Lance's Corner

Governor Hochul Launches Small Business Capital Loan Program

Sep 23, 2024

Per the notice below, Governor Hochul has launched a small business capital loan program.

Governor Hochul Helps New York’s Entrepreneurs With Launch of Main Street Capital Program

$10 Million Fund Will Provide Start-Ups and Early-Stage Companies with Affordable-Rate Loans up to $100,000

Governor Kathy Hochul today announced the launch of the Main Street Capital Program, a new $10 million fund that will provide qualifying start-up and early-stage companies with access to affordable term loans up to $100,000.  Part of New York’s broader State Small Business Credit Initiative efforts led by Empire State Development, this program will help bridge the financing gap experienced by many entrepreneurs as they launch and grow their businesses.

“New York’s businesses are the backbone of our economy and a key driver of our economic growth,” Governor Hochul said.  “The Main Street Capital Program will boost and strengthen our small businesses, especially our minority and women entrepreneurs, creating jobs and investment in New York State.”

Recognizing the critical support entrepreneurs need early on, this program offers minimal payments for the first 12 months of the loan to give businesses more flexibility as they launch and grow.  Loans will be up to six years with a fixed interest rate of 9.9%.  In the first year, borrowers will pay less-than-interest-only, with no principal payments during that time.  This $10 million fund is a partnership between Empire State Development and Pursuit, a community lender with a 70-year history serving businesses in all stages in New York State and beyond.  Many entrepreneurs in the startup and early-growth phases of business lack access to equity and networks for financing needed to be successful.  The Main Street Capital Loan Fund offers a more accessible option, particularly for Socially and Economically Disadvantaged Individual Owned Business (SEDI) and Very Small Business (VSB) entrepreneurs with fewer than 10 employees.

Empire State Development President, CEO and Commissioner Hope Knight said, “Entrepreneurs and their innovation fuel New York State’s economy.  The Main Street Capital Program is one of the ways Empire State Development is helping provide promising start-ups and early-stage companies the tools they need to launch, grow, and achieve business success.”

Pursuit CEO Chris Levy said, “New York State has been a foundational partner of Pursuit for decades.  We are thrilled to be launching another innovative program that benefits underserved startup businesses throughout New York State by ensuring they have a path to success.”

Pursuit’s Community Development Financial Institution Affiliate President Steve Cohen said, “New and early-stage small businesses often need more time to grow their revenues before repaying their debt, and this time crunch can lead them to predatory sources for capital.  The Main Street Capital Loan Fund offers New York’s newest and smallest businesses their best chance at long-term success by providing flexible capital and advisory services to support their future.”

State Senator Sean Ryan said, “Small businesses are the backbone of New York’s economy.  It is important that we enact policies and programs that support them in the early stages that are so critical to a new business.  This program will help budding entrepreneurs get established and keep fledgling businesses on track as they establish themselves in their communities.”

Assemblymember Albert A. Stirpe Jr. said, “The Main Street Capital Program is a valuable resource for New York entrepreneurs, offering affordable-rate loans of up to $100,000.  The loan fund provides a more accessible financing option, particularly for socially and economically disadvantaged individual-owned businesses, as well as very small businesses with fewer than 10 employees.  New York's State Small Business Credit Initiative, led by Empire State Development, will help bridge the financing gap, empowering entrepreneurs to turn their dreams into reality and grow their businesses.”

Startups and early-stage businesses must complete a pre-application questionnaire.  Based on their responses, they will be invited to complete a full application for the program, or they may be connected with their local Entrepreneurial Assistance Center (EAC) or Small Business Development Center (SBDC) for additional support.  For more information on the fund, eligibility, and requirements, please visit the program’s webpage.

