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Access to Capital

The federal government worked swiftly to approve a variety of lending programs backed-by the Small Business Administration (SBA) intended to stabilize businesses during the world-wide COVID-19 pandemic. The primary lending programs are:

  • SBA Economic Injury Disaster Loan: Direct SBA lending program, technical assistance provided by the Small Business Development Center (SBDC). Can be used to pay debts, accounts payable, payroll and other operating expenses that can’t be paid because of the disaster. 
  • Economic Injury Disaster Loan Advances (EIDL): SBA has now made advances available of up to $10,000 on EIDL loans. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. All applicants who successfully submitted an application prior to 3/30/2020 received an email notifying them of this change.
  • SBA Express Bridge Loan: SBA Express Lenders are authorized to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amount up to $25,000. SBA Express Lenders in Schoharie County are Community Bank, NBT Bank & Trustco Bank.
  • Paycheck Protection Program (PPP): Any portion of this loan used to pay payroll, rent or utility expenses after disbursed can be deducted from the loan balance as a grant, considered loan forgiveness. Credit may be extended up to 250% of a business’s monthly payroll costs over the last 12-month period. Record keeping of the use of funds is critically important. Your existing financial institution may be able to process; otherwise, Pursuit Lending is recommended.  Click here for a program overview. 

Technical Assistance:

Small Business Development Center (SBDC)

Latest Information from the SBDC

(Small Business Development Center)

Ecomonic Injury Disaster Loan and Advance Programs

Re-Opened to New Applications

The SBA has re-opened the Economic Injury Disaster Loan (EIDL) and Advance (EIDL Advance) Programs to new applications. To access the application, click on the button below:

EIDL Application

Who should apply:

1.If you have not previously applied to the Economic Injury Disaster Loan (EIDL) program before and would like to be considered for an EIDL Loan or the EIDL Advance.

2.If you applied between March 19th and March 30th in the original application portal or document upload and have not received an EIDL Advance or Loan.

3.If there was an error in your original EIDL application.

Who should NOT apply:

1.If you have already been awarded an EIDL Loan and Advance.

2.If your EIDL application has been reviewed and declined.

If you need assistance with your EIDL application, please go to, click on make an appointment and submit the form. Once the form is received, a business advisor from the Small Business Development Center will be assigned to assist you.

SBDC-U Albany Webinars

SBDC U-Albany hosted a series of webinars featuring reopening and financial guidance.  On-demand webinars of past presentations are available.

SBDC COVID-19 Small Business Resources

Contact the Albany Small Business Development Center (serving Albany, Columbia, Fulton, Greene, Hamilton, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie Warren and Washington Counties)

June 17, 2020

SBA and Treasury Announce New PPP EZ Forgiveness Application

Revised Full Forgiveness Applications Also Available

WASHINGTON—Today, the U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, posted a revised, user-friendly Paycheck Protection Program loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, the SBA also published a new “EZ” version of the forgiveness application 

applying to borrowers who:

•Are self-employed and have no employees; OR

•Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR

•Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%

“This is great news for small businesses,” said SBA Regional Administrator Steve Bulger, who oversees agency operations in the Atlantic and Mid-Atlantic regions. “The EZ application requires fewer calculations and less documentation, which makes the process much less intimidating. I’m sure this will go a long way toward improving access and helping us distribute the remaining PPP appropriations to support small business owners and their employees.”

Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.

Click here to view the EZ Forgiveness Application. 

Click here to view the Full Forgiveness Application. 

May 7, 2020

Paycheck Protection Program Funds Still Available

Round Two still has over $100 Billion for Borrowers in Need

Click here to view the latest press release for the SBA

On Monday, April 27, the SBA resumed accepting

Paycheck Protection Program (PPP) applications from participating lenders

Click here for a list of authorized PPP lenders.

Pursuit, formerly known as New York Business Development Corporation, The 504 Company and Excelsior Growth Fund, has offered innovative lending solutions to help business owners follow their dreams.​

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