view/download documents needed here:
You only need a NYS-45 if you have a payroll. If you use a Payroll company, ask them for this.
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Questions we sent to the city which they have answered
1. What if the building is owned by a different person/entity than the business?
The business can request money from the "Micro Enterprise" or "Small Business" programs and the entity that owns the building can ALSO request funds from the Community Investment Fund. The Community Investment Fund loan is not forgivable.
2. What if I'm not sure about the exact price for each line item in my loan?
You can group projects and give a price for the project and then give examples of the related expenses.
Example:
"Marketing - $2,000 (including: Marketing Consultant, Facebook Ads, Google Ads)"
"Promotional Event - $3,000 (including: live entertainment , catering, venue rental, permits)"
You should be as detailed as reasonable but you don't have to break down every expense related to an event.
3. What is an "Interim Balance Sheet"?
What they meant was that they would like a Balance Sheet from no further back than June 30th, 2021.
The business can request money from the "Micro Enterprise" or "Small Business" programs and the entity that owns the building can ALSO request funds from the Community Investment Fund. The Community Investment Fund loan is not forgivable.
2. What if I'm not sure about the exact price for each line item in my loan?
You can group projects and give a price for the project and then give examples of the related expenses.
Example:
"Marketing - $2,000 (including: Marketing Consultant, Facebook Ads, Google Ads)"
"Promotional Event - $3,000 (including: live entertainment , catering, venue rental, permits)"
You should be as detailed as reasonable but you don't have to break down every expense related to an event.
3. What is an "Interim Balance Sheet"?
What they meant was that they would like a Balance Sheet from no further back than June 30th, 2021.
wHAT TO EXPECT ON THE 2ND PART OF THE APPLICATION
Questions that are on all 3 applications
Applicant information requested ON ALL APPLICATIONS
EMPLOYMENT/OPERATIONS QUESTIONS ON ALL APPLICATIONS
BUDGET & FINANCIAL REQUEST QUESTIONS ON ALL APPLICATIONS
MISCELLANEOUS QUESTIONS ON ALL APPLICATIONS
APPLICATION ATTACHMENTS REQUIRED ON ALL APPLICATIONS
Other Requirements for ALL APPLICATIONS
DISCLOSURE on all applications
Please note the Agency is required to comply with Article 6 of the Public Officers Law which declares that all records in the possession of the Agency (with certain limited exceptions) are open to public inspection and copying. If the Applicant feels that there are elements of the application which are exempt from disclosure under Art. 6 of the Public Officer's Law, the Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officers Law, the Agency may also redact personal, private, and/or proprietary information from publicly disseminated documents. It is the responsibility of the Applicant to request the Agency redact any and all information it deems exempt in compliance with Article 6 of the Public Officers Law.
SIGNATURE AND APPLICATION ACKNOWLEDGMENTS on all applications
The Applicant understands and agrees with the Agency as follows:
- Have you already completed the SEDCO Program Questionnaire? ☐ Yes ☐ No
- Legal Business Name:
- Year Founded:
- Business Address:
- Zip Code:
- Applicant/Primary Contact:
- Title:
- Amount of funding requested:'
- Has your business received any prior financial assistance through federal, state, or local Covid-19 support program since March 7, 2020? ☐ Yes ☐ No - If yes, please specify how much and which program.
- If applicable, please estimate the total amount of Covid-19 funding assistance your business has received since March 7, 2020. ______________
- Did your business experience a decline (loss) of sales in 2020 and/or 2021? ☐ Yes ☐ No
EMPLOYMENT/OPERATIONS QUESTIONS ON ALL APPLICATIONS
- Total # of employees as of March 7, 2020 (if applicable):
- Total # of current employees as of date of application:
- Was your business open & operating on March 7, 2020? ☐ Yes ☐ No - If yes, for what period of time?
- If no, please describe, in detail, when your business opened and your prior experience/ background in the industry of which your business is categorized?
BUDGET & FINANCIAL REQUEST QUESTIONS ON ALL APPLICATIONS
- Due to high demand, it is possible applicants may not receive the full funding request made to SEDCO. Please explain how you will prioritize each expense item listed above relative the amount of any financial assistance provided:
- Please describe, in detail, the impact Covid-19 has had on your business since March 2020. Additionally, please provide a summary of the measures your organization has taken to date, or plans to take in the next 60-90 days in order to adapt to current economic conditions.
