Paycheck protection program opens up again as Westchester slides into Phase 4 Reopening

Hits: 16

WPCNR REOPENING REPORTER. From County Legislator Catherine Parker. July 9, 2020:

Paycheck Protection Program has Reopened

The Paycheck Protection Program resumed accepting applications July 6, 2020. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020. 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 employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.

How To Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. View a list of lenders participating in the Paycheck Protection Program by state.
Westchester County in Phase Four of Reopening which includes Higher Education, Low-Risk Outdoor/Indoor Arts & Entertainment and Media Production

New York State released detailed guidance for Phase Four of reopening.
Higher Education including community and junior colleges, universities, graduate and professional schools, medical schools, and technical schools.Low Risk Outdoor Entertainment, including outdoor zoos, botanical gardens, nature parks, grounds of historic sites and cultural institutions, outdoor museums, outdoor agritourism, local agricultural demonstrations and exhibitions.

Low Risk Indoor Arts and Entertainment including museums, historical sites, aquariums, and other related institutions or activities.Media Production including all activities undertaken in motion picture, music, television, and streaming productions on set, on location, or at any production or recording site.

Read the NYS detailed Phase Four guidance here.

Please note that gyms, malls and movie theaters are not currently included in Phase Four.Additionally, indoor religious gatherings will be allowed up to 33 percent capacity, up from 25 percent.

Social gatherings will also be allowed up to 50 people in one setting, up from 25 in Phase 3.Each company seeking to reopen must document a detailed plan for a safe reopening. Click here to find a template for a Business Reopening Safety Plan for businesses reopening on Phase Four.Each company seeking to reopen must read the detailed Guidance provided by NYS and submit an affirmation. Click here to find the affirmation for businesses opening in Phase Four.
Community Capital New York Emergency Express LoanIf your small business needs immediate working capital, CCNY is offering a $10,000 Emergency Express Loan to help you bridge the gap. You can apply online and a member of the lending team will be in touch with you regarding documentation and next steps. Terms$10,00024-month term2% interest rateDeferred payments Minimum QualificationsAll business owners must have a credit score of 650 or higher.

Comments are closed.