Archive: Business & Technology

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.

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.

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.

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.

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."

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.

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."

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.

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.”

More 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.

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."

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.