BV Nails to open new Fairmount location, its third in CNY

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CAMILLUS — Crews are at work readying the new Fairmount location of BV Nails & Lounge. BV Nails & Lounge will be going into a corner space at the Fairmount Fair shopping center in the town of Camillus, near the town line with Geddes. The nail salon will be next to the Michaels store and […]

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SBA opens direct-forgiveness portal for Paycheck Protection Program

Small Business, Subscriber Only

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“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” SBA Administrator Isabel Casillas Guzman, said in the July 28 announcement. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”

“The SBA is making the forgiveness process more efficient for small businesses so they can recover more fully, get back on track and grow,” Bernard J. Paprocki, SBA acting regional administrator, said. “The largest segment of Paycheck Protection Program loans awaiting forgiveness in the Atlantic region are $150,000 or less. Small businesses and nonprofits with a PPP loan through a lender that opts into this portal will be able to apply for forgiveness through this easier method.”

Besides that role, Paprocki is also the district director for upstate New York and based in Syracuse.

The new forgiveness portal will help rush relief to more than 6.5 million of the “smallest of small businesses,” the SBA contends.

The SBA is also providing a PPP customer-service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers who need assistance or have questions can call (877) 552-2692, Monday through Friday between 8 a.m. and 8 p.m.

PPP summary

Overall, the SBA and lenders worked to originate more than 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses.

In 2021, the SBA approved more than 6.5 million loans totaling over $275 billion. The average PPP loan size was approximately $42,000, compared to $101,000 in 2020. In addition, 96 percent of PPP loans went to businesses with fewer than 20 employees, compared to 87 percent in 2020.

The SBA also noted that 32 percent of loans went to businesses in low- to moderate-income communities, compared to 24 percent in 2020.

Established by the CARES Act in 2020, the PPP was among the first COVID-19 small-business, economic-aid programs. It provided more than $798 billion in economic relief to small businesses and nonprofits across the nation.

Creative creations in Constantia

Small Business, Sports, Entertainment & Tourism, Subscriber Only

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Digital design firm formally opens downtown Ithaca office

Construction, Design & Real Estate, Regional News, Small Business, Subscriber Only, Technology

ITHACA — CTHDRL — which says it’s a digital design and experience agency focused on the intersection of community, culture, and commerce — has opened a new office in downtown Ithaca. CTHDRL held a ribbon-cutting event with the Downtown Ithaca Alliance (DIA) and Ithaca Mayor Svante Myrick on July 22 at its new office in

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Multiple businesses under one roof in Cleveland

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VIEWPOINT: Tips & Resources for Small Businesses on Road to Recovery

Business Mentors, Small Business, Subscriber Only

Small-business owners in Central New York and across the country are slowly but surely regaining their footing after a uniquely challenging year. According to new research from Bank of America’s 2021 Small Business Owner’s Report, economic confidence and revenue expectations have bounced back significantly since last fall. We found that 60 percent of small businesses nationwide

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Small-business owners in Central New York and across the country are slowly but surely regaining their footing after a uniquely challenging year.

According to new research from Bank of America’s 2021 Small Business Owner’s Report, economic confidence and revenue expectations have bounced back significantly since last fall. We found that 60 percent of small businesses nationwide expect their revenue to increase over the next 12 months, and nearly 80 percent attribute this to the increasing availability of covid vaccines.

While these signs of progress are encouraging, we know that the journey to full recovery can be a long one. Below, I’m sharing some key insights from the Small Business Owner Report (https://about.bankofamerica.com/content/dam/about/report-center/sbor/2021/2021-sbor-secured.pdf). I also provide tips to navigate the path forward as the economy safely reopens.

Hiring new talent

Last year, unemployment rose sharply during the pandemic, forcing businesses to reevaluate their budgets and make tough decisions around talent. According to the New York State Department of Labor, hiring is increasing across the board with private-sector jobs up 15.8 percent in the Syracuse metro area and 14.9 percent in Utica–Rome in April 2021 compared to April 2020. Despite this increase, there remains a large pool of talent from which to hire new employees. Given that one-in-five business owners plan to hire this year, it’s important to ensure your business is attractive for top talent.

• Create an application that is easy to navigate. Create an application process that is quick and easy, but still screens for the experience level you’re seeking. Make your application mobile-friendly, too.

