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Updates from Empire State Development: 3/31/2020

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March 31, 2020
Updates: Tuesday, March 31, 2020
  1. SBA Paycheck Protection Program (PPP) Program Details Published!
    1. Overview: The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program will be available through June 30, 2020.
    2. How To Apply: You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union,  and Farm Credit System institution that is participating. You should consult with your local lender as to whether it is participating in the program. Lenders may begin processing loan applications as soon as April 3, 2020.
    3. Download a sample application form here.
 
  1. GOVERNOR CUOMO ANNOUNCES NEW HOSPITAL NETWORK CENTRAL COORDINATING TEAM:
    1. Central Coordinating Team Will Help Implement Statewide Public-Private Hospital Plan to Share Information, Supplies, Staff and Patients Among Hospitals Across the State
    2. New Online Portal Will Launch Today to Connect Hospitals to Volunteer Healthcare Workers and Help Prioritize Deployment to Hospitals with the Greatest Need
    3. Confirms 9,298 Additional Coronavirus Cases in New York State - Bringing Statewide Total to 75,795; New Cases in 44 Counties
 
  1. The New York Fed launched a coronavirus resource hub with curated information for business owners, employees, nonprofit, and community organizations impacted by the COVID-19 pandemic. The hub, which will be updated regularly, includes resources available at the federal, state, and regional levels.
 
  1. The Small Business Owner’s Guide to the CARES Act – You can find information on Congress’s recently passed “Coronavirus Aid, Relief, and Economic Security (CARES) Act here. Details on these programs keep rolling out; we’ll keep you posted as we have them.
 
  1. Sign up for Daily Updates on the evolving COVID-19 situation from New York State: https://now.ny.gov/page/s/coronavirus-updates
 
  1. Guidance on Essential Businesses:
    1. The guidance can be found here.
    2. Be sure to review the FAQ for businesses
    3. If a business has reviewed the guidance and determined they are not essential and wish to request designation as an essential business, they must do so using this form.
Key COVID-19 Resources:

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