Small Business Relief Information & NYS Government Updates

The Federal Cares Act was designed to assist small businesses during the COVID-19 pandemic. Additional funding was approved by Congress and is available via an application process. Programs available under the Cares Act are:

  1. Economic Injury Disaster Loan Program (EIDL)
    -With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.
    -The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  2. Paycheck Protection Program (PPP)
    -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.
  • Click here for FAQ document on the PPP.

Helpful Resources

Helpful Tips

  • We have heard that community banks have had more success securing funding through these programs. If you have established relationships with community banks, it is best to start there.
  • Note that any bank must be an approved SBA lender or a federally insured depository institution in order to apply for the funding.

LET US KNOW: Would you be interested in a Zoom call hosted by ARANY leadership to discuss matters related to the Cares Act? If so, drop us a line: [email protected]


SHARE YOUR STORY

We want to hear from you!

We want to hear from ARANY members on how the COVID-19 pandemic is affecting your business and the industry. We are compiling stories to share with elected officials across the State and agency leaders in an effort bring our industry and our concerns to the forefront of discussions.

We are urging membership to think ahead about reopening and how reopening may impact your business. What do you need to plan for? How can ARANY be helpful to you?

Please contact us at [email protected] or call 518-694-5359

 

FROM THE NYS CAPITOL

  • The legislature is working in their districts when normally they would be back in Albany following their post-Budget recess. Due to the COVID-19 pandemic, legislators have been meeting with their respective conferences and working remotely. While we do not have a definitive return date, we are expecting the legislature to convene back in Albany at the State Capitol in late May or early June to take up several bills, including COVID-19 related bills, as well as local bills. The legislature was expected to adjourn for the year on June 2, 2020. We will keep you informed on any changes to the legislative calendar.
  • Note that all seats of the legislature are up for reelection in November in the General election.