New York corn production fell 7 percent in 2020, USDA reports

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New York farms produced almost 80.1 million bushels of corn for grain in 2020, down 7 percent from 86.1 million bushels in 2019, according to a USDA National Agricultural Statistics Service crop-production summary issued on Jan. 12. The Empire State production amount for 2020 was substantially below prior USDA forecasts released in recent months. New […]

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Hampton Inn by Hilton – Verona readies for opening in March

Construction, Design & Real Estate, Regional News, Sports, Entertainment & Tourism, Subscriber Only

VERONA, N.Y. — The new Hampton Inn by Hilton – Verona and its general manager (GM) are preparing for the hotel’s upcoming opening as construction work heads into the final stretch. The Hampton Inn by Hilton, a 110-room hotel, is located at 5186 Route 365, at the entrance to the Turning Stone Resort Casino. It

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How the SBA’s new round of PPP loans works

Insurance & Financial Services, Small Business, Subscriber Only

It started with community financial institutions The U.S. Small Business Administration (SBA) and U.S. Treasury Department on Jan. 11 reopened the loan portal for the Paycheck Protection Program (PPP), the forgivable-loan initiative that seeks to help small companies survive the economic dislocations of the COVID-19 pandemic. This round of the PPP authorizes up to $284 billion toward

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It started with community financial institutions

The U.S. Small Business Administration (SBA) and U.S. Treasury Department on Jan. 11 reopened the loan portal for the Paycheck Protection Program (PPP), the forgivable-loan initiative that seeks to help small companies survive the economic dislocations of the COVID-19 pandemic.

This round of the PPP authorizes up to $284 billion toward job retention and certain other expenses through March 31, 2021, the SBA says. The program is open to new borrowers and the government is trying to reach more underserved businesses, such as minority-owned companies. But the program is also open to businesses that already received PPP loans, as long they have 300 or fewer employees and meet other conditions.

The SBA portal initially granted PPP access exclusively to community financial institutions (CFIs) which include smaller and local banks, credit unions, community development financial institutions (CDFIs), minority depository institutions (MDIs), certified development companies (CDCs), and microloan intermediaries. It’s an effort to help underserved small businesses and address potential barriers to capital access, since CFIs typically work with underserved businesses. These lenders made up about 10 percent of all PPP participating lenders in the program in 2020, the SBA says.

The first two days of the portal’s opening were designated for first-draw PPP loan applications, or those for borrowers that haven’t yet received a PPP loan before the program closed in August 2020.

On Jan. 13, participating CFIs were allowed to begin submitting application information to the SBA for second-draw PPP loans, which are for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or fewer, have suffered a 25-percent reduction in gross receipts, and have used or will use the full amount of their first PPP loan.

A borrower may satisfy the revenue-reduction requirement in a couple different ways “First, a borrower may compare its quarterly gross receipts for one quarter in 2020 with its gross receipts for the corresponding quarter of 2019,” Elizabeth L. Lehmann, associate, and Jeffrey B. Scheer, partner, from the Bond, Schoeneck & King PLLC law firm, write in a website article on the new PPP rollout. “Alternatively, borrowers that experienced a reduction in annual receipts of 25 percent or greater in 2020 compared to 2019 may submit copies annual tax forms substantiating the revenue decline (versus submitting documentation for a single quarter).”

At least $15 billion is set aside for additional PPP lending by CFIs. A few days after Jan. 13, additional lenders will be able to submit first and second-draw PPP loan applications, the SBA said. As of press time, no date was specified.

The new PPP round’s changes

Here are some more key changes to this round of PPP compared to how the program operated in 2020:

• 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, the SBA says. “In other words, it is no longer required that it is only an 8 or 24-week period, but instead, a covered period can end sometime between the 8 and 24-week period,” Lynn Mucenski-Keck, a partner at The Bonadio Group accounting firm, writes in an article on the firm’s website, breaking down the PPP loan guidance. “Identifying the covered period is important as a loan- forgiveness application is required to be submitted to the lender within 10 months after the end of the loan forgiveness covered period.”

• 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) nonprofits, housing cooperatives, and destination-marketing organizations.

