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SBA

May 4, 2020 - 4:03pm

WASHINGTON, D.C. -- U.S. Department of Agriculture Secretary Sonny Perdue today applauded the announcement that agricultural producers, for the first time, are now eligible for the Small Business Administration (SBA)’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. 

“America’s farmers, ranchers, and producers need the same help that other American businesses need during this unprecedented time,” said Secretary Perdue. 

SBA’s EIDL portal has been closed since April 15. However, the Agency is able to reopen the portal today, in a limited capacity, as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act.

The legislation, which was signed into law by the President one week ago, provided additional critical funding for farmers and ranchers affected by the coronavirus (COVID-19) pandemic.

In order to help facilitate this important change to EIDL Loan and EIDL Advance assistance eligibility, SBA is reopening the Loan and Advance application portal to agricultural enterprises only.

For agricultural producers that submitted an EIDL loan application through the streamlined application portal prior to the legislative change, SBA will move forward and process these applications without the need for reapplying.

All other EIDL loan applications that were submitted prior to April 15 will be processed on a first-in, first-out basis.

March 20, 2020 - 2:28pm

From the U.S. Small Business Administration:

Given the trying times we’re dealing we wanted to give you some updates you can pass along to your businesses. The first question businesses should be asking is of their current bankers and landlords. Are they able to defer payments for a few months? On current SBA Loans banks do have the authority to provide a deferment. Given the situation, we hope that landlords and other lenders would provide deferment as well.

Next, New York State has been approved and declared a State eligible for C for the novel coronavirus. Businesses can apply for these loans at: www.sba.gov/disaster

Disaster Loan Fact Sheet

It is a good idea for folks to have 3 years of tax returns, P&L from last year, Balance Sheet, Monthly Cash Flow and a listing of their liabilities (Mortgages, loans, etc.) together before applying. These loans do not replace lost sales but can cover fixed costs such as rent, utilities and payroll (if keeping employees).

I am doing a webinar with the Better Business Bureau and Lynn Oswald from our NCCC SBDC on Wednesday, March 25th from noon to 1 p.m. Please join us from the webinar as we’ll explain more about the Disaster Loan program and give other tips and resources for business survival in this trying time. Link to register.

Our Small Business Development Centers, SCORE Mentors and Women’s Business Center are operating during this time. Most are doing appointments via phone or web conference, but are available for businesses who have questions.

Please let me know if you need anything or have any further questions.

Best regards,

Greg Lindberg

Small Business Administration

March 20, 2020 - 11:15am

Statement from Melissa Fleischut, president and CEO of the New York State Restaurant Association:

“We are happy to announce that all New York small businesses, including restaurants, are now eligible for low-interest loans through the federal Small Business Administration.

"Up until (now), New York businesses were unable to apply for these much needed loans due to communities not being listed as 'disaster areas.' Through continued conversations with Empire State Development and representatives from the federal SBA program, we’ve conveyed how serious the situation is for New York restaurants.

"Many have already shut their doors and will not be able to reopen. While this is a great first step, we need to find additional ways to save the restaurant industry. When this pandemic is over, going out for a nice meal will help us all feel normal again. But some restaurants simply won’t make it.”

UPDATE 1:48 p.m.: “We can’t thank Governor Cuomo and state officials enough for forgiving interest and penalties on late sales tax payments," Fleishut said. "For some restaurants, this little bit of breathing room could mean the difference between paying employees and shutting their doors forever. That being said, this relief is temporary, and we’ll continue to advocate for additional ways to help restaurants survive during this crisis.”

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