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January 25, 2021
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Dear Business Owner,
With a new year comes new information. Here are 5 things every business in New Rochelle should know:
Annual Business Registration Due by Jan. 31
All businesses are reminded that business registrations are due by January 31, 2021. Businesses must renew their registrations annually. If you have already submitted your renewal, it will be processed and your registration certification emailed to you.
The purpose of the Business Registration Program is to foster the growth of local businesses, attract new businesses to the City and to protect the health, safety and welfare of the individual and business citizens of the City.
Registration is free. If you require assistance completing your registration call or email Lisa Davis.
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Minimum Wage Increase
The New York State minimum wage increased on December 31, 2020, except in New York City, where it remains $15.00 per hour for all size businesses. In Nassau, Suffolk and Westchester counties, it is $14.00 per hour. In the remainder of the state, it is $12.50 per hour.
The Minimum Wage rates are scheduled to increase each year on 12/31 until they reach $15.00 per hour. Employers must post a Minimum Wage Information poster in their establishment.
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Location
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Starting 12/31/20
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Starting 12/31/21
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Long Island & Westchester
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$14.00
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$15.00
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Funding Opportunities
Second Round Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP), offered through the Small Business Administration, provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. SBA is currently offering:
First and Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
Maximum Loan Amount and Increased Assistance for Accommodation and Food Services Businesses
For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
NYS-Issued Guidance Regarding the NYS Income Tax Treatment for PPP Loan Forgiveness
The Consolidated Appropriations Act, 2021, H.R. 133, (CAA 2021) passed both houses of Congress on Dec. 21, 2020 and President Donald Trump signed the bill into law on Dec. 27. Included in this legislation was language which clarified that, not only is the income from the forgiveness of PPP loans not taxable, but that the expenses related to the forgiveness are fully deductible. In addition, the excluded income should be included in tax basis calculations for taxpayers who are shareholders or partners of S corporations or partnerships, respectively. The below article shares important highlights.
FREE REPLAY | Paycheck Protection Program Re-Opening-New Guidance Webinar | Presented by Business Council of Westchester and the New York State Small Business Development Center |
Local Lenders
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National Development Council (NDC) Grow America Fund (GAF) is taking applications for Paycheck Protection Program (PPP) First Draw and Second Draw Loans and can work with you through the forgiveness process NDC Online Application
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BOC Capital is accepting applications with special focus on women, minority and immigrant entrepreneurs. BOC Capital Inquiry Form
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Shuttered Venue Operator Grant (SVOG) Program Eligible organizations with a reduction in revenue due to the COVID-19 pandemic will have the opportunity to receive up to a $10 million grant under the program. This webinar will provide introductory information about the grants, who can apply, how potential organizations can prepare, and additional details re: eligibility and applications. Webinar
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Barstool Sports founder Dave Portnoy has helped raise more than $23 million for scores of small businesses impacted by the coronavirus pandemic. The basic idea is to supply a business with the funds they need to stay open for the NEXT MONTH which should continue until the business can sustain itself. Rule 1 - the ONLY rule - is you must have your payroll on - you must still be paying your employees. The Barstool Fund is open to ALL small businesses - it does NOT have to be a bar or restaurant. If you are a small business owner in need of help due to the impacts of COVID, you can submit your application.
Resources For Businesses
SBA has announced Ascent, an interactive digital platform packed with resources women business owners need to set, and achieve, their business goals. Ascent is designed for the “missing middle” — growth-oriented women entrepreneurs who are beyond the start-up phase and already generating revenue yet looking to grow and scale. Most learning resources for business owners focus on either start-ups or mature businesses. Ascent is here to change that!
During these challenging times, SBA’s Ascent can also help you elevate your business with research-backed tips and strategies. Within Ascent, you can examine both internal (strengths and weaknesses) and external factors (opportunities and threats) that may have arisen because of COVID-19 to help you set up a comprehensive recovery strategy. And Ascent is a resource you can turn to again and again, as your business grows and your needs change.
Ascent was created through a joint initiative between the White House, the U.S. Small Business Administration (SBA), the U.S. Department of Labor’s Women’s Bureau, and the U.S. Department of the Treasury. Bringing these agencies together provides Ascent users with unique access to a wealth of knowledge and expertise not found anywhere else.
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Westchester RISES workshops are open to all business owners. The next workshop is January 26, 2021 12:00 PM on Managing Insurance & Risk Strategies In The Pandemic Economy. Register for this workshop and listen to speakers discuss the shifts in real estate and office development in the pandemic. |
Women's Enterprise Development Center (WEDC) offers 60 Hour Entrepreneurial Training Program: WEDC’s professional trainers will assist you with navigating all aspects of starting, running and sustaining your business; hence, helping to create your roadmap for success.
In light of COVID-19, supplies fee is only $60.
Space is limited.
- In English, starts February 16 2021 runs evenings for 6 weeks: APPLY HERE
- In Spanish, starts January 28, 2021: APLIQUE AQUI
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Business Permits
As a reminder, permits are required for various items inside and outside your business. Get a permit before you start to avoid complaints and violations.
Our office is open by appointment only. Please call 914-654-2189 for more information or email ldavis@newrochelleny.com. I look forward to working with you!
Sincerely,
Lisa Davis
Business Ambassador
Ldavis@newrochelleny.com | 914-654-2189
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