PLEASE TAKE NOTICE that the Wayne County Industrial Development Agency (“WCIDA”) and Wayne Economic Development Corporation (“WEDC”) have scheduled board meetings to be held at dates and times as described on their respective websites. Please note that due to the Novel Coronavirus (COVID-19) Emergency and related State and Federal bans on large meetings and gatherings, and pursuant to Governor Cuomo’s Executive Order 202.1 issued on March 12, 2020, which provides for remote meeting capabilities under the Open Meetings Law, these meetings will be held electronically via conference call/ remote access instead of a public meeting open for the public to attend in person. Members of the public will be provided access to listen to this meeting via the WCIDA’s YouTube page at https://www.youtube.com/channel/UC4yGr6fEq4K2snhH5IwORcw. A recording of the meeting will be saved and posted on the WCIDA website along with transcribed meeting minutes when available.
New York State Reopening in Phases: Guidelines and Templates
Businesses in each region will be able to re-open in phases. Re-opening refers to non-essential businesses and business activities. Essential businesses and business activities that are open, will be able to remain open.
The guidelines accessible via this tool apply to both non-essential businesses in regions that are permitted to re-open, and essential businesses throughout the state that were previously permitted to remain open.
Eligibility for reopening will be determined by health metrics for each region.
- This tool will help you determine whether or not your business is eligible to reopen, and the public health and safety standards with which your business must comply.
To access please go to: https://www.businessexpress.ny.gov/app/nyforward
- Eligibility for reopening will be determined by health metrics for each region. The State has published a dashboard to track the public health data by regions, and it is found here: https://forward.ny.gov/regional-monitoring-dashboard
- Businesses in each region will re-open in phases. Re-opening refers to non-essential businesses and business activities.
- The State has prepared Phases, Guidelines and Templates for industries. This information can be found here: https://forward.ny.gov/industries-reopening-phase
Wayne County Economic Development and Planning is trying to gauge the needs of local businesses in the light of COVID-19 and to explore opportunities to assist local business. Please take a moment to respond to this brief survey, all responses are confidential. Thank you.: https://www.surveymonkey.com/r/WCEDPsurvey
USDA Coronavirus Food Assistance Program (CFAP)
The USDA CFAP will provide vital financial assistance to producers of agricultural commodities who have suffered a five-percent-or-greater price decline or who had losses due to market supply chain disruptions due to COVID-19 and face additional significant market costs. USDA will begin taking applications for CFAP on May 26, 2020.
Eligible commodities include:
- Non-specialty Crops: malting barley, canola, corn, upland cotton, millet, oats, soybeans, sorghum, sunflowers, durum wheat, and hard red spring wheat
- Livestock: cattle, hogs, and sheep (lambs and yearlings only)
- Specialty Crops
- Fruits: apples, avocados, blueberries, cantaloupe, grapefruit, kiwifruit, lemons, oranges, papaya, peaches, pears, raspberries, strawberries, tangerines, tomatoes, watermelons
- Vegetables: artichokes, asparagus, broccoli, cabbage, carrots, cauliflower, celery, sweet corn, cucumbers, eggplant, garlic, iceberg lettuce, romaine lettuce, dry onions, green onions, peppers, potatoes, rhubarb, spinach, squash, sweet potatoes, taro
- Nuts: almonds, pecans, walnuts
- Other: beans, mushrooms
- USDA will consider additional crops to be eligible for CFAP by collecting information on potentially eligible crops, as outlined under “Request for Additional Commodities”.
For more information go to https://www.farmers.gov/cfap
To sign up for information on LISC Small Business Relief Grants, please go here for more information.
Payroll Protection Program
Eligibility – The following types of businesses and entities are eligible:
- Businesses and entities operational on February 15, 2020.
- Small business concerns, as well as any business concern, certain nonprofit organizations (501(c)(3) and 501(c)(19) only)), or Tribal business concern, in each case, if such businesses employ 500 or less employees or if such business meets the applicable SBA size standard.
- Sole proprietors, independent contractors and eligible self-employed individuals.
- Waiver of affiliation rules for businesses with less than 500 employees and assigned NAICS code beginning with 72, franchise identifier, or businesses receiving funding from small business investment companies.
Amount – Up to the lesser of (a) $10 million or (b) 2.5 times average monthly payroll costs.
Permitted Uses – Payroll costs, group health care benefit costs, rent, utilities, mortgage obligations (other than principal) and any other interest on previously incurred debt.
Lenders – All current SBA 7(a) lenders. Click here for sample application.
Loan Forgiveness – Subject to certain adjustments, indebtedness will be forgiven, up to the principal amount of the loan, in an amount equal to the sum of payments made during the 8-week period after incurrence of the loan for payroll, utilities, rent and mortgage obligations (other than principal) (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Amounts forgiven will not be included in gross income for tax purposes.
