CEDC COVID-19 Information & Business Resources
THIS PAGE IS BEING UPDATED AS ADDITIONAL INFORMATION BECOMES AVAILABLE
Last Update: July 15, 2020
Columbia Economic Development Corporation (CEDC) is more committed than ever to
assisting businesses in Columbia County as we all navigate this challenging period
responding to the COVID-19 coronavirus pandemic.
WE WANT TO HEAR FROM YOU
Please email us with the issues you are facing and we will do our best
to connect you with available information and resources as quickly as possible.
CONTACT US AT: email@example.com
Update: July 13, 2020: New York Small Business Development Center (SBDC) Recovery Resource Page
The SBDC has developed a Reopening & Recovery Checklist for Small Businesses, which includes information on (1) Deciding Whether to Reopen, (2) Developing a Plan, (3) Planning for the Future and (4) Industries Opening. Within each section, links to additional resources have been provided.
Reach out to your nearest New York SBDC office to schedule a free, one-on-one counseling session with a business advisor. Each center is equipped to meet with you virtually (phone or web concerning) to assist with your questions.
SBDC offers confidential, no-cost technical assistance to help create a strategy specific to your business needs, and your local SBDC has community contacts, specialized expertise, and resources that will strengthen your efforts. New York SBDC Locations
Small Business Administration (SBA) Programs
SBA & the U.S. Department of the Treasury have posted a revised, user-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act for 2020. In addition to revising the full forgiveness application, the SBA also published a new “EZ” version of the forgiveness application applying to borrowers who:
– Are self-employed and have no employees; OR
– Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number of hours of their employees; OR
– Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.
Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
SBA Economic Injury Disaster Loan and Loan Advance
SBA’s Economic Injury Disaster Loan (IEDL) provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. The Economic Injury Disaster Loan Advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid. Applicants must register and submit applications directly through the SBA website. Important Note: You may have to clear your browser cache if you receive an error accessing this page.
Update: June 16, 2020
SBA Reopens the Economic Injury Disaster Loan (EIDL) and EIDL Advance Program Portal to all eligible applicants esperiencing economic impacts due to COVID-19.
For more information and updates, click here.
Refundable Payroll Tax Credit
Businesses can claim a 50% refundable tax credit on up to $10,000 in wages paid during the coronavirus crisis. That means a company can get $5,000 per employee if its business was disrupted due to the coronavirus — as long as they saw a decrease in gross receipts by 50% or more from the same time last year.
This credit is also available for companies that employ more than 100 and kept those employees on their rosters even if they’re not currently working — perhaps through a furlough, for instance. Important note: companies that use the Payroll Protection Program can not access this credit.
Debt Relief Under Existing SBA Loan Programs
The CARES Act extends debt relief to millions of existing 7(a), 504 and microloan borrowers (but not for PPP loans or disaster loans), and to new borrowers who receive a loan under one of these programs within six months of the date the CARES Act was signed into law. Under the debt relief program, the SBA will pay originating lenders all principal, interest and fees for a period of six months resulting in full satisfaction of the borrower’s responsibility for these payments. If the borrower’s payments under an existing SBA loan are already in deferment, the six months of payments shall commence once the existing deferral period ends.
In addition, the SBA is encouraging participating lenders to provide borrowers with deferments either before or after this payment relief. If a lender provides a deferral to a borrower at any time during the one-year period following the enactment of the CARES Act that results in a maturity date extension, the SBA must waive any statutory limits on the maximum loan maturities for the extended loan.
CEDC COVID-19 Initiatives & Resources
CEDC Revolving Loan Fund & SBA Microloan Program
CEDC makes SBA Microloans to small, medium, and even large businesses. Funded by the U.S. Small Business Administration (SBA), all lending decisions are made locally. Microloans are available to for-profit businesses in both Columbia and Greene Counties. All Microloans come with free technical assistance from CEDC staff and consultants. Contact Martha Lane at firstname.lastname@example.org for more information or visit our webpage here: More information
CEDC Rapid Recovery Loans
Columbia Economic Development Corporation (CEDC) has established a $300,000 CEDC and SBA Microloan Program to support small businesses impacted by the coronavirus pandemic.