Governor Hochul’s Support for New York’s Small Business Community

These events build on Governor Hochul’s commitment to helping New York’s small businesses contribute to their local economies.  During Small Business Month in May, the Governor announced new initiatives to support business owners, including a $6 million Innovation Matching Grant Program to New York companies applying for the certain federal funding programs and additional support for thousands of NYSIF-insured businesses.  Governor Hochul also announced that New York State has exceeded its goal for MWBE utilization on New York State contracts with a utilization rate of 32.30 percent during the 2023 Fiscal Year, the highest MWBE utilization rate in the country for the third year in a row.  Nearly $3 billion in state contracts were awarded to MWBE firms during the 2023 Fiscal Year, and nearly $29 billion in state contracts have been awarded to MWBEs since 2011.  Additionally, New York has not only met its commitment to shortening response times for MWBE certification applications to 90 to 120 days — it has exceeded that commitment.  Since August 1, 2023, ESD has certified and recertified more than 3,000 businesses, with the average application processing time now taking on average, 90 days.  The announcement builds on the Governor’s strong support for MWBEs, including the historic elimination of New York’s yearslong MWBE certification backlog following an $11 million investment in the FY 2023 Budget.  There are nearly 695,000 small businesses in New York State and approximately 98 percent of New York businesses have fewer than 100 employees.  These businesses employ more than 4.5 million individuals in fields from retail and food service to financial services, to agriculture, innovation and construction.  In addition to the summer event series, NYSDOL supports businesses of any size and offers several resources.  Business Services Representatives work with entrepreneurs to create customized solutions to help meet their business goals.  The Department also offers free human resource service consultations and assists with workforce recruitment to help employers find skilled workers.  NYSDOL offers guidance on hiring incentives, tax credits and funding opportunities that can help employers curb costs.

About State Small Business Credit Initiative

More than $500 million in federal funding has been allocated to support the resurgence of small businesses across New York State through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act.  Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, including socially and economically disadvantaged individual (SEDI) owned businesses and very small businesses (VSB), to recover from the economic effects of COVID-19 and allow them opportunity to succeed in the post-pandemic economy.  With this funding, Empire State Development (ESD) has developed a suite of capital access and equity programs to help New York State small businesses grow and succeed.  Learn about the following SSBCI programs that Empire State Development has established.

About Pursuit

Pursuit is empowering businesses through access to responsible capital and resources to reach higher, transform and grow.  With nearly 70 years of lending experience, you’ll find a wide selection of loan programs and advisory services to support businesses at any stage.  We’re doing our part to create a more inclusive economy that ensures every business owner has a path to success.  Learn more at www.pursuitlending.com.

USDOL Issues Comprehensive Employer Guidance on Long COVID

The United States Department of Labor (USDOL) has issued a comprehensive set of resources that can be accessed below for employers on dealing with Long COVID.

Supporting Employees with Long COVID: A Guide for Employers

The “Supporting Employees with Long COVID” guide from the USDOL-funded Employer Assistance and Resource Network on Disability Inclusion (EARN) and Job Accommodation Network (JAN) addresses the basics of Long COVID, including its intersection with mental health, and common workplace supports for different symptoms.  It also explores employers’ responsibilities to provide reasonable accommodations and answers frequently asked questions about Long COVID and employment, including inquiries related to telework and leave.

Download the guide

Accommodation and Compliance: Long COVID

The Long COVID Accommodation and Compliance webpage from the USDOL-funded Job Accommodation Network (JAN) helps employers and employees understand strategies for supporting workers with Long COVID.  Topics include Long COVID in the context of disability under the Americans with Disabilities Act (ADA), specific accommodation ideas based on limitations or work-related functions, common situations and solutions, and questions to consider when identifying effective accommodations for employees with Long COVID.  Find this and other Long COVID resources from JAN, below:

Long COVID, Disability and Underserved Communities: Recommendations for Employers

The research-to-practice brief “Long COVID, Disability and Underserved Communities” synthesizes an extensive review of documents, literature and data sources, conducted by the USDOL-funded Employer Assistance and Resource Network on Disability Inclusion (EARN) on the impact of Long COVID on employment, with a focus on demographic differences.  It also outlines recommended actions organizations can take to create a supportive and inclusive workplace culture for people with Long COVID, especially those with disabilities who belong to other historically underserved groups.

Read the brief

Long COVID and Disability Accommodations in the Workplace

The policy brief “Long COVID and Disability Accommodations in the Workplace” explores Long COVID’s impact on the workforce and provides examples of policy actions different states are taking to help affected people remain at work or return when ready.  It was developed by the National Conference of State Legislatures (NCSL) as part of its involvement in USDOL’s State Exchange on Employment and Disability (SEED) initiative.

