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Archive: Business & Technology

posticon TCT Helps More Than 650 Pandemic-affected Businesses

Business & Technology | Friday, June 19, 2020 | By Madalene Ulrich Print
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tct 120More than 650 Central New York companies have received a total of $102 million under the SBA's Paycheck Protection Program, thanks to Tompkins Trust Company's work to expedite the program. "Small businesses and their employees are the life source of the local economy and are essential partners to us as Central New York's community bank," said President and CEO Greg Hartz. "We wanted to do our part to support these businesses, so we tried to get out ahead of the rush and process the loans as quickly and efficiently as possible. We're thankful to say these efforts have protected more than 6,000 local jobs."

That focus required essential bank staff to work extended hours, mostly remotely, to reassure customers, explain the PPP program and process the loans. Businesses are using the loans to keep employees on their payrolls as well as cover some interest, rent and utility costs.

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posticon TCAD Reports $87 Million Investment in 2019

Business & Technology | Friday, June 12, 2020 | By Dan Veaner Print
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Tompkins County Area Development (TCAD) President Heather McDaniel released an annual report yesterday that summarizes the organizations 2019 achievements. Last year TCAD facilitated 23 projects, 54 projected new jobs, 159 retained jobs, and new investment in Tompkins County of $87 million.

In a letter to community partners, McDaniel wrote, "It has been three months since all of our lives were first impacted by COVID-19. Three months ago the TCAD team was putting the fining touches on our annual report and planning for our annual meeting in May – our opportunity to share and celebrate our successes with all of you. We made the decision to cancel the annual meeting, but I could not let an entire year go by without sharing the work we did in 2019 to contribute to a thriving and prosperous Ithaca and Tompkins County."

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posticon New York Unemployment Claims Rise Due to Coronavirus

Business & Technology | Friday, June 05, 2020 | By WalletHub Print
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Source: WalletHub

According to an ongoing WalletHub report there has been a 530.99% Increase in Unemployment Claims (May 2020 vs May 2019). There were 82,981 claims the week of May 25, 2020 vs 13,151 the week of May 27, 2019. That meant New York had the 22nd lowest increase in the US.

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posticon NY Stock Exchange Reopens

Business & Technology | Friday, May 29, 2020 | By New York State Governor's Office Print
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nyse reopensThe New York Stock Exchange re-opened Tuesday for up to 25% capacity. Governor Andrew M. Cuomo rings the opening bell at the New York Stock Exchange, with NYSE President Stacey Cunningham Tuesday morning May 26, 2020. The floor of the NYSE had been closed to traders since March 23, 2020. Photo by Darren McGee - Office of Governor Andrew M. Cuomo

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posticon COVID-19 Apps -- Do We Need Them?

Business & Technology | Friday, May 29, 2020 | By Dan Veaner Print
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COVID Screening App

No matter what impacts our lives in any way, there is likely to be an app for whatever it might be.  So it should be no surprise that smart phone users have a choice of apps to help navigate the COVID-19 pandemic.  Search the App Store on your iPhone or the Google Play store on your Android phone and you'll see what I mean.  But do we really need an app for this?

I went by the customer ratings.  An app developed by Apple got the highest rating on the iOS App Store.  It is a phone app version of Apple's COVID-19 Screening Tool that is also available on the Apple website.  The app was developed in cooperation with the CDC, the White House, FEMA, and the State of New York.

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posticon Over $10B in Unemployment Benefits Paid to Over 2M New Yorke

Business & Technology | Friday, May 22, 2020 | By New York State Governor's Office Print
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New York State Coronavirus

The New York State Department of Labor announced Wednesday that the backlog of pending unemployment benefit applications has been reduced to 7,580 — representing major progress since an unprecedented crush of applications related to the COVID-19 pandemic flooded the DOL's systems in March. This universe of unprocessed applications includes those that are missing critical information and cannot be processed, duplicates, and abandoned claims. Additionally, since the passage of the Federal CARES Act, 562,766 PUA applicants have received unemployment benefits.  In total, more than 2 million unemployment benefit applications have been processed, and those New Yorkers have received over $10 billion in benefits.

"No one could have predicted the wave of unemployment applications that crashed over the United States because of the COVID-19 pandemic, and every state is struggling — but New York has moved faster than any other state to address our backlog and get money into New Yorkers' hands. To date, we have paid out over $10 billion dollars during this crisis, compared to just $2.1 billion in total last year," NYS Labor Commissioner Roberta Reardon said. "Those claims that have been outstanding for weeks are ones that we simply cannot process — we have already attempted to contact all of these New Yorkers, and we will continue to try get in touch with everyone who applied so we can connect them with the benefits they are eligible for."

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posticon Rahilly Joins Tompkins Financial Corporation

Business & Technology | Friday, May 15, 2020 | By Madalene Ulrich Print
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tf Rahilly
Tompkins Financial Corporation welcomed Ita M. Rahilly to the Tompkins Financial Corporation Board of Directors. Ms. Rahilly was officially elected at the Annual Meeting of Shareholders held on Tuesday, May 5, 2020. Ms. Rahilly will continue as a director of Tompkins Financial’s affiliate, Tompkins Mahopac Bank, where she has served since 2018.

