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Archive: Business & Technology

posticon Tompkins Financial Corporation Reports Increased 2nd Quarter Earnings

Business & Technology | Friday, July 31, 2020 | By Madalene Ulrich Print
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tompkinsfinancial 120Tompkins Financial Corporation reported diluted earnings per share of $1.44 for the second quarter of 2020, up 13.4% compared to $1.27 reported in the second quarter of 2019. Net income for the second quarter of 2020 was $21.4 million, compared to $19.4 million reported for the same period in 2019. The company also announced announced that its Board of Directors approved payment of a regular quarterly cash dividend of $0.52 per share, payable on August 14, 2020, to common shareholders of record on August 3, 2020.

For the year-to-date period ended June 30, 2020, diluted earnings per share were $1.97, down 25.1% from the same period in 2019. Year-to-date net income was $29.4 million, down from $40.4 million, for the same period in 2019. Results for the 2020 year-to-date period were negatively impacted by economic stress resulting from the COVID-19 pandemic, which contributed to the $16.3 million provision for credit losses recognized during the first quarter of 2020.

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posticon US Chamber of Commerce Awards Reed and Gottheimer

Business & Technology | Friday, July 24, 2020 | By Office of Congressman Tom Reed Print
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Washington, DC - Congressman Tom Reed and Congressman Josh Gottheimer, the Co-Chairs of the bipartisan Problem Solvers Caucus, were presented with the U.S. Chamber of Commerce’s annual “Spirit of Enterprise” award Monday due to their leadership on economic issues and bipartisan work with small businesses and local employers. The award recognizes Members of Congress who support a pro-growth agenda.

“We are honored to receive this recognition of our commitment to bipartisanship and ongoing efforts to unleash the power of American entrepreneurs,” said Reed. “As we tackle the issue of economic resilience and recovery, we will continue to work with member of both parties on solutions that generate new jobs, support local businesses, and grow our economy.”

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posticon More than New York State 4,000 Projects Valued at $106 Billion

Business & Technology | Friday, July 24, 2020 | By New York State Comptroller's Office Print
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New York's Industrial Development Agencies (IDAs) reported $784 million in net tax exemptions in 2018, up 4.4 percent from 2017, according to an annual report that summarizes the performance of IDAs issued today by New York State Comptroller Thomas P. DiNapoli.

"Projects that come from Industrial Development Agencies continue to produce jobs across the state, but in the past couple of years the pace has slowed," said DiNapoli. "As our local economies build back from the shock of the pandemic, IDAs may have a critical role in helping businesses and communities get back on their feet, with careful review of the tax breaks they offer and the impact on local government budgets."

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posticon Paycheck Racism in Tompkins County

Business & Technology | Friday, July 17, 2020 | By Tompkins County Workers' Center Print
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New research initiated by the Tompkins County Workers' Center, and carried out by Cornell-Industrial and Labor Relations (ILR) Buffalo and Ithaca Co-Labs, has uncovered how deep racism in Tompkins County goes, and how important raising our minimum wage to a living wage really is.

Almost three-quarters of all Black workers, over age 18, in the County (74%) are paid less than a living wage, compared to a little over a quarter of all white workers, over age 18 (28%). So Black workers are almost three times as likely to be sub-living wage workers than whites.

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posticon Paycheck Protection Program Retains Thousands of Local Jobs

Business & Technology | Friday, July 17, 2020 | By TCAD Print
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In response to the COVID-19 crisis, the Small Business Administration (SBA) implemented the Paycheck Protection Program (PPP) to help small businesses survive and retain jobs in very uncertain times. The SBA will forgive the loans if employee retention criteria are met and the funds are used for eligible expenses. Tompkins County Area Development (TCAD), the economic development organization for Ithaca and Tompkins County, NY, recently evaluated the PPP loan-level data released by the U.S. Department of the Treasury in July for all 56 states and territories.

The PPP loan information was sorted into two classes: Loans of $150,000 or more (Class I), and; Loans less than $150,000 (Class II). Class I includes the names of recipient businesses but categorizes their loans into five different ranges ($150,000-350,000, $350,000-$1M, $1-2M, $2-5M, and $5-10M), whereas Class II omits names but includes precise loan amounts. Additional information, including industry, lender, and jobs retained are provided for all loans and offer a glimpse into just how critical the PPP was in enabling businesses to retain jobs in Tompkins County.

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posticon Cargill Expands Renewable Energy Portfolio

Business & Technology | Friday, July 10, 2020 | By Cargill Print
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Minneapolis - Cargill is making progress in its operations with new renewable energy projects managing climate impact. Cargill announced Tuesday ten new global renewable energy projects, most of which will be online in the next year. Cargill currently uses 15 different renewable energy sources around the world, including wind and solar power.

These renewable energy projects represent a vital component of Cargill's expanding renewable energy portfolio and progress against its climate commitment to reduce 10% of its overall greenhouse gas emissions from its operations by 2025, against a 2017 baseline. This is in addition to its commitment to reduce greenhouse gas emissions in its global supply chains by 30% per ton of product by 2030, also measured against a 2017 baseline. Both climate change commitments are science-based targets, and are aligned with the Paris Agreement and the United Nations Sustainable Development Goals.

