By Todd Shimkus
I first heard the phrase “building a plane while flying it” on April 2, a teleconference was organized for local banking leaders to discuss the roll out of the PPP program.
The next day, local banks and their employees would begin helping thousands of local businesses to get these loans. These loans, if used correctly, would be forgiven. But as this teleconference began, the SBA had not given the banks a set of rules to follow or an application to use.
To describe the situation, Steve Bulger, regional administrator for the U.S. Small Business Administration’s Atlantic Region, said, “Look everyone. We’re trying to build a plane while flying it.”
He noted that this meant we all needed to do the best we could with the information we had. Everyone on the call wanted to get this money into the hands of local businesses.
We all agreed this was vital. They’d have an application. They’d have rules. If they needed to be changed, the SBA would change them as we went forward. Over time, in fact, they did. The next round of PPP loans will have different rules than this first round. It’s been improved over time.
In 2020, you could have used this quote for virtually everything. Every employer, nonprofit, and public agency had to build their own plane while flying it. I think every family and every individual was doing the same. Our way of life changed.
Our way of conducting business changed. We’re using telemedicine more than ever before. Our children are being educated differently. We’re doing take-out more than ever before. We celebrated birthdays and holidays different this year. We’re wearing masks and social distancing. What we can do or should do is changing all the time.

By Kenneth J. Entenmann
This past year was an interesting one, to say the least. Though some may prefer to use other adjectives to describe 2020. COVID-19 provided a vast disruption of economic activity, with U.S. GDP declining 31.7 percent in the second quarter.
However, the U.S. economy demonstrated remarkable resiliency and rebounded 32.7 percent in the third quarter. While the economy continued to grow in the fourth quarter, activity did slow, particularly in the labor markets. It is estimated that the full year 2020 U.S. GDP will decline around 3-5 percent.
As we flip the calendar to 2021, great uncertainty surrounding COVID-19 remains. Nonetheless, our 2021 economic outlook remains optimistic.
There is no doubt that the COVID-19 economic disruption has endured longer than most anticipated. The hope of a short duration event prompted by the quick “flattening of the curve” in the spring soon dissipated as COVID spiked in the summer and again during the holiday season. Portions of the country remain in lockdown with severe economic consequences.
However, the vaccines are slowly making an impact and it is widely expected that the vaccination process will accelerate. This provides hope that a return to economic normalcy is coming although the timing is still uncertain. COVID will negatively impact the economy at least through the first quarter, probably into the second. However, the economy is poised for a very strong second half of the year.

By Shelby Schneider
Who knew this time last year that a pandemic would upend our lives and economies? Essentially, no one. We cannot say with any certainty how 2021 will turn out—but we do know more than we did last spring and, that there is hope and opportunity on the horizon.
Among the reasons for optimism is the prospect of widespread vaccination, and federal stimulus relief for our small businesses and state and local governments. For every problem created by COVID-19, there is an opportunity in disguise.
With the new year upon us, there are potential new opportunities to take advantage of and ways to adapt to challenges that our businesses and municipalities will face. There is an opportunity for 2021 to be the year of a remarkable bounce-back.
In Saratoga County our hospitality and tourism sector and arts and cultural venues, which generate over a billion dollars in revenue each year, experienced the worst of the impact. The good news is if enough Americans are vaccinated, it is plausible to expect a comeback in those sectors later this year.
If our public and private sector businesses work together to help coordinate the delivery of the vaccine to our workforce and the public, we will mitigate impacts to our economy and get to a new normal in the most efficient way.
In 2021, business retention and expansion will remain our highest priority. Like 2020, the Saratoga Partnership will be on the front lines, helping our small businesses gain access to the next round of PPP and EIDL funds, and help them get access to state and local relief programs like the personal protection equipment grants offered through our Industrial development agencies.