***UPCOMING WEBINAR***
May 15, 1PM: The Dutchess County Regional Chamber of Commerce will host a webinar that will provide the latest guidance for PPP Forgiveness. Panelists will be Myriam Bouchard from the Small Business Development Center, Phil Bronzi from Rhinebeck Bank and Jason Giordano from JGS, CPAs. Thank you to LCS Companies, Mobile Life Support Services, and The Poughkeepsie Galleria for sponsoring. You can register HERE.
·Complimentary reusable cloth face coverings are once again being made available to essential businesses and nonprofit organizations located in Dutchess County. They will be available for pickup on May 15. Registration is required by tomorrow at 2PM, and can be done so by clicking HERE.
·The U.S. Department of Agriculture (USDA) Agricultural Marketing Service (AMS) and Farm Service Agency (FSA) will host a webinar on Thursday, May 14, 2020, at 1 p.m. This webinar is for farmers, ranchers and other producers interested in applying for direct payments through the Coronavirus Food Assistance Program (CFAP). To register for this webinar, click HERE.
·An updated FAQ has been posted today on treasury.gov addressing how SBA will evaluate the good faith certification regarding the necessity of the PPP loan request. It can be found HERE.
·The safe harbor deadline for businesses to return PPP funds if they determine that they were ineligible has been extended until tomorrow, 5/14, pending publication of the procedures for returning the funds. If the guidance is not ready by then, we would expect another extension of the deadline.
·The EIDL Advance has no reporting requirements and does not have to be repaid. It is designed to provide immediate economic relief. This is independent from the EIDL Loan and not part of the Loan’s terms and conditions. Any Advance funds will be deducted from PPP forgiveness, however.
·The EIDL Loan funds may only be used for working capital expenses. Business expansion or acquiring fixed assets are not eligible uses of proceeds.
·In today’s (Wednesday) press conference Governor Andrew Cuomo said 12 additional counties can now conduct elective surgeries because of the decreasing infections in the state.
·The North Country Region has reached all 7 metrics necessary to begin reopening on May 15 according to Governor Cuomo. They will open on the same schedule as the 3 other regions who have already met the metrics as well.
NYS Comptroller Thomas DiNapoli's office has released an analysis of the state's fiscal outlook. "The state’s Enacted Budget Financial Plan anticipates a dire fiscal outlook in State Fiscal Year (SFY) 2020-21 and projects sweeping budget cuts that could affect essential services provided by the state, schools and local governments..." The full report can be found HERE.