• The PPP provides greater flexibility for seasonal employees.

• Certain existing PPP borrowers can request to modify their first-draw PPP loan amount.

Updated PPP lender forms, guidance, and resources are available at www.sba.gov/ppp. The application for second-draw PPP loans is available at: https://home.treasury.gov/system/files/136/PPP-Second-Draw-Borrower-Application-Form.pdf

SUNY helps USNCC with education program for sailors

Health Care, Subscriber Only

SUNY Chancellor Jim Malatras and Randi Cosentino, president of USNCC, made the joint announcement. SUNY’s inaugural class of nearly 130 students will enroll in the Naval Leadership and Ethics course as well as the Introduction to Literature, Introduction to College Writing, and Contemporary Mathematics courses for the spring term at SUNY Empire State College. Citing

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Cuomo expects I-81 project to start in 2022; McMahon calls it an “aggressive timeline”

Construction, Design & Real Estate, Energy, Environment & Sustainability, Manufacturing & Engineering, New York News, Nonprofits

SYRACUSE, N.Y. — Gov. Andrew Cuomo expects the $1.9 billion construction project to replace the Interstate 81 (I-81) viaduct in downtown Syracuse to break ground

CDPHP includes home-delivered meals in Medicare Advantage plans

Health Care, Subscriber Only

Health insurer CDPHP is working with Ankeny, Iowa–based Mom’s Meals to offer home-delivered meals “at no cost” to Medicare Advantage members returning home from a stay in a hospital. CDPHP is an Albany–based, nonprofit health plan serving more than 385,000 members in 29 counties in upstate New York. The counties include Broome, Tioga, Chenango, Herkimer, Jefferson, Lewis,

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MMRI begins offering rapid COVID-19 tests

Health Care, Regional News, Subscriber Only

UTICA, N.Y. — The Masonic Medical Research Institute (MMRI) of Utica is now offering rapid COVID-19 tests. The New York State Department of Health (DOH) approved a limited-service laboratory registration for MMRI allowing the testing operations, MMRI said. The MMRI began operations at its testing site on Jan. 4. Those needing a test should make

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CEO FOCUS: NUAIR welcomes new leadership; GENIUS NY applications open

Business Mentors, Subscriber Only, Technology

Like so many of you, we begin this year looking forward to the new opportunities on the horizon. The chance for a fresh start, and a hope to move toward greater stability and reignite the momentum that fueled our pre-pandemic progress. Announcements made [recently] highlight how our region’s groundwork to lead in the unmanned-systems industry, initiated years

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First, we join NUAIR in welcoming Ken Stewart as its president and CEO. Ken most recently served as CEO of AiRXOS, part of GE Aviation, and is a well-known innovator and leader in the unmanned aircraft systems (UAS) industry. His business-leadership background will further position NUAIR to advance efforts to safely integrate UAS (drones) into the national airspace system and keep the region at the forefront of the industry.

We also [recently] joined Empire State Development to open applications for round five of the GENIUS NY program. The year-long, in-residence accelerator program is operated from CenterState CEO’s Tech Garden and will invest $3 million in five finalist companies, including a grand prize of $1 million. The previous four rounds of the program have been instrumental in supporting the region’s UAS and UTM ecosystems. It is exciting to see renewed investment in this sector, which is a proven jobs creator. Companies like Fotokite and Eagle Hawk, among others, remain in the region and have even experienced growth during the COVID-19 crisis.

These announcements come at a time when the Federal Aviation Administration (FAA) has finalized new rules for small, unmanned drones that could pave the way for expanded commercial use, including the delivery of packages. Such expanded operations further place this region at the forefront of this sector as we are home to one of seven FAA-designated UAS test sites in the country, and New York’s 50-mile UAS traffic-management corridor. These two major resources provide testing capabilities as well as the ability to safely fly advanced drone operations like medical-supply deliveries by drones.

Over the past decade, we have seeded the programs and projects within our region to rise to this moment of progress for the UAS sector. With strong leadership of NUAIR, a next chapter for GENIUS NY — coupled with Syracuse Surge strategies to drive inclusive workforce and entrepreneurship opportunities in the tech sector — we stand ready to drive further innovation in this industry. [This will allow us to] capture new emerging opportunities that will accelerate our recovery and shape our way of life for the better.

