Archive: Business & Technology

Washington, DC - Congressman Tom Reed provided updated information to impacted businesses to assist them in the current COVID-19 crisis.

"I care about ensuring businesses in our region have the tools necessary to keep people working and protect their long-term jobs during the Coronavirus crisis. We are in constant communication with officials at all levels and with impacted businesses to provide the information they need," said Rep. Reed.

A new Wallethub analysis reports that New York has the 7th smallest increase in unemployment claims of any other state.  Despite being the epicenter of COVID-19 in the United States, the state has managed to have the 3rd lowest increase in the Number of Unemployment Insurance Initial Claims of the 50 states and the District of Columbia.  As of yesterday (Thursday) 159,937 New Yorkers had tested positive for the virus.  7,067 fatalities were reported in New York State.

Another analysis finds that New York is the most aggressive state in limiting virus exposure.  New York ranked #3 in 'prevention and containment,' #1 in tested COVID-19 cases per capita, 12th in the share of workers who have the ability to take sick leave, 6th in public healthcare spending per capita, and 11th in its at-risk population.  New York has the lowest total public health emergency preparedness funding per capita of the 50 states and District of Columbia.  New York also ranked the fourth lowest public health care system quality.

Tompkins County Area Development (TCAD) is introducing a short-term emergency relief fund for businesses in Tompkins County that have been impacted by the Coronavirus pandemic.  The Emergency Relief Loan Program (The Fund) will provide 3-year term loans to traded sector businesses whose customers are regional or national in scope (businesses who primarily sell products or services outside Tompkins County).

The loan will be for working capital to:

• Prevent staff reductions
• Allow business operations to continue
• Offset losses related to the Coronavirus COVID-19

Washington, DC - Following President Trump's signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, Small Business Administration (SBA) Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.  The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

"This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level," said Administrator Carranza. "Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation's more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation's economic engine."

In an effort to assist its employees with unexpected financial burdens faced during the current COVID-19 crisis, Tompkins Financial is offering a discount loan program to employees who have encountered increased expenses or decreased income. These include spouse or domestic partner's job loss, and unexpected costs for elder care or child care. In addition, Tompkins has instituted up to 25% premium pay model for employees whose essential work requires them to be on-site.

The average bonus paid to employees in New York City's securities industry increased by 3 percent in 2019 to $164,100, but it is likely to fall sharply in 2020 as the coronavirus crisis strains industry profitability, according to annual estimates released today by New York State Comptroller Thomas P. DiNapoli.

"The securities industry had a good year in 2019, but the serious damage that COVID-19 is inflicting on financial markets and the global economy will sharply reduce industry profits this year," DiNapoli said. "The securities industry is integral to New York state's and New York City's economies, as a source of tax revenue and job creator in other industries. The state and the city need to prepare for the severe budgetary implications of the coronavirus crisis."

The Western New York Senate Delegation today called for the establishment of a $890 million Small Business Emergency Assistance Fund for the State of New York. Additionally, the delegation called for the tabeling of any budget proposals to ban the use of serviceware, including takeout containers. This proposed ban is especially concerning due to the COVID-19 pandemic and the reliance many restaurants have on sterile, single use polystyrene containers to provide takeout food.

"Now, more than ever we have to come together as a state to protect public health and safeguard the future of jobs in upstate New York.Together we must send a clear message to the job creators in our communities that we will work with them to weather this storm. That starts with rededicating state resources to provide 0% interest loans. Helping our local small businesses meet their obligations means employees will continue to receive paychecks and any other benefits they are entitled to receive. Additionally, although discussions regarding the State Budget are ongoing, it appears that a ban on polystyrene takeout containers is being considered. Nearly 800 local jobs in Canandaigua depend on the production of these products and it is the most hygienic way for local restaurants to provide takeout service and keep their doors open during this pandemic. Banning these takeout containers is wrong for a number of reasons, not the least of which is that it would jeopardize the health of New York's citizens," said Senator Pam Helming.

New York State Comptroller Thomas P. DiNapoli issued a revenue projection Tuesday for the 2020-2021 state budget which reflects an estimate of the economic impact and ongoing volatility stemming from the spread of the coronavirus (COVID-19). DiNapoli estimates tax revenue will be at least $4 billion below the projections in the Executive Budget of $87.9 billion. He also offered one alternative scenario if a more severe recession or sharper declines in the stock market occur, which could lower tax revenues by more than $7 billion.

Cuomo requested DiNapoli examine the revenue projection that the Governor and State Legislature agreed to on March 1 before they adopt a new budget, which is due April 1.

Tompkins Trust Company has hired Heather Mulhall in the role of Branch Manager – Business Development Officer, at the Company's Lyndon Corners Financial Center in Syracuse.

Mulhall joins the company with 15 years of experience in financial services. Her responsibilities will include growing business in the Syracuse market through Small Business lending. She will also be responsible for supporting the retail and branch activities at the financial center. Mulhall earned her Associates Degree in Applied Science from Buffalo State College and her Associates Degree in Retail Management from Cazenovia College. Mulhall is a member of the CNY Accounting and Financial Women's Association. She enjoys spending time with her family, is active in her church, and has done work with Maureen's Hope, Varies Chambers, and other not for profits.

Last week Governor Andrew M. Cuomo announced the launch of the New York Power Authority-Israel Smart Energy Challenge, a $2.5 million competition to attract Israeli companies with expertise in energy efficiency and clean energy generation to submit proposals to collaborate with New York's public utility on new clean energy technologies. The Governor is opening the challenge seeking Israeli companies that will advance power grid reliability, storage, sustainability and affordability, all of which benefit ratepayers, utilities and the environment.

"We have sent a message to the world that New York is open for business and based on our strong history of collaboration with innovative Israeli companies, this new competition will further diversify and grow our economy," Cuomo said. "Israeli companies are developing new technologies with the potential to take us into the next generation of resilient, renewable and affordable energy systems, and we look forward to building the new partnerships that will get us there, together."

Tompkins County has two business incentive zones: the City of Ithaca Community Investment Incentive Tax Abatement Program (CIITAP) and the Lansing Town Center Incentive Program.  The Lansing program was created almost a decade ago when the Town Board began to seriously consider paying the State to remove deed restrictions on the town center land north of the town ball fields in order to create a Lansing Town Center.  The program would encourage development in South Lansing in an area to the north and south of the Town Hall.  At a special Town Board working session Wednesday Lansing Director of Planning C.J. Randall asked the Board to consider options for clarifying the existing zone and/or adding new portions of the Town that would be eligible for a special incentive package.

"You could simply clarify the existing incentive program and where that could fall," Randall said. "Another option is considering expanding the area for which you could be eligible for those incentives based on areas that have existing water and wastewater."

The state Public Service Commission (PSC) is falling short in monitoring Charter Communications Inc. and other utilities across New York, according to an audit released today by State Comptroller Thomas P. DiNapoli. Auditors found regulators lacked the equipment to measure Internet speeds, used inaccurate data to track service reliability and imposed only four penalties in four years.

"When New Yorkers flip on the lights, log in or make a call, they should be confident that someone is making sure these service providers are living up to their promises," DiNapoli said. "My auditors found the state Public Service Commission was not doing enough to make sure utilities are holding up their end of the deal. PSC lacked critical equipment to do its job and rarely inflicted financial consequences when companies did not deliver. This has to change."