The Village of Saranac Lake Community Development Department and the Small Business Administration have released an update on loans and resources available for small businesses to help them persevere through this current public health crises.
Economic Injury Disaster Loan (EIDL) is a program intended to help cover working capital, pay fixed debts, payroll, accounts payable, other bills that can’t be paid because of the disaster.
EIDL Loan Advance are grants which provide emergency advances of up to $10,000 for small businesses and private non-profits negatively impacted by COVID-19 within 3 days of applying for an SBA EIDL, an economic injury disaster loan. The advance does not need to be repaid.
Paycheck Protection Plan (PPP) is a loan designed to provide incentive for small businesses to keep workers in their employ. SBA forgives loans if all employees are kept on payroll for eight weeks, and the money goes towards payroll, rent, mortgage interest, or utilities.
SBA Debt Relief will provide immediate relied to small business with non-disaster SBA loans.
Pandemic Unemployment Benefits are new benefits that are in addition to NYS unemployment insurance as a result of the CARES act. For more information about these expanded unemployment benefits please visit: labor.ny.gov/home/.
To learn more about these programs and to find assistance understanding their specifics, the following organizations are available to help:
- Small Business Development Center
- Adirondack Economic Development Corporation
- Franklin County IDA
- Essex County IDA
- Saranac Lake Area Chamber of Commerce
- Saranac Lake Village Community Development Department
Other resource guides:
- Franklin County IDA Resource Guide
- National Council of Nonprofits Resources
- Essex County IDA Resource Guide
- Side by Side comparison of PPP and EIDL programs