January 13, 2021.

To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from participating community financial institutions (CFIs), which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. Paycheck Protection Program lending will reopen to all participating lenders shortly thereafter. At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods.

Applications close on March 31, 2021.

How much can a business borrow?
Loans are capped at 2.5 times an applicant’s average monthly payroll costs in the one year prior to the loan being issued (3.5 times for restaurants and other eligible hospitality businesses).
Loans are limited to a maximum of $10 million for first time PPP borrowers and $2 million for second time borrowers.

What can the money be used for?
The loan proceeds can be used to cover a business’s payroll and certain other expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.

What about loan forgiveness?
If a business uses at least 60% of the loan on payroll expenses and maintains its employment levels during the covered period of the loan, it can apply to have the loan forgiven. Otherwise, the loans carry a 1% interest rate and a maturity of five years.

For further information, and to apply, click here.

Small Businesses can Apply for Emergency Funding Through the Barstool Fund

Barstool Sports, a nationwide sports company, has created the Barstool Fund in support of the 30 Day Fund to help small businesses survive.

The nonprofit 30 Day Fund was launched by Virginia technology entrepreneur Pete Snyder and his wife, Burson. Working with other business leaders throughout the nation, the Fund’s goal is to help save as many jobs as possible.

The funds disbursed do not need to be repaid, but if businesses who receive the Fund’s assistance do, at a later date, wish to “pay it forward,” they may do so by directing those dollars back to the Fund, which will disburse them to another business in need. To date, the 30 Day Fund has raised more than $8 million and is on the way to funding more than 2,200 small businesses.

Businesses in need can apply here.

You can read more on businesses that have received funding and contribute to the fund yourself here.

La Fuerza CDC Offers P.O.W.E.R. Tech Loan

La Fuerza is a community development financial institution is currently offering loans to women entrepreneurs who need new technology, such as computers, for their businesses.

This tech loan program can provide zero-interest loans up to $3,000 and training for Women Entrepreneurs to help them get what they need for their small business.

For more information, please call 516-922-8700 or email Power@lafuerzacdc.org for more information.

Trellus Brings New Same-Day Local Delivery Option to Long Island Businesses

A new company on Long Island is providing a delivery service that could help hundreds of small businesses to drive down costs and provide expanded services to local customers.

Trellus is a new delivery service that was created by local business owners who were seeking to assist small retail and home-based businesses who are seeking to compete with national online delivery services.  They offer fast, same-day delivery that is reliable and convenient.

The company is also offering an integrated delivery option for a website shopping carts and can fill the shoes of a courier service used for sending supplies, documents, garments, and much more locally.

This new company offers a new chance for companies adapting to the changing circumstances of our economy.  The local aspect of it helps them to keep more jobs local while providing elevated service to customers who might instead rely on large, national companies that drain local resources.

If you are a local business owner, you can check their coverage area here and please consider signing up for a one-month free trial at Trellus here.

New York State Accepting Applications for NY Forward Loan Fund

New York State has opened pre-applications for the New York Forward Loan Fund. Loans from this fund are available to small businesses, nonprofits, and small landlords in New York State. New York Forward loans must be fully repaid over a 5-year term with fixed annual interest rates of 3 percent for small businesses and landlords.

Small businesses may apply for the lesser of $100,000 or up to 100% of the average monthly revenues in any 3-month period from 2019 or the first quarter of 2020. This loan can be paid back over five years with first year being interest only.  However, if small businesses have received either a PPP loan or an EIDL loan from SBA, they would not be eligible to apply. NYS has set a goal of 18% of total funds under this Program for Long Island

Applications will be reviewed on a rolling basis as industries and regions reopen however, priority for New York Forward Loans will be given to industries and regions that have been reopened. Resources are available to assist in preparing applications for small businesses, landlords and nonprofits in industries and regions that have not yet reopened.

To view more details, including eligibility requirements and how to apply, click here:

If you need technical assistance through this process, please contact an Entrepreneurial Assistance Center near you and inform the counselor that you need help for the NY Forward Loan application.  You can find your closest contact center here.

Today’s Sponsor


EmPower Solar

EmPower Solar develops, engineers, installs, and services solar and battery systems for residential and commercial clients. Since 2003, EmPower Solar has empowered thousands of New York homeowners and businesses with 35 megawatts of distributed solar.

Their mission is to empower clients with high performance solar power and battery systems. Their vision is to create a new energy paradigm powered by clean, renewable energy for a more prosperous, healthy, and civil world. Their approach to business is driven by a desire to deliver the highest quality work, and is guided by core values.

The company culture is defined by the EmPowering Way, which results in consistent 5-star customer service reviews.

Smart Talk

Contributors:
Eric Alexander, Director; Tawaun Weber, Assistant Director;
Christopher Kyle, Communications Director; Elissa Kyle, Placemaking Director; Linda Henninger, Outreach Coordinator

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