Welcome to Cortland, NY!
Cortland County, located in New York’s Finger Lakes region, offers the very best of upstate living. With good schools, a wondrous four-season climate, vital, historic, and safe downtowns, affordable real estate and one of New York’s hottest SUNY campuses, Cortland County brings a lot to the table for business and quality of life. Our transportation infrastructure provides easy access to major northeastern and international markets, and the region’s concentrations of colleges and universities to make Cortland County an ideal location for relocating or expanding companies.
IDA Public Hearing Notice
SBA Prioritizes Smallest of Small Businesses
In the Paycheck Protection Program
The U.S. Small Business Administration is taking steps with the Paycheck Protection Program to further promote equitable COVID-19 relief for America’s mom-and-pop businesses. These actions focus on commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas. The SBA will:
- Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
- Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
- Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
- Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
- Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. The SBA is working on the program changes and will communicate details throughout this week. Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.
SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.
“The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said SBA Administrator Jovita Carranza. “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process to ensure their path to recovery.”
“The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin. “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19. We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”
Key PPP updates include:
- PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
- The PPP provides greater flexibility for seasonal employees;
- Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
The new guidance released includes:
- PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns;
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act; and
- Interim Final Rule on Second Draw PPP Loans.
Rural Relief Small Business Grants Open from January 26 through February 2
The Local Initiatives Support Corporation (LISC) is offering Rural Relief Small Business Grants for up to $20,000. Grants support small businesses and enterprises affected by COVID-19 across the country, especially those in underserved communities, including entrepreneurs of color, women- and veteran-owned businesses that often lack access to flexible, affordable capital.
Applications are being accepted in “rounds” and you must submit a new application for each round in order to be considered for funding in that round. The next application round runs January 26 through February 2.
Click here to learn more and apply.
Details rolling out on second COVID Relief Package
The latest package:
- Provides a second PPP forgivable loan for the hardest-hit small businesses and non-profits with 300 or fewer employees and that can demonstrate a loss of 25% of gross receipts in any quarter during 2020 when compared to the same quarter in 2019;
- Creates a dedicated $15 billion set-aside for lending through community financial institutions, including Community Development Financial Institutions and Minority Depository Institutions to increase access for minority-owned and other underserved small businesses and nonprofits;
- Creates a set-aside for very small businesses with 10 or fewer employees and for small businesses located in distressed areas;
- Expands PPP eligibility for more critical access hospitals, local newspapers and TV and radio broadcasters, housing cooperatives, and 501(c)(6) nonprofits, including tourism promotion organizations and local chambers of commerce;
- Allows for small businesses in the restaurant and hospitality industries to receive larger awards of 3.5 times average total monthly payroll, rather than 2.5 times;
- Adds PPE expenses, costs associated with outdoor dining, and supplier costs as eligible and forgivable expenses;
- Simplifies the forgiveness process for loans of $150,000 and less;
- Repeals the requirement of deducting an EIDL Advance from the PPP forgiveness amount.
- Clarifies that forgiven PPP loans will not be included in taxable income and that deductions are allowed for expenses paid with proceeds of a forgiven PPP loan. Also noting that this is effective as of the enactment of CARES, and is applicable to subsequent PPP loans.
EIDL Grant Program – $20 Billion
This bill includes $20 billion for EIDL Advance grants. Small businesses and nonprofits in low-income communities are eligible to receive $10,000 grants. Any small businesses and nonprofits in low-income communities that received an EIDL Advance previously are also eligible to receive the full $10,000 if their award was less in the first round of grants.
Grants for Shuttered Venue Operators – $15 Billion
The bill provides $15 billion for SBA grants up to $10 million to live venues, independent movie theaters, and cultural institutions to address the economic effects of the pandemic. Grants can be used to cover expenses such as payroll costs, rent, utilities, and personal protective equipment. Two priority periods are established to ensure the hardest hit entities have dedicated access to assistance for the first 28 days of the program, while a reserve fund is made available ensure entities that are ineligible for the priority periods are able to receive assistance following the two 14-day priority periods. A set-aside of $2 billion is also reserved for entities with 50 or fewer employees. The program is authorized to make supplemental grants equal to 50 percent of the initial grant.
Extended SBA Debt Relief Payments – $3.5 Billion
This bill provides $3.5 billion to resume debt relief payments of principal and interest (P&I) on small business loans guaranteed by the SBA under the 7(a), 504 and microloan programs. All borrowers with qualifying loans approved by the SBA prior to the CARES Act will receive an additional three months of P&I, starting in February 2021. Going forward, those payments will be capped at $9,000 per borrower per month. After the three-month period described above, borrowers considered to be underserved—namely the smallest or hardest-hit by the pandemic—will receive an additional five months of P&I payments, also capped at $9,000 per borrower per month. SBA payments of P&I on the first 6 months of newly approved loans will resume for all loans approved between February 1 and September 30, 2021, also capped at $9,000 per month.
Enhancements of SBA Lending Programs – $2 Billion
This bill provides $2 billion to enhance SBA’s core programs, including 7(a), Community Advantage, 504, and the Microloan program, by making them more affordable and useful to small businesses. It also provides $57 million for the SBA Microloan Program to provide technical assistance and leverage about $64 million in microloans for minority-owned and other underserved small businesses.
Community Development Financial Institutions and Minority Depository Institutions – $12 Billion
This legislation includes funding for CDFIs, and support for a new Neighborhood Capital Investment Program to support CDFIs and MDIs, among other key policies to support the work of these lenders in underserved communities. This legislation also creates a set-aside of 25%, up to $15 billion, of funds for distribution
Meanwhile, please stay vigilant about protocols to protect yourselves and your employees in the days and weeks ahead. Other COVID-related news can be found at the following sites and organizations:
- For more information, visit:
– New York State Reopening Guidance
– Cortland County Health Department
– New York State Department of Health
– Empire State Development Corporation
– National Center for Disease Control
– Small Business Administration
– Cortland Standard (Facebook)
– Cortland County Chamber of Commerce
– NYS Business Council
– Cortland County Guidance for Employers to Plan and Respond to Coronavirus 2019
– Take Steps to Prevent the spread of COVID
BDC COVID Loan is Still Available
The Cortland County Business Development Corporation continues to offer ow-interest loans to micro and small businesses facing challenges brought on by the COVID-19 pandemic.
The loans from $10,000 to $25,000 will be available to qualified companies needing immediate cash to support operations. The loans, offered at low interest with all fees waived, are not intended to replace federal or traditional banking assistance but to offer another alternative for local small businesses as they evaluate their best path forward.
“We are working every day to provide information to our businesses that can help them through this, and this one more thing that we can do,” said BDC Executive Director Garry L. VanGorder. “Our traditional loan program has been a great resource over the years, and we are hopeful that this modification of it will be valuable in these difficult times, as well. The challenges to our small businesses are unprecedented.”
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