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posticon Dermatology Associates of Ithaca Dedicates New Office

Business & Technology | Friday, July 10, 2020 | By Dermatology Associates of Ithaca Print
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Dermatology Associates of Ithaca released their New Office Dedication Video last week, in a socially distanced ceremony that invited participation from the community. Due to COVID-19, the organizers adapted the ceremony to prioritize safe social distancing, involve the community, and thanked all who have supported their mission of providing excellent Dermatology care to the community. The video features community members and local as well as national organizations such as original Dermatologist Dr. Robert Horn, the Harvard Dermatology Residency Program, the American Academy of Dermatology, Bethel Grove Bible Church, Women Swimmin’ for Hospicare, the Community Foundation of Tompkins County, and Racker.

“We are honored to have cared for our community’s skin health since 1983, and to continue providing top notch care even in this time of COVID-19. Skin cancer and skin disease don’t take a pause and in fact, our new lifestyles during COVID-19 can worsen existing skin disease such as acne and rashes and skin cancer. We are happy to be here to help! By working together as a team and adopting best practices from around the world, we have thankfully been able to keep our patients and staff and community safe and well cared for,” noted Dermatologist Dr. Josephine C. McAllister, MD FAAD.

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posticon Ithaca Hummus Pledges to Match Ithaca Farmers Market Donations

Business & Technology | Friday, July 10, 2020 | By Laura Gallup Print
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Ithaca Farmers Market announced today that Ithaca Hummus has pledged to match all donations made by the public to their fundraiser from Thursday to Sunday this week, July 9-12. Owner Chris Kirby reached out to IFM after seeing their fundraiser go live 2.5 weeks ago and said he hopes to help them surpass their initial goal of $20,000.

In 2013 Kirby and his wife started their small hummus business in Ithaca, and sold at the weekend market. Now the company is the fastest growing brand of hummus in America and their products can be found in grocery stores such as Whole Foods, Target, Stop & Shop, Safeway and more. Kirby said he wants to give back to the community where it all began and hopes that the people of Ithaca jump on this chance to double their money in supporting the market.

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posticon Bipartisan Caucus Endorses Bill to Protect American Jobs

Business & Technology | Friday, July 03, 2020 | By Office of Congressman Tom Reed Print
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Washington, DC - The Problem Solvers Caucus officially endorsed H.R. 6776, the JOBS Credit Act Wednesday, a bill that would expand the Employee Retention Tax Credit (ERTC) to provide struggling businesses with funds to keep workers on payroll and receiving benefits. If passed, the bill could help protect nearly 60 million jobs at 6.1 million businesses by expanding the ERTC.   Problem Solvers, Reps. Stephanie Murphy (D- FL) and John Katko (R-NY) introduced the bipartisan JOBS Credit Act in the House of Representatives. The legislation received the caucus' endorsement after more than 75 percent of the 50-member caucus agreed to support the bill.

"As we continue to fight COVID-19, we must continue to meet the changing needs of our small businesses that are vital to our country's economy, providing jobs and critical services to millions of Americans," said Problem Solvers Caucus Co-Chair Rep.Tom Reed (R-NY). "I am proud that the Problem Solvers Caucus endorsed the JOBS Credit Act, so we can continue to enhance programs like the Employee Retention Tax Credit that will allow small businesses to pay their bills, retain their employees, and remain ready to open their doors again soon."

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posticon New York 27th in Unemployment Recovery

Business & Technology | Friday, July 03, 2020 | By Dan Veaner Print
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Source: WalletHub

New York ranked 21st of the 50 states and District of Columbia whose unemployment claims are recovering the quickest over the past week, according to Wallethub statistics. New York also ranked 21st fastest to recover since the start of the COVID-19 crisis. The analysis finds that New Jersey is recovering the fastest over the past week, followed by Connecticut, Rhode Island, Oregon, and South Dakota.

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posticon Mall Distillery Proposed

Business & Technology | Friday, July 03, 2020 | By Dan Veaner Print
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Brand Y Brewery Mall Location

The Village of Lansing Planning Board heard plans Tuesday for a new distillery to be located at the Shops at Ithaca Mall. James Case said he plans to open a distillery in a former hair salon next to the former pet store location in the mall entrance near the TCAT bus stop.  He is calling it 'Brand Y Distillery' and said he eventually hopes to sell local wines and beers in addition to his own brandy, which, to start with, will be made in the mall storefront.

"That's just kind of new territory," Case said. "There are not a lot of distilleries in malls. That's why I named it Brand Y -- it's a little bit different."

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posticon Anderson Joins Tompkins Trust Company Board of Directors

Business & Technology | Friday, June 26, 2020 | By Madalene Ulrich Print
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Tompkins Trust Company welcomed Ithaca Neighborhood Housing Services Executive Director Johanna Anderson to its Board of Directors last Friday.

Anderson is an executive director who has dedicated her career to helping low-income people find quality, safe housing that fits their needs. She brings over 15 years of experience in expanding access to affordable housing, building livable communities, and leading economic development efforts to reach diverse populations throughout the nation. Anderson brings expertise in affordable housing finance and community real estate development, as well as a strong track record of developing successful collaborations among government, private sector, nonprofit and community partners.

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posticon State Tax Revenues Down $767 Million in May

Business & Technology | Friday, June 19, 2020 | By NYS Comptroller’s Office Print
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State tax receipts in May were down $766.9 million or 19.7% from the previous year, according to the monthly state cash report released today by State Comptroller Thomas P. DiNapoli.

“With an economy still suffocated by a global pandemic, the state’s finances took another serious hit in the month of May,” DiNapoli said. “We are now clearly seeing the recession’s impact on tax receipts. As we continue to slowly re-open the economy, it’s critical that Washington act on our call for more federal aid.”

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