- The Syracuse Economic Development Corporation (SEDCO) is working with companies and organizations across our community and making efforts to provide resources to those most impacted by economic hardship since March 2020. Please explain how your request will immediately benefit your organization, your workforce, and more broadly, the City of Syracuse community in the short term and long term.
MISCELLANEOUS QUESTIONS ON ALL APPLICATIONS
- ☐ Yes ☐ No Is the Company or its principals presently the subject of any litigation, or is any litigation threatened, which would have a material adverse effect on the Company’s financial condition?
- ☐ Yes ☐ No Has the Company or its principals ever settled a debt with a lending institution for less than the full amount outstanding?
- ☐ Yes ☐ No Has the company, its affiliates or its principals ever filed bankruptcy, a creditor’s rights or receivership proceeding, or sought protection from creditors?
- ☐ Yes ☐ No Is the Company or its principal’s delinquent on property, personal, and/or employment taxes?
- ☐ Yes ☐ No Has the Company or its principals ever been convicted of any felony or misdemeanor, other than a minor traffic violation, or are any charges pending?
- ☐ Yes ☐ No Has the Company, its affiliates or its principals, been cited for a violation of federal, State or local laws or regulations with respect to labor practices, hazardous wastes, environmental pollution or operating practices?
- ☐ Yes ☐ No Are there any outstanding judgments or lien pending against the Company, its affiliates or its principals other than liens in the normal course of business? If yes, please specify the amount: $________________________
- ☐ Yes ☐ No Has the company or principal(s) ever been issued an injunction, been imposed civil penalties or fines? been accused of false or misleading statements, or been the subject of a proceeding or had any allegations made against them, by any federal, state, local agency or authority including but not limited to the SEC, FCC, FDA, or OSHA? If yes, please attach a written explanation to this application.
APPLICATION ATTACHMENTS REQUIRED ON ALL APPLICATIONS
- ☐ 2020 Business Federal Tax Return including all schedules;
- ☐ 2020 Personal Federal Tax Return for any individuals with >20% ownership; ☐ An interim Profit & Loss Statement through at least June 30, 2021;
- ☐ An Interim Balance Sheet through at least June 30, 2021;
- ☐ A personal financial statement available using this link dated within the last 60 days for any individuals with >20% ownership
- ☐ A copy of the applicant’s 2020 NYS-45 Tax Form (if applicable)
Other Requirements for ALL APPLICATIONS
- For each of the above, a resolution of the board of directors, if applicable, or other certification acceptable to the corporation of an authorized officer of the company authorizing the submission of this application and the acceptance of any approved loan proceeds.
- Aside from the foregoing, the Agency will obtain a credit report and reserves the right to request additional financial or other corporate governance or other materials or information it deems necessary to adequately review and assess the application.
- A contract agreement must be executed between SEDCO and approved applicants prior to disbursement of any approved funds.
- SEDCO reserves the right to request any additional information as deemed necessary.
- If any of the required attachments listed on the previous page are not attached to this application, please provide explanation:
DISCLOSURE on all applications
Please note the Agency is required to comply with Article 6 of the Public Officers Law which declares that all records in the possession of the Agency (with certain limited exceptions) are open to public inspection and copying. If the Applicant feels that there are elements of the application which are exempt from disclosure under Art. 6 of the Public Officer's Law, the Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officers Law, the Agency may also redact personal, private, and/or proprietary information from publicly disseminated documents. It is the responsibility of the Applicant to request the Agency redact any and all information it deems exempt in compliance with Article 6 of the Public Officers Law.
SIGNATURE AND APPLICATION ACKNOWLEDGMENTS on all applications
The Applicant understands and agrees with the Agency as follows:
- A. Absence of Conflicts of Interest
- The applicant has received from the Agency a list of members, officers and staff of the Agency. To the best of my knowledge, no member, officer or employee of the Agency has an interest, whether direct or indirect, in any transaction contemplated by this application, except as hereinafter described.
