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Important Information on the PPP Loan Program

Posted in: Chamber News

We are in this together and remain Columbia County Strong.

As a result of our well attended Zoom Round-table meeting this past Thursday, we learned there were many questions related to the SBA’s PPP program.  In inquiring about your questions we learned the following to pass along if you are applying for the program.  Be prepared with:

  • Schedule of employees
  • A worksheet/spreadsheet in any format you like showing the calculations and date range used to determine your average monthly payroll costs with supporting documents (e.g. W-3, 941, third party payroll processor records or tax returns)2019 Fed Business Taxes or 2019 Profit/Loss Statement

NOTE: Sole proprietor must provide a complete copy of your 2019 1040, a 2019 SCH C with all schedules attached. Please submit proof your business was operational on February 15, 2020. This could be in the form of a bill, invoice or bank statement. 

Below we are providing a list of Chamber Member Financial Institutions, CPA’s and Credit Unions that may be of assistance at this time.  

Financial Institutions

The Bank of Greene County
www.tbogc.com

Berkshire Bank
www.berkshirebank.com

Community Bank, N.A.
www.cbna.com

Farm Credit East ACA
www.farmcrediteast.com

Key Bank
www.key.com

TD Bank N.A.
www.tdbank.com

Trustco Bank
www.trustcobank.com

Columbia-Greene Federal Credit Union
www.cgfcu.org

Greylock Federal Credit Union
www.greylock.org

Accountants

Karp, Ackerman, Small & Hogan, CPA’s PC
www.kashpc.com

Shallo, Galluscio & Bianchi CPAS PC
www.empirecpa.com

Sickler, Torchia, Allen & Bianchi CPA’s PC
www.stac-cpa.com

Susan G Baer CPA PC
www.northeastcpa.com

UHY LLC (Pattison, Koskey, Howe & Bucci CPA’s PC)
https://uhy-us.com/services/welcome-pattison-koskey-howe-bucci-cpas-pc-clients

Here is some information about the money authorized in the PPP loan program and Cares Act as passed by Congress and signed by the President.

  • $310 billion increase (total of $659 billion) for Paycheck Protection Program 
  • Sets aside the following amounts: o $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion; and o $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion 
  •  No changes to eligibility for the PPP (No 501  c(6) fix) $10 billion increase (total of $20 billion) for EIDL Grants and an additional $50 billion to support EIDL Loans 
  • Allows agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans. $75 billion increase (total of $175 billion) for reimbursement to hospitals and healthcare providers 
  • Same language as the CARES Act $25 billion for COVID-19 tests 
  • Covers expenses to research, develop, validate, manufacture, purchase, administer, and expand capacity 
  • $11 billion for states and localities and includes ability to cover cost of testing for employers
  •  $1 billion for CDC for contact tracing

If you feel there is anything further we can assist you with, please call me at 518-828-4417 or email jhunt@columbiachamber-ny.com.

We are Columbia County Strong and we will get through this together.

Sincerely,
 

Jeffrey C. Hunt, CCE
President and CEO

Columbia County Chamber of Commerce

Please send your news items to Amy Kneller at akneller@columbiachamber-ny.com

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