• Get everyone to recruit. Tapping into your current employee base can be one of the most powerful and cost-efficient strategies to find and recruit talent. Your current employees have familiarity with your company culture and the necessary skillset to thrive at your organization. Consider offering bonuses to staff who successfully refer new employees.

Reevaluate short and long-term goals

Business owners in Central New York took advantage of many resources and programs throughout the last year to navigate the pandemic, leaning on friends and family and seeking professional guidance. Nationally, 25 percent of small businesses applied for a business loan or line of credit over the past year; however, only 16 percent say they will seek financing in 2021. To continue this positive momentum throughout 2021, consider these strategies:

• Prioritize your business plan. Sit down with your small-business banker to take stock of your business’ current situation and business plan. Your small-business banker can help you set realistic goals as your business’ recovery continues.

• Explore available resources to meet your goals. Bankers want to ensure that small-business owners have access to the tools and resources needed to secure funding. Bankers can also help connect business owners who may not qualify for traditional bank financing to their networks of alternative funding sources, including Community Development Financial Institutions and local or national grant and loan programs. Consider the following questions: What new goals require additional financing? Are you looking to boost your headcount? Do you anticipate any structural or technological enhancements in the coming year?

Operational shifts

Business owners adapted their business for the health and safety of their employees over the past year. As the economy reopens, 62 percent anticipate that the operational changes they made in response to the coronavirus will continue beyond the pandemic – specifically enhancing sanitation practices and building a digital sales strategy. As digital proliferation continues, we expect to see more helpful tools come out for business owners.

• Consider a digital transition. Businesses across the country have adjusted aspects of their operations, changing primary revenue streams and shifting to online sales. As we continue to adjust, consider digital banking to limit in-person interactions and greater client convenience.

• Proceed with purpose. If you are a part of the 53 percent of business owners who indicated they are committed to advocating for social change through their business, be sure to set clear and attainable goals. Consumers are sharp and will be able to tell the difference between platitudes and substance.

Overall, we’re seeing encouraging progress for the small-business community in Central New York, and we’re looking forward to helping business owners thrive the rest of 2021 and beyond.

Lynn Coates is a vice president and small-business banker at Bank of America.

Red Jug Pub opens Binghamton location, its fourth

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

BINGHAMTON, N.Y. — The Red Jug Pub recently formally opened its new pub in Binghamton — its fourth location, all in upstate New York. The Red Jug Pub held a ribbon-cutting event with the Greater Binghamton Chamber of Commerce on Aug. 6 at its new bar at 17 Main St. in Binghamton. The Red Jug

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ANCA program uses grant to help small firms recover from pandemic

Energy, Environment & Sustainability, Health Care, New York News, Nonprofits, Regional News, Small Business, Subscriber Only

SARANAC LAKE, N.Y. — North Country small businesses can sign up for free technical services through the Adirondack North Country Association’s (ANCA) Center for Pandemic Response (CPR). CPR is a new program designed to help businesses “build resilience in the wake of the COVID-19 economic crisis,” ANCA contends. ANCA is an independent, nonprofit corporation that

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SARANAC LAKE, N.Y. — North Country small businesses can sign up for free technical services through the Adirondack North Country Association’s (ANCA) Center for Pandemic Response (CPR).

CPR is a new program designed to help businesses “build resilience in the wake of the COVID-19 economic crisis,” ANCA contends.

ANCA is an independent, nonprofit corporation that works to promote economic development across a 14-county region of Northern New York, with a focus on entrepreneurship, local agriculture, and clean energy.

In ANCA’s July 30 announcement, the organization said small businesses in its 14-county service area may complete an inquiry form at www.adirondack.org/ANCA-CPR to begin the enrollment process.

ANCA CPR staff and partner organizations — including the Adirondack Diversity Initiative, Adirondack Economic Development Corporation, CITEC and Cooperative Development Institute — will work closely with participating businesses to develop strategic plans, access new markets, expand e-commerce functionality, reduce supply-chain inefficiencies, decrease energy costs, and create succession plans.

The ANCA CPR program is funded through a combined grant of nearly $1.27 million that it was awarded in May. The funding is from the U.S. Department of Commerce’s Economic Development Administration (EDA) and Mastercard. This includes a $1 million EDA CARES Act Recovery Assistance grant and $250,000 from the Mastercard Impact Fund, which is administered by the Mastercard Center for Inclusive Growth.