- B. False or Misleading Information
- The applicant understands and agrees that the submission of knowingly false or misleading information in this application may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any awarded and disbursed.
- C. Hold Harmless Agreement
- Applicant hereby releases the Agency and the members, officers, servants, agents and employees thereof (collectively, the "Employees") from, agrees that the Agency and the Employees shall not be liable for, and agrees to indemnify, defend, and hold the Agency and the Employees harmless from and against any and all liability arising from or expense incurred by the Agency's examination and processing of, and action pursuant to or upon, the attached application, regardless of whether or not the application is favorably acted upon by the Corporation.
- D. SEDCO's Policies
- The applicant is familiar with SEDCO’s polices posted on its website (http://www.syrgov.net/SEDCO) and agrees to comply with all applicable policies as if any awarded funds constituted a project as set forth in such polices.
- E. Disclosures
- The Applicant has read paragraph 6 above and understands that the Applicant must identify in writing to the Corporation any information it seeks to have redacted.
- F. Reporting
- Applicants agree to cooperate with the Corporation to satisfy any State mandated reporting requirements.
aDDITIONAL QUESTIONS FOR MICRO-ENTERPRISE APPLICATION (UP TO $5K FOR-PROFIT BUSINESSES)
Which best describes your business: ☐ Corporation (including LLC's) ☐ Partnership ☐ Sole Proprietorship
Which industry classification best describes your business (check no more than 2): ☐ Retail Trade ☐ Food Service ☐ Manufacturing ☐ Tourism / Travel ☐ Personal Services ☐ Medical Services ☐ Transportation ☐ Child Care ☐ Hospitality ☐ Other: __________________________________
Complete a spreadsheet with the following columns to itemize list of how you want to spend the money:
APPLICATION ATTACHMENTS REQUIRED FOR MICRO BUSINESS LOAN APPLICATION
Which industry classification best describes your business (check no more than 2): ☐ Retail Trade ☐ Food Service ☐ Manufacturing ☐ Tourism / Travel ☐ Personal Services ☐ Medical Services ☐ Transportation ☐ Child Care ☐ Hospitality ☐ Other: __________________________________
Complete a spreadsheet with the following columns to itemize list of how you want to spend the money:
- Amount
- Expense/Item
- 3rd Party Vendor / Company Name
- Purpose
APPLICATION ATTACHMENTS REQUIRED FOR MICRO BUSINESS LOAN APPLICATION
- ☐ Any vendor estimates, quotes, or documents to explain the cost of the items SEDCO funds are being requested for
ADDITIONAL QUESTIONS FOR SMALL BUSINESS ASSISTANCE FUND APPLICATION (up to $25k)
Which best describes your business: ☐ Corporation (including LLC's) ☐ Partnership ☐ Sole Proprietorship
Which industry classification best describes your business (check no more than 2): ☐ Retail Trade ☐ Food Service ☐ Manufacturing ☐ Tourism / Travel ☐ Personal Services ☐ Medical Services ☐ Transportation ☐ Child Care ☐ Hospitality
☐ Other: __________________________________
Complete a spreadsheet with the following columns to itemize list of how you want to spend the money:
Please describe in detail the history and nature of your business or organization and its ties to the City of Syracuse (the "City") community and the impact of your business/organization's work in the City community.
Describe in detail the efforts made by the business/organization to retain jobs or generate new investment since March 2020; and what assurances you can provide/make regarding ongoing efforts to retain jobs if the funding request is provided by SEDCO?
APPLICATION ATTACHMENTS REQUIRED FOR MICRO BUSINESS LOAN APPLICATION
Which industry classification best describes your business (check no more than 2): ☐ Retail Trade ☐ Food Service ☐ Manufacturing ☐ Tourism / Travel ☐ Personal Services ☐ Medical Services ☐ Transportation ☐ Child Care ☐ Hospitality
☐ Other: __________________________________
Complete a spreadsheet with the following columns to itemize list of how you want to spend the money:
- Amount
- Expense/Item
- 3rd Party Vendor / Company Name
- Purpose
Please describe in detail the history and nature of your business or organization and its ties to the City of Syracuse (the "City") community and the impact of your business/organization's work in the City community.
