New Leadership Webinar Series shares best practices and proven strategies for Putnam business success

The Putnam County Business Council is launching a Leadership Webinar Series on Thursday, May 14th. Business and not-for-profit leaders will bring valuable insight on getting back to business as reopening plans take shape. The series will also feature topics that are educational, inspirational, and actionable, including, but not limited to, Marketing, Business Transformation, HR, and Legal issues.

Our first topic: “Figuring out the New Normal: Business in the time of COVID”

Leadership guest speaker, Patricia Mulligan, Esq., a NY Employment & Labor Law attorney, will be discussing legal issues pertaining to employees and resuming operations.

Stay tuned for more information on specific topics, and how to access this important content.

Gov. Cuomo extends rent relief moratorium, no evictions through August 20, no late fees

Governor Cuomo announced a moratorium on on evictions would be extended through August 20. The governor said New York renters could also use their security deposit toward rent payments if they chose to do so.

“Nobody can be evicted, residential or commercial,” Gov. Cuomo said. “We’re going to be taking additional steps of banning any late fees. We’re going to extend that 60 days, until August 20. I hope it gives families a deep breath.”

The governor said he recognizes that this leaves landlords in a difficult position and he said there are no easy decisions regarding this pandemic.

Click Below to see his announcement in full

SENATOR GILLIBRAND JOINS BIPARTISAN CALL ON TRUMP ADMINISTRATION TO RAISE SBA’S PPP NON-PAYROLL FORGIVENESS CAP

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After Months Of Closure Or Limited Business, Small Businesses Across The Country Are Struggling To Pay Rent, Utilities, And Mortgages.
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Senators’ Push Would Allow Small Businesses To Spend Up To 50% Of PPP Loan Proceeds On Allowed Non-Payroll Expenses
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WASHINGTON, D.C. — U.S. Senator Kirsten Gillibrand today joined a bipartisan group of senators to urge the Trump Administration to raise the Paycheck Protection Program’s (PPP) non-payroll forgiveness cap from 25% to 50%. PPP loans allow loan proceeds used towards payroll, utilities, mortgage interest, and rent payments to be forgiven when at least 75% of the loan is spent on payroll. In a letter sent to U.S. Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza, Gillibrand and her colleagues called for the forgiveness cap to be raised in order to allow small businesses to spend up to 50% of the loan proceeds on the statutorily allowed non-payroll expenses such as rent, utilities and mortgage interest payments.
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“With many small businesses unable to meet their basic expenses, it’s critical that this administration do everything possible to keep these businesses from permanently shutting their doors,” said Senator Gillibrand. “Increasing the threshold for non-payroll expenses will help our small businesses keep their workers employed and make their rent and utility payments. I’m proud that access to this loan forgiveness was included in the CARES Act and I will continue fighting to ensure that these programs work for those in need.”
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The full text of the letters can be found HERE 

Updates from the SBA

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The SBA has released updated guidelines on the Paycheck Protection Program.P

Round Two still has over $100 Billion for Borrowers in Need

Billions of dollars in potentially forgivable Payroll Protection Program (PPP) capital remains available to small businesses and nonprofits to help provide eight weeks of payroll and certain overhead to keep workers employed. PPP, created out by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is responsible for infusing billions of dollars of capital into small businesses nationwide and saving jobs.

The second round, which kicked off April 27, has awarded 2,378,057 loans worth $181,158,888,644 as of close of business on Tuesday, May 5. More than 900K of those loans, worth $57,296,660,188, were issued by small lenders. The average PPP loan size is currently $76,000, a $130,000 reduction from the Round One size, showing the dollars are further assisting mom & pops. SBA forgives the portion of Paycheck Protection loan proceeds used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. Loan payments may be deferred for one year, and is retroactive from February 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

“The Paycheck Protection Program is working. Small businesses are keeping their employees on payroll and earning a salary,” said SBA Atlantic Regional Administrator Steve Bulger who oversees the federal agency’s operations in New York, New Jersey, Puerto Rico, and the U.S. Virgin Islands.  “For this federal program to work for you and your employees, I encourage you to submit an application through a PPP-participating bank, credit union, CDFI or online lender.”

