Category Archives: Business News

The U.S. Small Business Administration (SBA)  has been directed to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program borrowers.

 The extended deferment period—30 months deferment from inception on all approved COVID EIDL loans—will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.

 Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities, according to the SBA.

 “Though our small business owners continue to power a historic economic recovery under the Biden-Harris Administration, we must continue to do everything in our power to meet our small businesses where they are with resources to ensure they can recover and thrive,” said SBA Administrator Isabel Guzman. “This extended principal and interest deferment will provide financial relief to millions of small business owners—particularly those hardest-hit by the pandemic and related marketplace challenges – so they can continue to pivot, adapt, and grow.”

The deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment. 

Southbound Saratoga Management Group, LLC will present this summer the Saratoga WIB (Women In Business) Spectacular, a horse show created by women, operated by women, benefitting women’s causes and showcasing women in business. 

The event will be held July 13-17 at White Hollow Farm, 28 Brickhouse Road in Stillwater and is open to all competitors in the equestrian community, spectators and vendors.

“Exhibitors and attendees will be offered multiple opportunities throughout the show and beyond to meet, interact, listen, and learn from many remarkable women, in all types of business, willing to share their story and career paths,” said Adele Einhorn, organizer of the event. “Additionally, there will be educational opportunities to learn from women professionals at the show.

“This event is something that has never been done before. The equestrian community is dominated by women yet operated by men. We intend to break the mold by having women fulfill all positions for the show while showcasing women in business in the equine world and beyond, and women that ride and have full-time careers.”

Proceeds from the event will fund organizations that support women’s health and emphasis will be made to reach young people and minorities who might not otherwise have exposure to the many career opportunities related to the horse business.

“As former mayor of Saratoga Springs, I am thrilled to be a part of the Saratoga Women in Business Spectacular Horse Show,” said Joanne Yepsen of Yepsen & Pikulski who is working to promote the event and recruit participants and sponsors. “The event is not only a venue to showcase the hundreds of women in business, but also spread awareness for the opportunities that exist for women and youth to work in and own businesses that serve the equine and the agriculture industries in New York state. We are proud to produce this event in Saratoga County while providing significant economic benefits to our local region.”

Total nonfarm payroll employment rose by 431,000 in March, and the unemployment rate declined to 3.6 percent, the U.S. Bureau of Labor Statistics reported on April 1.

According to the report, notable job gains continued in leisure and hospitality, professional and business services, retail trade, and manufacturing.

The Bureau said the unemployment rate declined by 0.2 percentage point to 3.6 percent in March, and the number of unemployed persons decreased by 318,000 to 6.0 million.

Among the major worker groups, the unemployment rate for adult women (3.3 percent)  declined in March.

Among the unemployed, the number of permanent job losers decreased by 191,000 to 1.4  million in March and is little different from its February 2020 level of 1.3 million, the report said.

The number of persons on temporary layoff was little changed over the month at 787,000 and has essentially returned to its February 2020 level. The number of job leavers—unemployed persons who quit or voluntarily left their previous job and began looking for new employment—fell by 176,000 to 787,000 in March.

In March, the number of long-term unemployed (those jobless for 27 weeks or more) decreased by 274,000 to 1.4 million. This measure is 307,000 higher than in February  2020. The long-term unemployed accounted for 23.9 percent of all unemployed persons in March, the Bureau said.

The labor force participation rate, at 62.4 percent, changed little in March, the Bureau said.

Some 54 percent of New Yorkers say the war in Ukraine and the international response to it will lead to long-term economic problems resulting in financial difficulties that all Americans will face for years, according to a new statewide survey of consumers by the Siena College Research Institute (SCRI).

Thirty-two percent are more inclined to say that the war will soon end and despite significant short-term economic impacts, the American economy as well as the personal finances of Americans will be largely unaffected, the survey indicated. Seventy percent say that inflation is having either a very (26 percent) or somewhat (44 percent) serious negative effect on their personal finances. 

