COVID-19 small business guidance and loan resources
To the editor:
The Small Business Administration has several programs and initiatives intended to assist business owners with whatever needs they have right now.
Economic Injury Disaster Loan
¯ This program is intended to help cover working capital, paying fixed debts, payroll, accounts payable, other bills that could have been paid had the disaster not occurred. Loans are not intended to replace lost sales or profits or be used for expansion.
EIDL Loan Advance
¯ These grants provide an emergency advance of up to $10,000 to small businesses and private nonprofits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan. To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance.
Paycheck Protection Plan
¯ The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
SBA Debt Relief
¯ This program will provide immediate relief to small businesses with non-disaster SBA loans.
Additional unemployment benefits are also available due to the CARES Act.
Pandemic Unemployment Benefits
¯ There are new benefits that are additional to New York State Unemployment Insurance. For more information regarding expanded unemployment benefits, visit labor.ny.gov/home.
If you need assistance understanding the specifics of these programs these organizations are available for technical assistance:
¯ Small Business Development Center
¯ Adirondack Economic Development Corporation
¯ Franklin County IDA
¯ Essex County IDA
¯ Saranac Lake Area Chamber of Commerce
¯ Saranac Lake Community Development Department.
To determine what program or relief effort is right for you please consult your personal attorney, accountant, financial advisor or bank.
Jamie Konkoski, AICP
Community development director
Village of Saranac Lake