Approved Lenders can be found using the SBA Lender Locator at www.sba.gov/ppp.

“Upstate New York small businesses have a lifeline in the Paycheck Protection Program. The funds loaned from your bank or lender will help pay your team’s salaries for 8 weeks and keep your venture intact and well-positioned to not only survive but succeed,” added SBA Syracuse District Director Bernard J. Paprocki. The SBA Syracuse District Office serves 34 upstate New York Counties from the Hudson Valley and Capital Region to the Mohawk Valley, North Country, Finger Lakes and Southern Tier.

Loan forgiveness is based on the borrower maintaining or quickly rehiring employees while maintaining salaries and hours. PPP loans have a maturity of 2 years and an interest rate of 1%. A copy of the PPP borrower application form with all information the federal government requires a small business to provide can be found at: HERE

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CLICK HERE to view the Paycheck Protection Program Loans Frequently Asked Questions (FAQs)

PROPOSED LEGISLATION ALERT – New York State’s Workers’ Compensation Law
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PROPOSED LEGISLATION ALERT: A number of proposals have been introduced in the past several weeks in the New York State Senate and Assembly.  S.8266 (Ramos)/A.10401 (Simotas) – would amend New York State’s Workers’ Compensation Law to create an occupational disease presumption for employees that have contracted COVID-19. The New York Comp Insurance Rating Board has issued an analysis projecting the cost impact on the state’s workers compensation system to be as high as $31 billion, compared to current annual compensation system cost of approximately $8.7 billion. That analysis can be found HERE.
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·The U.S. Department of Labor wants to hear from you about challenges that may be faced as businesses reopen and how best to help employers and workers reopen America’s workplaces safely. They want employers to take part of a national online dialog, but you must submit your comments by today, May 7. You can submit your comments HERE.
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·During the Wednesday, May 6 press conference, Governor Cuomo said local government officials will have a say on which businesses can reopen once a region reaches the metrics to begin the process of reopening. These decisions must still follow the risk guidelines the state has already detailed.
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·A new Executive Order has been signed that extends the suspension of the need to have a professional licensing, if an individual is already licensed in another state or Canada, to work in New York. The new Executive Order grants an extension of an additional 30 days. A copy of the order can be found HERE.

$1.5 Billion in CARES Act Funds to Aid Communities Impacted by the Coronavirus Pandemic

U.S. Department of Commerce Announces Availability of $1.5 Billion in CARES Act Funds to Aid Communities Impacted by the Coronavirus Pandemic
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U.S. Secretary of Commerce Wilbur Ross today announced that the Department’s Economic Development Administration (EDA) is now accepting applications from eligible grantees for Coronavirus Aid, Relief, and Economic Security Act (CARES Act) supplemental funds (EDA CARES Act Recovery Assistance) intended to help communities prevent, prepare for, and respond to coronavirus.
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“President Trump is working tirelessly to make sure Americans stay safe during this crisis and that our economy is loaded to spring back when this global scourge recedes,” said Commerce Secretary Wilbur Ross. “EDA CARES Act Recovery Assistance funds will support the long-term recovery of communities across the nation that have been impacted by the coronavirus pandemic.”
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CLICK HERE to view the article in full

COVID-19 Updates

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Former Google CEO Tapped to Lead NY Post COVID
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New York Gov. Cuomo enlists former Google CEO to head commission to ‘reimagine’ the state after COVID-19. Story

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Coronavirus Cases
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As of this mailing there have been 321,192 confirmed cases in New York State with 176,874 confirmed cases in New York City.
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Governor Cuomo announced Wednesday, hospital patients in the state, over the past few days, were made up of people who were predominantly at home and not working. Story
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Governor Cuomo extended an executive order allowing out-of-state health care professionals to continue practicing in New York State.