Loan Forgiveness Documentation – (i) verification of the number of employees and pay rates; (ii) verification of payments on covered mortgage obligations, lease obligations and utilities; and (iii) certification that the documentation provided is true and that the amount forgiven was used in accordance with the program guidelines.
Loan Term, Interest Rate and Fees – For any amounts not forgiven, 2 year term and 0.50% interest rate. Zero loan fees and zero prepayment penalties. All payments are deferred for 6 months; however, interest will continue to accrue over this period.
Security for the Loan – Until June 30, 2020, no collateral or personal guarantee requirement.
Timing – Loans are available through June 30, 2020. Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply.
Tax Benefit Coordination – Employers receiving loans will not be eligible for the
Employee Retention Credit under the Act. Employers whose loans are forgiven will be ineligible to defer payment of payroll taxes on wages as permitted by the Act.
The Paycheck Protection Program
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.
With over $100 billion in PPP funds still available from Round 2, the SBA is encouraging upstate New York small businesses and nonprofits to apply for PPP loans that will cover eight weeks of payroll and certain overhead to keep workers employed.
The SBA forgives the portion of Paycheck Protection loan proceeds used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. Loan payments may be deferred for one year, and are retroactive from February 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
A copy of the PPP borrower application form with all information the federal government requires a small business to provide can be found at: https://www.sba.gov/document/sba-form-2483-paycheck-protection-program-borrower-application-form.
Approved lenders can be found using the SBA Lender Locater at www.sba.gov/ppp.
Economic Injury Disaster Loan (EIDL)
- Advance of up to $10,000
- Economic relief to businesses that are currently experiencing a temporary loss of revenue.
- Funds will be made available following a successful application.
- This loan advance will not have to be repaid.
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
Eligibility – The eligibility of a “small business” to receive a loan is based on the industry of the business, the revenue generated by the business and/or the number of employees working for the business. For guidance, please visit SBA size standards.
Eligible agricultural businesses may apply for the Loan Advance here.
Amount – Up to $2 million. If a business is a major source of employment, SBA has the authority to waive the $2 million statutory limit.
Grant – Applicants can request an advance on the loan in the amount of $10,000. Applicants will not have to pay back the grant even if the applicant is subsequently denied the loan.
Permitted Uses – Fixed debts, payroll, paid sick leave, making rent or mortgage payments, meeting increased costs to obtain materials and accounts payable and other bills that that cannot be paid because of the disaster’s impact. The loans are not intended to replace lost sales or profits or for expansion.
Lenders – The SBA, click here for the application
Loan Term, Interest Rate and Fees – Up to 30 years. The maximum interest rate is 3.75% per annum for small businesses and 2.75% for non-profits.
Security for the Loan – Any personal guarantee waived on loans below $200,000. For loan amounts over $200,000, the SBA may require personal guarantees.
Timing – Loans are available through December 31, 2020.
For more information – Please visit Emergency Loans Available to Small Businesses Under the CARES Act
SBA Express Bridge Loan
- Small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan.
SBA Debt Relief
- The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
- The SBA will automatically pay the principal, interest, and fees of current 7(a) loansfor a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a) loansissued prior to September 27, 2020.
Local SBA Lenders Working with these Programs
Lyons National Bank
Reliant Community Federal Credit Union
Savannah Bank National Association
Canandaigua National Bank and Trust
Other Helpful Links and Resources:
The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a provision allowing employers to defer payroll tax payments over the course of two years. The CARES Act also provides a refundable tax credit for 50% of wages paid by employers whose operations were suspended due to COVID-19 or whose gross receipts declined by more than 50%.
Provisions in the CARES Act expand relief under the Tax Cuts and Jobs Act by allowing immediate write offs for costs associated with investments in qualified improvement properties. The CARES Act also provides additional flexibility by allowing businesses to carry back net operating losses over multiple tax years and increasing deductions for business interest.
Follow this Link for More Information: https://www.irs.gov/coronavirus
The federal CARES Act was signed into law March 27, 2020. The Act provides enhanced Unemployment Insurance (UI) benefits and Pandemic Unemployment Assistance (PUA) for New Yorkers.
Follow this Link for More Information https://www.labor.ny.gov/home/
Several Companies in Wayne County are Hiring During Right Now including IEC Electronics.
Information on the website will be updatded as information comes out. Please contact Brian Pincelli, Executive Director with any business related questions or concerns at firstname.lastname@example.org.
New York Forward Loan Fund
- New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
- NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income.
- These loans are available to small businesses, nonprofits, and small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020.
- The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.
- The working capital loans are timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.
- Pre-applications for the New York Forward Loan Fund will be open on May 26, 2020 at Noon Eastern Daylight Time.
- Priority will be given to industries and regions that have been reopened.
- Applications will be reviewed on a rolling basis as regions and industries reopen.
- To find out more information go to (source) https://esd.ny.gov/nyforwardloans-info
Brian Pincelli, CEO & Executive Director
Kathleen (Katie) Bronson, Deputy Director
9 Pearl St.
Lyons, NY 14489