Important Update: Targeted EIDL Advance | Results from the Siena College Business Leader Survey

COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.

Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.

Applicants do not need to take any action at this time. U.S. Small Business Administration will reach out to those who qualify.

SBA will first reach out to EIDL applications that already received a partial EIDL Advance (i.e. between $1,000 – $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.

All communications from SBA will be sent from an official government email with an @sba.gov ending. Please do not send sensitive information via email to any address that does not end in @sba.gov.

The Siena College Research Institute (SCRI), in partnership with The Business Council of New York State, Inc., and with support from Western Governors University has now completed the 14^th Annual New York State Business Leaders Survey.

The received over 1,000 respondents across Upstate New York, the most they have had since 2007 when they first started conducting the survey.

Eighty percent of Upstate CEOs say that economic conditions in New York State have worsened since the beginning of the coronavirus pandemic. Looking forward from today through the balance of 2021, 40 percent expect conditions to improve while 17 percent expect conditions to remain the same and 43 percent believe conditions will grow worse according to the 14th annual Upstate New York Business Leader Survey from Siena College Research Institute sponsored by the Business Council of New York State, Inc. Seventy-five percent of CEOs say that COVID-19 has increased their cost of doing business while two-thirds say that the pandemic has decreased their revenue and profits, and half say it has reduced the demand for their product or service.

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