Unemployment Benefits Information and Resources
Emergency Family Medical Leave Expansion Act: pertains to employee that is “caring for a son or daughter, if school or daycare is closed due to COVID-19 precautions.” Employers with less than 500 employees are subject to the Act. Employers with less than 50 employees can be exempt under the Act to be issued guidance if the payment of benefits would jeopardize the viability of the employer. Benefit is up to 12 weeks off, 1st 2 weeks can be unpaid, remaining 10 weeks paid. Dollar benefit of 2/3 of the employees’ regular rate of pay, not to exceed $200 per day and $10k in aggregate. Effective 4/1. More information from Department of Labor
Emergency Paid Sick Leave Act (EPSLA) – Covers broad categories of individuals impacted by COVID-19. Benefit is 80 hours of paid sick time for full time employees. Hours for part time employees are based on a 2 week average. Benefits vary based on category of employee but in general, regular pay not to exceed $511 per day and $5,110 in aggregate. More information from Department of Labor
Unemployment Benefits – The Act calls for weekly payments to covered individuals who are unemployed or unable to work due to the COVID-19 emergency, up to a maximum of 39 weeks. Any state may enter into an agreement with the Secretary of Labor to pay typical unemployment benefit compensation to individuals, plus an additional $600/week, for weeks of employment ending on or before 6/30/20. More information from Department of Labor
NYS DEPARTMENT OF LABOR PANDEMIC UNEMPLOYMENT ASSISTANCE (PUA)
NYS Department of Labor has launched a new application for New Yorkers to apply for traditional Unemployment Insurance or the new COVID-19 Pandemic Unemployment Assistance, eliminating the need to call the Department of Labor. The updated unemployment benefits application system – AVAILABLE HERE – will determine which unemployment program – Unemployment Insurance or Pandemic Unemployment Assistance – New Yorkers should apply for and then prompt them to answer a specific set of questions.
Fact Sheet on Pandemic Unemployment Assistance
Employees can receive partial Unemployment Insurance benefits while working reduced hours. Full-time, part-time and seasonal employees are eligible.
National Grid is temporarily suspending collections-related activities, including service disconnections and penalties for late payments, to lessen any financial hardship the COVID-19 pandemic may have. These policies are effective immediately and will be in place through the end of April. We will evaluate their continued need at that time. Please note that regular billing and payment schedule will continue for all customers.
Manufacturing Productivity Program
Based on the current Manufacturing Productivity Program, this FAST TRACK COVID19 MPP provides matching funds of up to $40,000, or 60% of costs incurred when companies commit to productivity improvement and growth targeted activities that will result in the increased utilization of manufacturing capacity. National Grid needs an application prior to commencement of the project, so reach out early and often.
ADDITIONAL CORONAVIRUS RESOURCES
Governor Cuomo signed the “New York State on PAUSE” executive order, a 10 point policy to assure uniform safety for everyone. It includes a new directive that all non-essential businesses statewide must close in-office personnel functions effective 8PM on Sunday, March 22. See guidance on essential services under the executive order.
Governor Cuomo signed a bill to guarantee paid leave for New Yorkers under mandatory or precautionary quarantine due to coronavirus. See for new regulations in response to the coronavirus. Paid sick measures for employees and employers here.
GET NIGHTLY UPDATES FROM NEW YORK STATE WITH THE LATEST COVID-19 NEWS BY SIGNING UP HERE
CRCC is compiling resources and partnering with the Small Business Development Center to host a Zoom information session on the SBA Economic Disaster Loans.
Relevant businesses should contact Empire State Development’s Capital Region Office for more information at: (t): (518) 539-4083 and
The Trump administration is authorizing that individuals can defer up to $1 million in payments and corporations can defer up to $10 million with interest and penalties waived automatically for 90 days. Those seeking deferment must still file by April 15 as scheduled. More information will be forthcoming from the IRS. CNBC article
NYS Sales Tax is still due March 20, 2020 but no interest/penalty if businesses pay late
NYS Income Tax Update: Still need to file by April 15th deadline, but NYS is offering a 90 day State Income Tax payment extension
The U.S. Chamber has compiled CDC’s coronavirus recommendations for businesses and workers across the country. We continue to encourage American businesses to follow data-based guidance from the CDC and state and local officials. It’s encouraged to share these assets on social media, websites, and other channels, and send them to your colleagues and employees.
NYS Comptroller’s office has created an online page of helpful resources and links to give you easy access to vital assistance and information you need at this time.
As New York State continually monitors and responds to developments related to COVID-19, ESD is providing up-to-date guidance for the agency’s partners and other stakeholders impacted by the virus. This is a rapidly changing situation and ESD will be updating the resources below to reflect the latest information available
NEW YORK STATE OF HEALTH
NY State of Health is opening a special enrollment period due to the COVID 19 virus. They urge all New Yorkers who do not have coverage now, to please call a health insurance broker, the insurance carrier or the NY Marketplace for further assistance
To support Columbia County’s high concentration of artists and individuals working in the creative economy, we encourage you to review and continue to monitor the resources available to this community
NHC has compiled resources on how to prevent spreading the disease, help for vulnerable populations, and precautions and contingency planning for property managers. Includes resources for homeowners, homeless assistance providers, and public authorities working with vulnerable populations in need of housing solutions. We will continue to update this list as more resources become available.
Fuzehub wants area manufacturers to know its staff is readily available to assist during this time of financial and industry uncertainty.
NEW YORK STATE CORONAVIRUS HOTLINE: 1.888.364.3065
COLUMBIA MEMORIAL HEALTH (Please call before going to the ER or any CMH Care Center if you think you have been exposed)