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The original item was published from 4/10/2020 9:46:09 AM to 5/10/2020 12:00:01 AM.

News Flash

News & Town Board Reports (gblist)

Posted on: April 10, 2020

[ARCHIVED] website updates loans/grants/services to local businesses

On the home page of our website we are constantly providing updates on loans/grants/services to businesses. We want to help them during the COVID-19 crisis. If there are programs residents are aware of not listed please advise

The Town of Greenburgh seeks to assist the local business community to help with challenges faced as a result of the COVID-19 pandemic.

 

Locally and prior to COVID-19, the Town, through the Department of Community Development and Conservation, Office of the Assessor, and Building Department, with support and direct involvement of the Town Board, have coordinated with a local Retail Vacancy/Planning Focus Group to discuss matters relating to economic development.

 

Since COVID-19 the Town has convened with this group (comprised business owners/commercial property managers/residents/real estate professionals) to better understand how to be of assistance now, and in the coming weeks, months and future for the local business community; to understand concerns, listen to ideas, and create strategies to take to County and State agencies/representatives.

 

Below and attached please find a variety of information related to relief-based programs, grants and resources that have been brought to the attention of the Town, from the local Greenburgh-based focus group, neighboring municipalities, and local and regional representatives and agencies:

 

Resources Listing

  1. CARES Act
    • Paycheck Protection Program Loans (500 or fewer employees)
      • Loan up to 2.5x Average Monthly Payroll Costs of previous 1-year period (capped at $10 million). Some or all can be forgiven if certain requirements are met.
      • Available through June 30, 2020
    • Small Business Debt Relief Program
      • Provides relief to small businesses with non-disaster SBA loans
      • SBA can cover all loan payments for six months
      • Also available to new borrowers taking out loans within six months of the bill being signed into law
    • Economic Injury Disaster Loans & Emergency Economic Injury Grants
      1. Emergency advance up to $10,000 can be granted after applying for an EIDL. Advance does not need to be repaid under any circumstance.
    • Fully refundable tax credit for businesses of all size that are closed or distressed
      • To help them keep workers on the payroll. The goal is to get those employees hired back or put on paid furlough to make sure they have jobs to return to
      • The credit covers to 50 percent of payroll on the first $10,000 of compensation, including health benefits, for each employee
      • For employers with more than 100 full-time employees, the credit is for wages paid to employees when they are not providing services because of the coronavirus. Eligible employers with 100 or fewer full-time employees could use the deduction even if they aren’t closed
    • 90 Day mortgage forbearance – multi-family buildings
    • Student Loans Deferred until September 2020
    • Property and Casualty Insurance Premiums may be deferred for 60 days for Small Businesses (100 or fewer employees)

-          Business Council of Westchester (https://thebcw.org/)

https://www.globest.com/2020/03/31/the-cares-act-can-also-reduce-tax-liability-for-real-estate-firms/?kw=The%20Cares%20Act%20Can%20Also%20Reduce%20Tax%20Liability%20For%20Real%20Estate%20Firms&utm_source=email&utm_medium=enl&utm_campaign=nationalamalert&utm_content=20200331&utm_term=rem&enlcmp=nltrplt4

 

https://www.npr.org/2020/03/26/821457551/whats-inside-the-senate-s-2-trillion-coronavirus-aid-package

Details Of The Coronavirus Relief Bill, The CARES Act : NPR

www.npr.org

The economic relief bill provides help to individuals, businesses, hospitals, as well as state and local governments. Here are the details.


 

 

 

 

The attached guide should be distributed freely to small small businesses in our communities.  I belong to the and am a mentor with Westchester County SCORE chapter. Our chapter provides free of charge mentoring to small business owners. We are functioning throughout this stressful period by only providing virtual (telephone and video) assistance.  Normally we also most frequently have face to face meetings either at one of our many Westchester County locations or at our SCORE client’s business location.

We have several mentors available with a broad range of experience in operating both services for sale and products for sale business.  

Our website where resources to assist small businesses and arrange for mentoring is:

https://westchester.score.org/ Glenn P. Eisen - glennpeisen@gmail.com

 

SBA has posted the interim final rule for Paycheck Protection Program (PPP), and 7a participating lenders are now able to accept PPP applications. Attached is a fact sheet for borrowers, a copy of the loan application, and an overview of PPP, along with a copy of the regulation itself. The following information came directly from SBA. ***NOTE: Whereas farmers were NOT eligible for the Economic Injury Disaster Loan, SBA advises us that they ARE eligible for PPP.

 

FINDING A LENDER:

Borrowers may identify an eligible PPP lender by zip code at this page: www.sba.gov/paycheckprotection/find. Not all eligible lenders may be prepared to accept PPP applications, yet. More lenders will be added as eligible entities are onboarded. Please note, this search tool only lists the bank HQ addresses. Large multi-branch entities may not appear in the tool. I’ve attached a list of current, as of 4/3, eligible SBA lenders that the administration shared with us but do not have any other information about the lenders who will definitively take part in PPP.

 

HELP WITH APPLICATION:

SBA’s network of resource partners stands ready to assist businesses with PPP. You may visit www.sba.gov/local-assistance to find the nearest SBA partner or SBA office. The NYS Small Business Development Center has advisors statewide available to provide remote assistance. Please visit www.nyssbdc.org to make an online request for counseling.

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