FINANCIAL SUPPORT FOR BUSINESSES
Small Business Administration (SBA) Programs
In March of 2021, the American Rescue Plan Act provided additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and added new efforts as well. For a complete list of Federal COVID-19 relief programs administered by the SBA, please click here. Programs include:
- Paycheck Protection Program (This program closed on May 31, 2021)
- COVID-19 EIDL Loan and Targeted EIDL Advance
- Restaurant Revitalization Fund
- Shuttered Venues Grant
- SBA Debt Relief
- Cross Program Eligibility
For additional details on these financial resources, please visit the U.S. Chamber of Commerce Guide to Small Business COVID-19 Emergency Loans and the Small Business Administration (SBA).
To receive PPP loan forgiveness, a borrower must complete and submit the Loan Forgiveness Application (SBA Form 3508, 3508EZ, or Lender equivalent) to its Lender. A borrower may submit a Loan Forgiveness Application before the end of the 8-week or 24-week covered period, provided that the borrower has used all of the loan proceeds for which the borrower is requesting forgiveness and the borrower’s loan forgiveness application accounts for any salary reductions in excess of 25 percent for the full covered period. The Lender of record must review the Loan Forgiveness Application in accordance with the requirements of Part III.2.a. of IFR #15 on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities.
New York State Business Pandemic Recovery Initiative
Grants, Tax Credits, and Technical Assistance Programs for businesses affected by the COVID-19 pandemic available through New York State include:
- Pandemic Small Business Recovery Grant Program: $800 million in funding for small businesses – including for-profit arts and cultural institutions that were impacted by the COVID-19 pandemic.
- Restaurant Resiliency Program: $25 million in grant funding to support restaurants that provide meals to distressed and under-represented communities.
- Restaurant Return-To-Work Tax Credit: For small, independently owned restaurants within New York City or any area in New York State designated by the NYS Department of Health as either an Orange or a Red zone for at least 30 consecutive days.
- New York State Biodefense Commercialization Fund: $40 million dedicated for a life science-specific initiative to capitalize on New York’s research and development assets and expertise in life sciences, biotechnology, and biodefense.
- New York Forward Loan Fund (NYFLF): The New York Forward Loan Fund (NYFLF) is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small residential landlords.
Employee Retention Tax Credit (ERTC)
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the Employee Retention Credit (and the availability of certain advance payments of the tax credits) under section 2301 of the CARES Act.
REDEC Local Business Relief Program
Small business with at least 1 employee in addition to the owner, and up to 50 employees are eligible to apply for relief of $2,500 to $15,000 in Chemung County. Funds are to be repaid over 30 months with no interest (0%), with no payments required for the first 6 months. There is no cost to apply. Applicants must have been in business in March 2020 when the State’s PAUSE Act was implemented, demonstrate how they have been negatively impacted by the resulting economic crisis, and identify how the relief funds will be utilized to reopen their business operations and reemploy workers.
Please note, this program has been extended indefinitely beyond the original October 31, 2020 deadline.
For additional information contact REDEC at (607) 962-3021 or Info@redec.us
“Raising the Bar” Restaurant Recovery Fund
Please note this program has closed as all funds have been utilized. If more funding becomes available, applications will be accepted through the Grant Portal.
Empire State Digital Initiative
New York State has partnered for a first-in-the-nation program with leading global e-commerce partners–Ritual ONE & PayPal, Shopify, Square, and Clearbanc–to accelerate New York State-based small businesses’ ability to grow their online presence.
The participating digital partners are offering specialized solutions such as education, free resources, marketing support and discounted pricing that are unique to the needs of New York State small business owners, restaurants and food service establishments.
Restart Elmira Small Business Grant Program
This grant program is now closed. Round 2 applications were due Friday, February 5, 2021. For more information or to apply for this program, please click here.
For a complete list of COVID-19 resources, please