Author: Frank V

Federal Reserve: Main Street Lending Program – An Overview

Description

The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.

This session will be led by OLSHAN LLP and review the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).

These programs are provided by the Bronx Business Organization Coalition. A partnership of the Third Avenue Business Improvement District, Bronx Chamber of Commerce, Jerome Gun Hill Business Improvement District, Bronx Overall Economic Development Corporation, Business Initiative Corporation of New York, South Bronx Alliance, Southern Boulevard BID, Belmont BID, Westchester Square BID, and White Plains Road BID.

Time

May 5, 2020 09:00 AM in Eastern Time (US and Canada)

To Register:  go to https://us02web.zoom.us/webinar/register/WN_9UwVIclCSGaefslt608Myg

A survey was conducted by the NYC Department of Small Business Services. Eighty-one businesses within the Throggs Neck BID participated.

The percent of revenue loss reported by those eighty-one businesses is as follows:

91–100% revenue loss: 27 of those responding.

81-90%, 13

71-80%, 6

61-70%, 6

41-50%, 7

31-40%, 5

21-30%, 4

10-20%, 2

As worrisome as those numbers are, the actual figures may be even more troubling. Only two of the respondents to the survey were traditional, non-food storefront businesses, the type of enterprise that constitute those hardest hit by the lockdown.

From NYC SBS:

What are some good practices for food businesses, including restaurants and grocery stores?

• If you are not already on a delivery platform, consider joining one or advertising phone orders on your social media channels.
• Offer contact-less delivery. If you or your customers prefer, you can offer to leave food just outside their doors instead of waiting for them to open the door for you.
• Follow NYC Health Code requirements for food preparation to prevent foodborne illness. No additional food protection protocols are required for COVID-19.
• Do not make deliveries if you are sick. You should be at home if you are sick.
• Wash hands thoroughly with soap and water or use hand sanitizer before and after each delivery.
• Practice social distancing, keeping 6 feet between you and others.
  • Ask customer before delivering food whether the food can be left at the door or with a doorman, if there is one.
  • In buildings with elevators, only get into a car where you can maintain a safe distance from others. Otherwise, wait for the next elevator. If possible, take the stairs.
• If you do interact with a customer, remember to wash hands or use hand sanitizer after every transaction.
•  
• What should I do if I feel sick or my employee feels sick?
• Stay home and call your doctor. If you are experiencing any cold or flu-like symptoms — coughing, sneezing, fever, shortness of breath, sore throat — call your doctor. If you are not feeling better after 3 or 4 days and do not have any preexisting conditions, consult your doctor. If you are over 50 years of age and have preexisting conditions and you begin to feel symptoms, consult your doctor – they may want to monitor you more closely.
• If you are an essential employee and have been authorized to continue to work out of your office, do not go back to work until you have been home for seven days and fever-free for 72 hours without the use of fever-reducing drugs like acetaminophen (e.g., Tylenol) or ibuprofen (e.g., Advil).

What are some good practices for food businesses, including restaurants and grocery stores?

• If you are not already on a delivery platform, consider joining one or advertising phone orders on your social media channels.
• Offer contact-less delivery. If you or your customers prefer, you can offer to leave food just outside their doors instead of waiting for them to open the door for you.
• Follow NYC Health Code requirements for food preparation to prevent foodborne illness. No additional food protection protocols are required for COVID-19.
• Do not make deliveries if you are sick. You should be at home if you are sick.
• Wash hands thoroughly with soap and water or use hand sanitizer before and after each delivery.
• Practice social distancing, keeping 6 feet between you and others.
  • Ask customer before delivering food whether the food can be left at the door or with a doorman, if there is one.
  • In buildings with elevators, only get into a car where you can maintain a safe distance from others. Otherwise, wait for the next elevator. If possible, take the stairs.
• If you do interact with a customer, remember to wash hands or use hand sanitizer after every transaction.

SBA Paycheck Protection Program Reopened Today!

• Prepare your Paperwork
• Contact your Lender
• Fill Out and Submit Your Application

Keep in Touch With Your Lender Until Approval

The Throggs Neck BID strongly urges you to do this promptly, before funds run out again.

From NYC SBS:

Hiring Assistance for Essential Service Businesses

My business delivers essential services and I need to hire staff, who can help me with recruitment?

No matter what your staffing needs are, we can help you hire the right employees at no cost. We can tap our pool of 100,000+ candidates to identify qualified individuals to meet your needs in essential services, such as food services, healthcare, manufacturing, pharmacy retail, transportation, and warehousing. Our services include:

• Sourcing job seekers through our candidate databases, paid advertisements (at no cost to you), and through local partner organizations
• Recruiting and screening candidates based on your needs — referring the most qualified to your business
• Scheduling interviews

Is there any guidance from the NYPD about how to protect myself and my business right now?

Think about burglary prevention.

• Test your alarm
• Make sure cameras are functioning and can record for 30-60 days
• Change the combination of any safes
• Protect accessible windows with locks, security films, grilles, or bars
• Ensure all entrances are well-lit
• Secure and alarm roof openings
• Lock up or remove climbing aids (like ladders)
• Empty and lock your cash register
• Secure and lock sidewalk openings

If you receive a phone call, email, or text message instructing you to purchase a prepaid merchant gift/debit card, cryptocurrency, or money order to pay any of the following, just hang up – it’s a scam!

• Law enforcement for bail
• IRS for owed taxes
• Utility company to avoid service interruption
• Immigration officials to avoid deportation/arrest
• Social Security officials for fraudulent activity/warrant/arrest involving your Social Security number
• Ransom
• Hospital for emergency treatment of a loved one

How can I disinfect my business if someone comes in and they appear to have symptoms?

• For businesses or other facilities that do not house people overnight, the CDC recommends closing off areas and waiting as long as is practical before beginning cleaning and disinfection to minimize potential for exposure to respiratory droplets. Open doors and windows to increase air circulation in the area.
• Staff should wear and use appropriate personal protective equipment (PPE) according to your existing policies and procedures.
• Have soap and paper towels in bathrooms at all times. Ensure that all hand washing sinks are in good state of repair.
• Use regular cleaning and disinfection products (e.g., Clorox, Purell, and peroxide products).
• Pay special attention to frequently touched surfaces like doorknobs, water fountains, and faucets.

Please note: The Department of Consumer and Worker Protection has declared facemasks, hand sanitizer and disinfectant wipes temporarily in short supply to prevent stores from overcharging New Yorkers. The declaration makes it temporarily illegal to drastically increase prices. Stores found to be overcharging consumers will be issued a violation with a fine up to $500 per item. NYC DCWP encourages consumers who feel they were overcharged to file a complaint at nyc.gov/dcwp or by contacting 311.

The following are examples of actions grocery stores have taken to maintain social distancing. These are only examples, and are not requirements.

1. Post signage on front doors of the store indicating how many people the store is allowing in at one time.
2. Post signage indicating people should wait in line outside the store if the store is at capacity.
3. Manage a line outside the store with tape demarcating 6 foot intervals; have an employee manage the number of people entering the store by the entry.
4. Add tape to the ground every 6 feet in a checkout line.
5. Place signs in produce area encouraging people to not touch and put back produce.
6. Limit the number of people who are shopping at one time.
7. Only using every other checkout station.
8. Have aisles be one-way in stores where practicable to maximize spacing between customers.
9. Install Plexiglas shields to separate employees from customers at checkout lines.
10. Discontinue all self-serve foods.
11. Sanitize credit card machines (including pen) regularly and consistently.
12. Sanitize cart and basket handles between uses (by staff).

Wherever possible, have employees wear gloves and face masks when interacting with customers and/or handling products