Download the policy brief

Understanding and Addressing the Workplace Challenges Related to Long COVID

The report “Understanding and Addressing the Workplace Challenges Related to Long COVID” summarizes key themes and takeaways from an ePolicyWorks national online dialogue through which members of the public were invited to share their experiences and insights regarding workplace challenges posed by Long COVID.  The dialogue took place during summer 2022 and was hosted by USDOL and its agencies in collaboration with the Centers for Disease Control and Prevention and the U.S. Surgeon General.

Download the report

Working with Long COVID

The USDOL-published “Working with Long COVID” fact sheet shares strategies for supporting workers with Long COVID, including accommodations for common symptoms and resources for further guidance and assistance with specific situations.

Download the fact sheet

COVID-19: Long-Term Symptoms

This USDOL motion graphic informs workers with Long COVID that they may be entitled to temporary or long-term supports to help them stay on the job or return to work when ready, and shares where they can find related assistance.

Watch the motion graphic

A Personal Story of Long COVID and Disability Disclosure

In the podcast “A Personal Story of Long COVID and Disability Disclosure,” Pam Bingham, senior program manager for Intuit’s Diversity, Equity and Inclusion in Tech team, shares her personal experience of navigating Long COVID symptoms at work.  The segment was produced by the USDOL-funded Partnership on Employment and Accessible Technology (PEAT) as part of its ongoing “Future of Work” podcast series.

Listen to the podcast

HHS OIG Issues Annual Report on State MFCUs

Per the notice below, the Office of the Inspector General (OIG) of the United States Department of Health and Human Services (HHS) has issued its annual report on the performance of state Medicaid Fraud Control Units (MFCUs).

Medicaid Fraud Control Units Fiscal Year 2023 Annual Report (OEI-09-24-00200) 

Medicaid Fraud Control Units (MFCUs) investigate and prosecute Medicaid provider fraud and patient abuse or neglect. OIG is the Federal agency that oversees and annually approves federal funding for MFCUs through a recertification process. This new report analyzed the statistical data on annual case outcomes—such as convictions, civil settlements and judgments, and recoveries—that the 53 MFCUs submitted for Fiscal Year 2023.  New York data is as follows:

Outcomes

  • Investigations1 - 556
  • Indicted/Charged - 9
  • Convictions - 8
  • Civil Settlements/Judgments - 28
  • Recoveries2 - $73,204,518

Resources

  • MFCU Expenditures3 - $55,964,293
  • Staff on Board4 - 257

1Investigations are defined as the total number of open investigations at the end of the fiscal year.

2Recoveries are defined as the amount of money that defendants are required to pay as a result of a settlement, judgment, or prefiling settlement in criminal and civil cases and may not reflect actual collections.  Recoveries may involve cases that include participation by other Federal and State agencies.

3MFCU and Medicaid Expenditures include both State and Federal expenditures.

4Staff on Board is defined as the total number of staff employed by the Unit at the end of the fiscal year.

Read the Full Report

View the Statistical Chart

Engage with the Interactive Map

GAO Issues Report on Medicaid Managed Care Service Denials and Appeal Outcomes

The United States Government Accountability Office (GAO) has issued a report on federal use of state data on Medicaid managed care service denials and appeal outcomes.  GAO found that federal oversight is limited because it doesn't require states to report on Medicaid managed care service denials or appeal outcomes and there has not been much progress on plans to analyze and make the data publicly available.  To read the GAO report on federal use of state data on Medicaid managed care service denials and appeal outcomes, use the first link below.  To read GAO highlights of the report on federal use of state data on Medicaid managed care service denials and appeal outcomes, use the second link below.
https://www.gao.gov/assets/d24106627.pdf  (GAO report on federal use of state data on Medicaid managed care service denials and appeal outcomes)
https://www.gao.gov/assets/d24106627_high.pdf  (GAO highlights on federal use of state data on Medicaid managed care service denials and appeal outcomes)

CMS Issues Latest Medicare Regulatory Activities Update

The Centers for Medicare and Medicaid Services (CMS) has issued its latest update on its regulatory activities in the Medicare program.  While dentistry is only minimally connected to the Medicare program, Medicare drives the majority of health care policies and insurance reimbursement policies throughout the country.  Therefore, it always pays to keep a close eye on what CMS is doing in Medicare.  To read the latest CMS update on its regulatory activities in Medicare, use the link below.
https://www.cms.gov/training-education/medicare-learning-network/newsletter/2024-03-14-mlnc