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posticon Paycheck Protection Program -- 12,739 Projected Retained Local Jobs

Business | Friday, August 14, 2020 | By TCAD Print
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In response to the COVID-19 crisis, the Small Business Administration (SBA) implemented the Paycheck Protection Program (PPP) to help small businesses survive and retain jobs in very uncertain times. The SBA will forgive the loans if employee retention criteria are met and the funds are used for eligible expenses. Tompkins County Area Development (TCAD), the economic development organization for Ithaca and Tompkins County, NY, recently evaluated the PPP loan-level data released by the U.S. Department of the Treasury in July for all 56 states and territories.

The PPP loan information was sorted into two classes: Loans of $150,000 or more (Class I), and; Loans less than $150,000 (Class II). Class I includes the names of recipient businesses but categorizes their loans into five different ranges ($150,000-350,000, $350,000-$1M, $1-2M, $2-5M, and $5-10M), whereas Class II omits names but includes precise loan amounts. Additional information, including industry, lender, and jobs retained are provided for all loans and offer a glimpse into just how critical the PPP was in enabling businesses to retain jobs in Tompkins County.

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posticon Workforce by the #s in Tompkins County

Business | Friday, August 14, 2020 | By TCAD Print
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  • For the period between weeks ending 3/21 and 8/1, there have been 10,032 initial unemployment insurance claims in Tompkins County. Claims peaked at over 1,000 for a two-week period in late March/early April, but have since stabilized at approximately 200 per week. For the latest period, initial claims were down to the lowest level yet: 150.
  • Retail sales, food preparation and service, nursing, and social and human services are the most in-demand jobs right now.


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