Robert M. Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This viewpoint is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on Jan. 8.

VIEWPOINT: 8 Common Mistakes Owners Make in Selling their Businesses

Business Mentors, Subscriber Only

All business owners think about selling their business at one time or another. However, for the ones who decide to go forward and sell, there are certain points that need to be addressed if they want to have a successful transaction and get the most money for their business. After selling more than 800 businesses, I decided

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After selling more than 800 businesses, I decided to list eight common mistakes owners make when selling their business:

1. Trying to sell it yourself. Business owners usually are not objective about their business. Even if you have the financial skills, you will have a tendency to overestimate the value. And you are not expected to have the financial skills to be objective in the valuing of your own business. Instead, you are a successful business owner, which is an art in itself. The selling of a business is the combination of both an art and a science, and it is performed by individuals who do this full-time as their profession. You do what you do best, and let a professional intermediary do what they do best.

There is a reason pro athletes and actors have agents — because they get more money and better terms when they hire someone to negotiate for them. Likewise, you simply won’t get as much value for your business trying to sell it yourself and learn on the job. Attempting to sell your own business will devour your time. You know how to run your business, but this is no time to learn how to be an investment banker or business broker.

2. You are too sensitive about your business. You will take comments made by a buyer personally and perhaps kill the deal. Nobody likes to hear they have an ugly baby, and the same is true when you are selling your business. Any negative comments about your business to you will be taken personally regardless of how hardened you may think you are or have learned to become. The solution is to get an intermediary to soften the blow and translate the buyer’s comments into requests that will not be taken personally.

3. You don’t know how to arrive at fair market value. Owners who are unrealistic about the value of their business are the biggest reason why deals fall through. Get the facts and the reality of what businesses like yours are selling for in the current market, and never believe anything you read in the trade magazines as the gospel regarding valuations.

4. You don’t know how to recognize a qualified buyer. Different businesses require different kinds of buyers, and different buyers will pay dissimilar amounts for a business. You need to know which buyers are paying the most in today’s market, because buyers change with the market.

5. You probably don’t know where to look for the right buyer. Finding the right buyer for your business who will pay top dollar isn’t as easy as running an ad in a trade magazine or newspaper and seeing who contacts you. As a seller, you want to know who really has the money and whether they are serious. Are they cherry pickers or making low-ball offers? Or do they try to claw back on an offer and use the old bait-and-switch technique? Remember, time is money, and buyers are generally working on your time and your money.

6. You fail to realize that selling a business is a process, not an event. Selling a business involves a structured process that takes time — generally from six to 12 months, from conception to closing. It’s a very detailed process that not all sellers are up to accomplishing without the guidance from a trained professional who has performed this process many times before.

7. You have to assemble the right team to get the job done. Just as in sports, if a seller doesn’t have the right team of players in the game, he will either get defeated or hurt in some way. What is the right team? It includes an attorney who has experience in business transactions and understands the sale of a business to a buyer and not to one’s lifelong golfing buddy. Another key component is an accountant who understands the tax system and is not afraid to give good tax advice, knowing there is a possibility he/she will lose your account and is looking out for your best interest. Finally, you need an experienced intermediary who has working knowledge of your industry.

8. You aren’t committed to selling. Selling a business is a lot of hard work. People don’t realize how much work it is to assemble all of the data that is needed by a buyer to get a business sold. A lot of transactions will fall apart because the seller is either not committed to the process or does not have the mental stamina to see it through to the end. The solution is to get help with a seasoned intermediary who will coach from the beginning to the end and help you to reap the rewards for all of your many hard years of work.

Terry Monroe (www.terrymonroe.com) is founder and president of American Business Brokers & Advisors (ABBA) and author of “Hidden Wealth: The Secret to Getting Top Dollar for Your Business” with ForbesBooks. Monroe has been in the business of establishing, operating, and selling businesses for more than 35 years.