The survey said in light of current economic conditions and the war in Ukraine, 87 percent are concerned about food prices, 80 percent are concerned with the cost of gasoline, 76 percent with home utility costs, 71 percent with the worth of the American dollar and 68 percent with the value of their retirement accounts.

In response to price increases due to inflation, 69 percent will buy less in general, 67 percent will buy less expensive items and 28 percent plan to dip into savings to pay for everyday expenses. Over a third, 35 percent plan to get a second job or generate another source of income while 34 percent now say that they will postpone or cancel a vacation in the next six months.

“Inflation had gotten New Yorkers’ attention, but now add in war in Ukraine and consumers are very concerned, and many are planning to cut back,” said SCRI director Don Levy. “While a third think the war will soon be over and that our finances will not be largely affected, over half believe the war in Ukraine will generate economic shock waves that New Yorkers will face for years to come.”

“Gas, food and utilities costs are a concern for between 76-87 percent of all New Yorkers,” Levy said. “And with inflation soaring, about 70 percent worry about the American dollar’s worth and the value of their retirement accounts. With the pandemic’s effects lessening, New Yorkers were ready to exhale, but economic conditions and war in Eastern Europe have us holding our breath again.

The State Liquor Authority is accepting applications for new permits to allow craft beverage manufacturing businesses the ability to manufacture and sell alcoholic beverages while their liquor license is pending. 

The new permits can generally be processed and approved in less than 30 days, compared to applications for new licenses that currently take an average of six months, expediting the time it takes to open new craft beverage manufacturing businesses throughout the state, officials said.

The permits allow businesses to manufacture and sell alcoholic beverages for a period of six months, or until the full application is approved, for a fee of just $125. The new permits may be extended for a three-month period for an additional $50 fee if necessary.

“New York’s craft beverage industry is not only a source of local pride, but also creates jobs and drives tourism in every corner of the state,” Governor Kathy Hochul said. “These fast-tracked permits will allow new businesses to hit the ground running by opening quickly and making immediate contributions to their local economies. This is another step in furthering our administration’s efforts to cut red tape, ease regulations, and make commonsense reforms to help these businesses grow and thrive.”

Legislation signed by Hochul in December  created new temporary permits for breweries, wineries, distilleries, cideries and meaderies, allowing them to open while awaiting the final approval, preventing accrued costs in rent and maintenance after the location and equipment have been acquired. There are currently 81 permit applications pending for craft manufacturers statewide, officials said. 

The New York Racing Association, Inc. announced that full-space reservations for its newest hospitality venue, the Paddock Suite at Saratoga Race Course, are now available for groups of up to 80 guests.

The Paddock Suite, an expansive, permanent structure featuring a climate-controlled lounge, bar and balcony overlooking the historic saddling area, will feature prominently among the many group hospitality options available for reservation this summer at Saratoga Race Course, officials said.

Full-space group reservations are also open for the Stella Artois Spa Verandas; 1863 Club, including The Rail, Resorts World Legends Hall, and Luxury Suites; Big Red Spring Tent and the Festival Tent.

Located adjacent to Shake Shack, the Paddock Suite will offer panoramic views of the backyard and paddock from within an enclosed lounge that will sit above the newly renovated Post Bar. The latter area, a popular open-air gathering spot for racing fans formerly situated beneath a temporary canopy, will continue to be accessible to all guests, ages 21 and over.

Group reservations for the Paddock Suite include admission, choice of food platters, non-alcoholic beverages, coffee and tea, tax, gratuity and race program. Open bar packages can also be purchased.

“We’re thrilled to introduce the brand-new Paddock Suite this summer, on the heels of the successful debut last year of the Stella Artois Spa Verandas and opening of the 1863 Club in 2019,” said Kevin Quinn, NYRA vice president of sales and hospitality. “NYRA is committed to investing in the future of Saratoga Race Course with the addition of these new hospitality and dining venues that honor the history and traditions of Saratoga.”