“The ANCA CPR program provides an incredible opportunity for North Country businesses that are regrouping and rebuilding from the COVID-19 crisis,” Elizabeth Cooper, executive director of ANCA, said. “A solid, well-informed strategic plan can make all the difference for a company’s stability. Yet it is often one of the things that gets put on the back burner while owners are occupied with the day-to-day affairs of their businesses. We are eager to help local businesses become stronger and more resilient by supporting them through this important planning process.”

Once businesses enroll, ANCA CPR program navigators will connect them with individualized technical services and expert knowledge through working-group discussions, webinars, and one-on-one consultations. The ANCA CPR team will work with participating businesses, at no cost, to develop strategic plans that focus on topics that include reducing fixed and variable costs, developing online sales and e-commerce functionality, reducing overhead and energy costs, and applying for business-funding assistance.

The topic areas also include mitigating supply-chain inefficiencies through shared sourcing, shipping, and/or aggregation facilities; creating a succession plan; developing employees to take on leadership roles; and building belonging for diverse staff and visitors.

ANCA CPR program navigators began conducting interviews with businesses on a rolling basis, starting in mid-August. Depending on needs that are identified through the enrollment process, businesses will take part in customized programs ranging from three to six months in duration, ANCA said.

New Berlin firehouse and Chobani Community Center formally open in New Berlin

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

NEW BERLIN, N.Y. — The new firehouse in the village of New Berlin and adjacent Chobani Community Center recently formally opened with a ribbon-cutting ceremony. This project was first announced in 2019 and was supported by a mix of corporate donations from local employers as well as support from New York State, collectively providing nearly

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VIEWPOINT: IRS Updates American Rescue Plan Act Guidance

Business Mentors, Law, Accounting & Taxes, Subscriber Only

On July 29, the Internal Revenue Service (IRS) updated its Tax Credits for Paid Leave Under the American Rescue Plan Act (ARPA) of 2021 guidance. As a reminder, private-sector employers with fewer than 500 employees could voluntarily elect to extend ARPA benefits to their employees through Sept. 30, and in exchange, receive a federal tax credit. Under

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Under the ARPA, employees may take up to 80 hours of emergency paid sick leave (EPSL) and up to 12 weeks of paid expanded family and medical leave (EFML) for qualifying COVID-19-related reasons. Both types of leave can be taken for the same set of reasons, which are as follows: (1) the employee is under a federal, state, or local quarantine or isolation order related to COVID-19 or has been advised by a health-care provider to self-quarantine due to concerns related to COVID-19; (2) the employee has COVID-19 symptoms and is seeking a medical diagnosis, is seeking or awaiting the results of a diagnostic test for, or a medical diagnosis of COVID–19 and the employee has been exposed to COVID–19 or the employee’s employer has requested the test or diagnosis; (3) the employee is obtaining the COVID-19 vaccine, or recovering from conditions related to receiving the COVID-19 vaccine; (4) the employee is caring for an individual who is subject to a federal, state, or local quarantine or isolation order related to COVID-19, or has been advised by a health-care provider to self-quarantine due to concerns related to COVID-19; (5) the employee is caring for a child whose school or place of care is closed or child-care provider is unavailable due to COVID-19 precautions; or (6) the employee is experiencing any other substantially similar condition specified by the secretary of Health and Human Services.

The updated guidance contains, for the first time, an expansion of reason (6), and finds that a “substantially similar condition” includes when the “employee is accompanying an individual to obtain the COVID-19 vaccine or caring for an individual who is recovering from conditions related to obtaining the COVID-19 vaccine.” The guidance further defines “individual” for purposes of (6) to mean “an immediate family member, someone who regularly resides in the employee’s home, or a similar person with whom the employee has a relationship that creates an expectation that the employee would care for the person.” Moreover, for this purpose, “individual” does not include persons with whom the employee has no personal relationship.

Under the current guidance, employers who have elected to extend the ARPA must allow their employees to take either EPSL or EFMLA to accompany another individual to obtain the COVID-19 vaccine, or to care for an individual recovering from vaccine side effects. This is a significant expansion of eligibility for leave, and employers to whom this applies should ensure that they are now allowing qualifying employees to use leave for these additional reasons. If employers have distributed EPSL or EFMLA policies, those should similarly be updated.

Theresa E. Rusnak is an associate attorney in the Rochester office of Syracuse–based Bond, Schoeneck & King PLLC. This viewpoint article is drawn from an Aug. 9 post on the firm’s New York Labor and Employment Law Report blog. Contact Rusnak at trusnak@bsk.com

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