Small Business in City of Utica bailout

[Deleted]

Stimulus Loan Program



The City of Utica in response to the COVID-19 pandemic is offering a number of incentives to City businesses including a zero-interest loan that can convert to a grant based on the retention of low to moderate-income individuals.



If you are a small business in the City of Utica with 25 employees or less, you may qualify based on the criteria below:



Maximum loan for an individual business is $10,000. All loans will have zero interest.

Loan can convert to a grant if specific criteria is met, including business owners keeping their low to moderate-income staff on payroll (funds are not meant to replace lost sales or profits). The business owner must provide a good faith certification of funding usage and payroll information must be provided as verification

No Personal Guarantees will be required (however collateral will be required)

The City will provide the loan proceeds within 1-2 weeks depending on completeness of application and other loan materials

All federal job retention guidelines must be followed throughout the process



Businesses that have secured funding through the Payroll Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL) will not be eligible to receive the City's COVID-19 Stimulus Funds.



Complete the attached Application and Employment Record and have your employees complete the Employee Questionnaire. Return to Jack Spaeth via email at [e-mail] or mail to Jack Spaeth, City of Utica, 1 Kennedy Plaza, Utica, NY 13502



Application

Employment Record

Employee Questionnaire





Existing City Loan Forbearance



The City of Utica is also offering forbearance for existing loans. Currently, sixteen (16) businesses have loans with the city and are eligible to receive a loan forbearance with no principal payments or interest due for three months.




cityofutica.com/departments/urban-and-economic-development/business/covid-19-stimulus-funding-program/index?fbclid=IwAR2EmKBVt2j8yMnURnIMa3yhRs463yvvJlUc7xvZkmt68PAHfuf199IAj_g

[Clipper]

That sounds great. Probably a shorter time between applying and cash in hand. I would just hope with the city of Utica administering the program for the feds that there would not be any politics involved in who does and who doesn't get the loans. Why am I suspicious of anything that comes out of city hall? Hmmm. Possibly because Utica's politics hasn't changed in the 73 yrs I have been on earth. Here is hoping that the program is handled fairly and quickly and that small businesses in the area can benefit and survive as a result.

[Clipper]

Welcome to the forum Safiabooker. Thank you for joining us, and thank you for passing along the information. Small business is certainly suffering under the restrictions brought about by the pandemic. ANY relief that is available is a godsend at this point. Congratulations on your success. I hope you continue to do well.

[Deleted]

She sounds like spam email I receive.

[artsyone]

Hello Safia. Welcome to the Forum. Please tell us more about this loan program and exactly what type of business you are in.