Yonkers Insider: News from Westchester County Legislator, Colin Smith, 1st District.

There will be overnight lane and periodic road closures on the Saw Mill River Parkway for several weeks in Westchester.

The New York State Department of Transportation announced that there will be closures on the parkway between exit 13 (Farragut Avenue) in Hastings-on-Hudson to exit 17 (Ashford Avenue) in Dobbs Ferry.

According to the NYSDOT, the northbound closures will take place weeknights between 7 p.m. and 7 a.m. beginning on Monday, Aug. 24, and lasting through Friday, Sept. 11. Southbound closures will take place between 6 p.m. and 5 a.m.

On Monday, August 24 at 9:00 am the County of Westchester Industrial Development Agency (IDA) officially launched a new program designed to ensure the short-term viability of both small businesses and not-for-profit corporations negatively impacted by COVID-19. The program allows the IDA to provide financial assistance through the State Disaster and Emergency Loan and Grant Program.

Under the program, the IDA provides grants to small businesses and small not-for-profit corporations in an amount not to exceed $10,000. The proceeds must be used for the purpose of acquiring personal protective equipment or installing equipment necessary to prevent the spread of COVID-19.

The IDA is also offering loans through the administration of the State Disaster Emergency Loan Program to small businesses and small not-for-profit corporations in an amount up to $25,000. The loans are available at 0% interest. 

More information about the IDA Loan and Grant Program can be found here: https://westchestercatalyst.com/ida-loans-and-grants/

IDA Loan and Grant Application

In preparation for applying for the grant or loan it is prudent to gather up the documentation that you will need to submit along with your application. The documents must be in electronic format (e.g., PDF, Word document, etc.) so that they can be uploaded into the application on the website. No paper applications or paper documentation will be accepted. Your application will not be reviewed unless all the required documentation is submitted online with the application. 

Here is a list of the required documentation.

Loan Program Application - Small Business:

• Brief description and history of the business.
• Most recent Business Federal Tax Return including all schedules. If 2019 tax return is not available, provide 2018 Federal Tax Return and 2019 internally prepared year-end financial statements and balance sheets. 
• Most recent owners/guarantors tax returns for individuals owning 20% or greater of business. One file must be submitted with the returns for all owners.
• If a C-Corp or S-Corp: certificate of incorporation.
• If a C-Corp or S-Corp: bylaws.
• If a C-Corp or S-Corp: borrowing resolution.
• If LLC: articles of organization. 
• If LLC: operating agreement. 
• If LLC: borrowing resolution. 
• If sole proprietor: Business Certificate Registration. 
• If you are “doing business as” (“DBA”): DBA certificate.
• If a General Partnership: Assumed Name Certificate. 
• If a General Partnership: Partnership Agreement.
• If a Limited Partnership: Certificate of Limited Partnership.
• If a Limited Partnership: Partnership Agreement.
• Voided check.
• Bank signature card (if the voided check does not reference legal name of business). 

Loan Program Application - Small Not-for-Profit:

• Brief description and history of the not-for-profit.
• Most recent filed Form 990.
• 2019 audited financial statement. If 2019 audited financial statement is not available, provide 2018 audited financial statement and 2019 internally prepared year-end financial statements and balance sheets.
• Board resolution authorizing borrowing.
• Certificate of Incorporation.
• A listing of your current Board of Directors.
• A copy of your 501c3 letter or equivalent. 

Grant Program Application - Small Business:

• Brief description and history of the business.
• Most recent Business Federal Tax Return including all schedules. If 2019 tax return is not available, provide 2018 Federal Tax Return and 2019 internally prepared year-end financial statements and balance sheets. 
• Most recent owners/guarantors tax returns for individuals owning 20% or greater of business.
• If a C-Corp or S-Corp: certificate of incorporation.
• If a C-Corp or S-Corp: bylaws.
• If a C-Corp or S-Corp: grant resolution.
• If an LLC: articles of organization. 
• If an LLC: operating agreement. 
• If an LLC: grant resolution. 
• If a sole proprietor: Business Certificate Registration. 
• If you are “doing business as” (“DBA”): DBA certificate.
• If a General Partnership: Assumed Name Certificate. 
• If a General Partnership: Partnership Agreement.
• If a Limited Partnership: Certificate of Limited Partnership.
• If a Limited Partnership: Partnership Agreement.
• Voided check. 

Grant Program Application - Small Not-for-Profit:

• Brief description and history of the not-for-profit.
• Most recent filed Form 990.
• 2019 audited financial statement. If 2019 audited financial statement is not available, provide 2018 audited financial statement and 2019 internally prepared year-end financial statements and balance sheets.
• Board resolution authorizing grant application.
• Certificate of Incorporation.
• List of your current Board of Directors.
• Copy of your 501c3 letter or equivalent. 

Questions? email: IDAloangrant@westchestergov.com