Describe in detail the efforts made by the business/organization to retain jobs or generate new investment since March 2020; and what assurances you can provide/make regarding ongoing efforts to retain jobs if the funding request is provided by SEDCO?
APPLICATION ATTACHMENTS REQUIRED FOR MICRO BUSINESS LOAN APPLICATION
- ☐ Any vendor estimates, quotes, or documents to explain the cost of the items SEDCO funds are being requested for
ADDITIONAL QUESTIONS IN COMMUNITY INVESTMENT FUND APPLICATION ONLY
What is the total cost of the project (including non-SEDCO funding sources)?: $____________
Is the project site address the same as the business address? ☐ Yes ☐ No If No, please identify the project address:
Which best describes your business: ☐ Corporation (including LLC's) ☐ Partnership ☐ Sole Proprietorship ☐ Not-for-Profit If business is a not-for-profit, was it formed under the NYS Not for Profit Corporation Law? ☐ Yes ☐ No If YES, identify which section of the law it was formed
Which industry classification best describes your business (check no more than 2): ☐ Retail Trade ☐ Food Service ☐ Manufacturing ☐ Tourism / Travel ☐ Personal Services ☐ Medical Services ☐ Transportation ☐ Child Care ☐ Hospitality ☐ Real Estate Development ☐ Other:
For your budget, please provide an estimated budget amount and funding source for the following cost types (as applicable):
Please provide in detail a summary narrative about your project and explain the investment that is planned/proposed.
Describe in detail the efforts made by the business/organization to retain jobs or generate new investment since March 2020; and what assurances you can provide/make regarding ongoing efforts to retain jobs if the funding request is provided by SEDCO?
ADDITIONAL ATTACHMENTS FOR COMMUNITY IMPACT FUND APPLICATIONS
∙ For 501c3 Not-for-Profit Organization:
Is the project site address the same as the business address? ☐ Yes ☐ No If No, please identify the project address:
Which best describes your business: ☐ Corporation (including LLC's) ☐ Partnership ☐ Sole Proprietorship ☐ Not-for-Profit If business is a not-for-profit, was it formed under the NYS Not for Profit Corporation Law? ☐ Yes ☐ No If YES, identify which section of the law it was formed
Which industry classification best describes your business (check no more than 2): ☐ Retail Trade ☐ Food Service ☐ Manufacturing ☐ Tourism / Travel ☐ Personal Services ☐ Medical Services ☐ Transportation ☐ Child Care ☐ Hospitality ☐ Real Estate Development ☐ Other:
- Is your business address / project site currently occupied? ☐ Yes ☐ No
- If Yes, how many employees currently work at the project site?
- Will the project result in job creation? ☐ Yes ☐ No
- If Yes, please identify the number of estimated jobs created:
- Is the applicant the current property owner?
- If No, please identify the current owner and the status of achieving site control as of the date of the application:
For your budget, please provide an estimated budget amount and funding source for the following cost types (as applicable):
- Land and/or Property Acquisition
- Site Work/Demolition
- Building Construction & Renovation
- Equipment
- Furniture & Fixtures
- Engineering / Architect Fees
- Legal Fees
- Management / Developer Fee
- Other:
Please provide in detail a summary narrative about your project and explain the investment that is planned/proposed.
Describe in detail the efforts made by the business/organization to retain jobs or generate new investment since March 2020; and what assurances you can provide/make regarding ongoing efforts to retain jobs if the funding request is provided by SEDCO?
ADDITIONAL ATTACHMENTS FOR COMMUNITY IMPACT FUND APPLICATIONS
∙ For 501c3 Not-for-Profit Organization:
- ☐ CPA Audited 2020 Financial Statements;
- ☐ Form 990 (2020) or similar tax filing;
- ☐ An interim Profit & Loss Statement through at least June 30, 2021;
- ☐ An Interim Balance Sheet through at least June 30, 2021;
- ☐ Two year minimum financial projections/operating budget (including funding sources)
- ☐ Budget breakdown of project costs (including soft costs and/or contractor bids) ☐ Provide site plans, design plans, and/or maps as necessary
- ☐ Bank financing commitment and/or interest letters