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Archive: Business & Technology

posticon NY Stock Exchange Reopens

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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?

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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

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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

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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

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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

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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

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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

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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

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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

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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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posticon Pandemic Will Cause Multi-Year Hit To State Finances

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The coronavirus pandemic has caused extraordinary economic challenges in New York with punishing, still-evolving impacts on public health, jobs, the economy and state finances. As a result, the enacted state budget leaves greater uncertainty for school districts, health care providers and local governments this year than ever before, according to a report released today by New York State Comptroller Thomas P. DiNapoli.

"The ultimate price of the coronavirus remains undetermined. What is clear is that Washington must do more to help stabilize state and local government finances to avoid drastic cuts that would hurt hospitals, schools and vital services," DiNapoli said. "The Executive and Legislature passed a budget under very difficult circumstances to address our immediate needs, but we must be mindful of the bigger picture. Tax revenues will be substantially lower in the near term because of the pandemic, and likely well beyond. The state should minimize long-term costs from any new debt and commit to building up our rainy day reserves. The road ahead is a challenging one and will require a long-term strategy."

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posticon Northeastern States Join To Plan Return to the Workplace

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nys on Hold
Recognizing that their states have one integrated regional economy, New York Governor Andrew M. Cuomo, New Jersey Governor Phil Murphy, Connecticut Governor Ned Lamont, Pennsylvania Governor Tom Wolf, Delaware Governor John Carney and Rhode Island Governor Gina Raimondo today announced Massachusetts Governor Charlie Baker is joining the multi-state council to restore the economy and get people back to work. This announcement builds on the states' ongoing regional approach to combatting the COVID-19 pandemic.

"We have been collaborating closely with our neighboring states to combat this pandemic through a uniform approach to social distancing and density reduction and it has been working well. Now it is time to start opening the valve slowly and carefully while watching the infection rate meter so we don't trigger a second wave of new infections," Cuomo said. "This is not a light switch that we can just flick on and everything goes back to normal - we have to come up with a smart, consistent strategy to restart the systems we shut down and get people back to work, and to the extent possible we want to do that through a regional approach because we are a regional economy. New York is partnering with these five states to create a multi-state council that will come up with a framework based on science and data to gradually ease the stay at home restrictions and get our economy back up and running."

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posticon Forgivable Micro-Loans to Support Local Small Businesses

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The Ithaca / Tompkins County COVID-19 Small Business Resilience Fund (SBRF) represents the collaboration of local economic development agencies and community partners who created the fund and pledged $390,000 to capitalize it.

These local partners include: Tompkins County Development Corporation (TCDC), Ithaca Urban Renewal Agency (IURA), Cornell University, City of Ithaca, Tompkins County Area Development (TCAD), The Tompkins Chamber of Commerce, the Downtown Ithaca Alliance (DIA), and the Tompkins County Workforce Investment Board (TCWIB).

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