Rahilly has served as a Tax Partner with the firm of RBT CPAs, LLP in Newburgh, NY since January 2005. She is the Partner in charge of the firm’s tax division where she assists closely-held businesses and their shareholders and high net worth individuals in achieving their goals. Additionally, she is a member of the Governing Council of the American Institute of Certified Public Accountants (AICPA), President of the New York State Society of Certified Public Accountants (NYSSCPA), a member of the National Association of Estate Planners and Councils (NAEPC), and the Hudson Valley Estate Planning Council.

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posticon Silo Food Truck & Liquid State Brewing Announce New Partnership

Business & Technology | Friday, May 15, 2020 | By Silo Food Truck Print
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silo Jesse and Katie at Truck
Reopening on May 17th Silo Food Truck will offer online ordering for their famous fried chicken, mac & cheese and other delicious dishes four days a week from Liquid State Brewing on 620 West Green Street in Ithaca.

"We are excited to introduce Silo in a new way and couldn't be more thrilled to do it alongside the team at Liquid State Brewing", said Katie Foley, co-owner of Silo Food Truck. Katie and her partner Jesse Steve, aka the Chicken Wizard, originally approached the owners of Liquid State, Ben Brotman and Jamey Tielens, earlier this year to explore a partnership that would launch Fall 2020.

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posticon Tompkins Financial Reports Cash Dividend and First Quarter Earnings

Business & Technology | Friday, May 08, 2020 | By Madalene Ulrich Print
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tompkinsfinancial 120Tompkins Financial Corporation announced that its Board of Directors approved payment of a regular quarterly cash dividend of $0.52 per share, payable on May 18, 2020, to common shareholders of record on May 11, 2020.

The company also announced net income attributable to common shareholders of $7.9 million, or $0.53 per diluted common share for the first quarter of 2020, compared to $21.0 million, or $1.37 per diluted common share, for the first quarter of 2019. Results for the first quarter of 2020 were negatively impacted by current economic stress resulting from the COVID-19 pandemic, which contributed to the $16.3 million provision for credit losses recognized during the quarter under the new current expected credit losses (CECL) accounting standard. Refer to "Asset Quality" section for further discussion of the impact on the Company's financial statements upon adoption of this new accounting guidance.

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posticon TCAD Earns NYS’s First IEDC Accreditation

Business & Technology | Friday, May 08, 2020 | By Margaret Frank Print
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tcad annual report
Tompkins County Area Development (TCAD), the economic development group for Ithaca, N.Y., and the surrounding county, is the first in New York State to achieve Accredited Economic Development Organization (AEDO) status from the International Economic Development Council (IEDC). TCAD is one of only 67 organizations in the world to achieve this certification, which confirms that trust from the business community is well-placed.

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posticon New York State Plans for Re-opening

Business & Technology | Friday, May 01, 2020 | By New York State Governor's Office Print
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In Monday's briefing, Governor Andrew M. Cuomo began to talk about plans for reopening the state in phases, with a regional analysis and determination. The first phase will be to reopen construction and manufacturing with low risk. The second phase will add more business re-openings and most likely include schools. There will be at least 14 days between phases to monitor and correct if necessary. During both phases no attractions or openings that draw a large number of visitors from outside the local area will be allowed.

On Tuesday Cuomo outlined additional guidelines for the phased plan to re-open New York on a regional basis. Each region of the state - Capital Region, Central New York, Finger Lakes, Mid-Hudson Valley, Mohawk Valley, New York City, North Country, Long Island, Southern Tier and Western New York - must follow these guidelines as part of the re-opening plan.

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posticon Americans Spending More Money While Social Distancing

Business & Technology | Friday, May 01, 2020 | By Wallethub Print
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coronavirus shopping survey top58 million Americans are actually spending more money while social distancing, despite being able to go out less, in large part because many people are participating in “comfort buying” – or shopping as a way to relieve stress and boredom.
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posticon Helming Wants Support For Small Businesses

Business & Technology | Friday, May 01, 2020 | By Office of NYS Senator Pam Helming Print
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helming smallbusiness
Geneva - Senator Pam Helming has been working with numerous local small businesses and job-creators over the last month to respond to the COVID-19 pandemic. Businesses across our entire region and economy have been negatively impacted by this pandemic and must be given the necessary support to get our economy off the ground and allow people to return to work.

"Since taking office and becoming the Ranking Member of the Senate Committee on Commerce, Economic Development and Small Business, I have worked to address the challenges that small businesses and farms face every single day. In the midst of COVID-19, with many businesses forced to limit their operations or close altogether, these challenges have significantly increased. As we work tirelessly to help our unemployed workers, we must also help our job-creating small businesses, including the Main Street and seasonal businesses, that employ them," Helming said.

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