State seeks to expand telehealth availability

Health Care, Subscriber Only, Technology

New York State lawmakers will consider a bill to “expand and improve access to telehealth for all.” The proposal, which Gov. Andrew Cuomo announced Jan. 10, was part of his State of the State address delivered the following day. At the same time, a survey from Excellus BlueCross BlueShield found that most adults in upstate

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New York State lawmakers will consider a bill to “expand and improve access to telehealth for all.”

The proposal, which Gov. Andrew Cuomo announced Jan. 10, was part of his State of the State address delivered the following day.

At the same time, a survey from Excellus BlueCross BlueShield found that most adults in upstate New York have heard of telehealth but many still haven’t used it despite a sharp rise in telehealth visits during the COVID-19 pandemic.

The pandemic “laid bare the inequities” in our health-care system and showed that telehealth is a “critical tool” to expand access and lower costs for low-income communities, especially for behavioral-health support. During the crisis, Cuomo took executive action to expand access to remote care, and these proposals “codify and build on those successful reforms,” his office said.

In partnership with the Reimagine New York Commission, Cuomo proposed telehealth reform to help New Yorkers take advantage of telehealth tools and address “existing roadblocks.” The reforms would address key issues like adjusting reimbursement incentives to encourage telehealth, eliminating outdated regulatory prohibitions on the delivery of telehealth, removing outdated location requirements, addressing technical unease among both patients and providers through training programs, and establishing other programs to incentivize “innovative” uses of telehealth.

“While New York State has been on the cutting edge of promoting telehealth for its residents, the adoption of telehealth by both patients and providers has been slow,” Cuomo said. “COVID-19 has changed not only the way we live, but the way healthcare providers support their patients, especially in regard to mental health. New Yorkers have adapted throughout 2020, but it is time to push telehealth to the next level in New York State and fully integrate it into our existing healthcare system. These proposals will better allocate our healthcare and technological resources for the 21st century.”

During the pandemic, use of telehealth by New Yorkers jumped, according to Martha Pollack, co-chair of the Reimagine New York Commission telehealth working group and president of Cornell University. “We can unlock the potential of telehealth going forward by changing the ways in which New Yorkers access health care. This starts with comprehensive policy changes that give providers and patients greater flexibility to use telehealth as they deem appropriate. And we can and must ensure that those New Yorkers who are most in need have greater access to care, through new investments in telehealth infrastructure, and through the creative integration of telehealth technologies with the kinds of human support that cannot be replaced.”

Excellus telehealth survey

Most adults in upstate New York (77 percent) have heard of telehealth though less than a third have used it, according to a survey commissioned by Excellus in late 2020.

Of those adults who reported using telehealth, 90 percent did so since the outbreak of COVID-19.

“The number of telehealth visits soared in 2020 as a result of the COVID-19 pandemic,” said Dr. Stephen Cohen, senior VP and chief medical officer at Excellus, Central New York’s largest health insurer.

The insurer processed 2.2 million telehealth claims in 2020, compared to 28,529 in 2019. Behavioral-health services, including care for mental health and substance-use issues, accounted for 43 percent of telehealth claims in 2020, compared to 25 percent in 2019.

Additional survey findings

When asked about the primary reason telehealth is currently used, 59 percent of survey respondents said they were required to use it because of the COVID-19 pandemic, 40 percent cited convenience, 34 percent said they preferred to use it because of the pandemic, and 8 percent of respondents said they use telehealth because of the cost of the visit.

The survey also found that respondents considered the most important features of telehealth to include ability to obtain prescriptions (79 percent), avoiding in-person visits (69 percent), and the cost of visit (58 percent).

Excellus says it spent $102 million in 2020 to expand telehealth coverage for all members and waive any member cost-share responsibility for telehealth services, “regardless of the medical issue.” The insurer increased provider-reimbursement rates to help replace some of the revenue lost due to the decline in in-office patient visits.

The health plan’s provider-relations team trained more than 500 health-care providers in the use of telehealth technology and proper claims submission for telehealth visits, Excellus said.

“When seeing a health-care provider in person isn’t possible, or preferable, telehealth offers an effective alternative,” said Cohen. “Telehealth is here to stay, and our health plan will continue develop and support ways to increase access to this innovative way to get care.”

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