The New York State Small Business Development Center at Binghamton University is available to assist small businesses throughout the region with applying for and understanding the forgiveness process for Small Business Administration Paycheck Protection Program (PPP) loans now through Aug. 8.
The CARES Act passed by Congress created programs to help businesses deal with the challenges of COVID-19, including financing options designed to help keep employees on payroll during the current crisis.
Small businesses may still apply for PPP funding if they have not previously received support from the program. In the past few days, Congress passed and President Trump signed into law an extension of the program through Aug. 8. In many cases, lenders will continue accepting applications until the end of July. The PPP offers small businesses the opportunity to obtain a loan that is potentially forgivable, provided they use at least 60 percent of the funding for payroll, the remainder for other allowed expenses. The advisors at the Binghamton University SBDC can assist with both the application process and understanding the process for forgiveness.
Since mid-March, the Binghamton SBDC advisors have assisted 720 small businesses with various forms of assistance specific to dealing with COVID-19. In that time, they provided more than 10,000 hours of service, resulting in more than $16 million in loans for area small businesses. More than $10 million came in the form of PPP loans.
“Our team has worked tirelessly to help the many businesses who came to us for assistance. They have been the small business first responders,” said Rochelle Layman, director of the Binghamton Regional SBDC. “We believe that our help had a real impact on helping to keep small businesses open and to keep employees on payrolls. At the same time, we recognize that our work is not yet done. Small businesses will continue to need assistance through this challenging time.”
Since its inception in 1984, the SBDC at Binghamton University has assisted 28,480 clients and helped to raise more than $433 million in private and public funding for their businesses, and has helped create or save 19,147 jobs across the Southern Tier of New York. The SBDC Regional Office in Binghamton provides support for 12 counties in New York state: Broome, Chenango, Cortland, Delaware, Otsego, Tioga, Tompkins, Allegany, Chemung, Schuyler, Steuben and Yates Counties.
For more information, contact Rochelle Layman at 607-777-4027.