Small Business Assistance

The City of Troy’s Planning and Economic Development Department has shifted its focus during these unprecedented times to providing reliable information and technical assistance to our businesses. Think of us as a 411 for all your Small Biz questions and needs during this pandemic.  

Please check back periodically as this page will be updated with additional information as available.

Contact Us

Own a business in Troy? Have questions about available resources, programs, and assistance for local businesses? Contact us by phone or email.

1. Small Business Helpline: (518) 279-7392
   • The City of Troy Economic Development Office has returned to regular business hours. Please feel free to reach out between the hours of 8:30 a.m. – 4:30 p.m.
   • All calls received outside operating hours will be directed to leave a message. A member of our team will respond via phone to set-up a phone appointment.
2. Email [email protected]
   • A member of our team will reply as soon as possible. 

The Capital Region and all of NYS are currently open with a majority of COVID-19 restrictions have been lifted. The CDC continues to recommend mask wearing for communities that have had a recent spike in positive cases and encourages everyone to get vaccinated. For more information on vaccination and testing sites, please visit the NYS Novel Coronavirus page.

Outdoor Dining Guidelines for Troy Restaurants
Restaurants in the Collar City wishing to utilize the parking space adjacent to their property or other City property are processed by the City Clerk’s Office. Please visit their page for details on Outdoor Dining and special events.

Note: permitting for Riverfront Park is handled by the Clerk’s Office. For all other parks, contact the Parks Department.

All materials must be submitted to the City Clerk’s office per application instructions. Please ensure all required documentation is included with your application to avoid a delay in approval. For more information on the outdoor dining program please contact Dylan Turek, City of Troy Economic Development Coordinator, at [email protected] or (518) 279-7412.

Access to Capital

1. Coronavirus Relief Options currently available through the Small Business Administration
   • Economic Injury Disaster Loan (EIDLs)
     • The SBA is accepting EIDL applications for small business owners and qualified agricultural businesses in all U.S. states and territories.
     • Frequently Asked Questions from the Small Business Administration
     • Where can I get assistance for applying?
   • Paycheck Protection Program
     • The Paycheck Protection Program is designed to help employers keep their workforce employed during the COVID-19 crisis. The SBA is currently offering PPP loans originated only by participating community financial institutions until May 31, 2021 or until remaining funds are exhausted.
     • Find an eligible lender on the SBA website or contact your existing banking institution to see if they participate.
     • First Draw PPP Loans for first time program participant.
       Second Draw PPP Loans beginning January 13, 2021 for certain businesses who have previously received a PPP loan.
     • The Small Business Owner’s Guide to the CARES Act
   • Shuttered Venue Operators Grant
     • Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
   • Restaurant Revitalization Fund
     • Application period is currently closed.
   • SBA Debt Relief
     • As a part of the CARES Act, the SBA is authorized to pay six months of principal, interest, and any associated fees that borrowers owe for all 7(a), 504, and Microloans reported in regular servicing status. No application is needed and are based on the level of available funding provided by Congress. Please contact your lender for question on the availability of this assistance for your SBA loan.
2. New York Forward Loan Fund (NYFLF)
   • The fund will provide small businesses, nonprofits and small landlords across the State with low interest rate loans and will prioritize helping businesses that meet the following criteria:
     • Small Businesses and nonprofits that employ 50 or fewer Full Time Equivalent employees and that have gross revenues less than $5 Million per year
     • Loans for small residential landlords will be targeted to owners with residential buildings of 50 units or less and will prioritize loans for residential landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants.
     • And have not received a PPP or EIDL loan from the SBA
     • Click here for more information on the New York Forward Loan and to apply.
3. Capital Region Advancement Fund
   • Available to both for-profit and nonprofit businesses located in Albany, Columbia, Greene, Rensselaer, Saratoga and Schenectady counties. 
   • The fund provides low-interest loans to help businesses who have been impacted by the COVID-19 pandemic in the form of reduction of revenues, employee layoffs, change in capital expenditures or disruption to expansion/growth plans.

Taxes, Insurance and Useful Info on Payments

1. Taxes
   • Update: The Federal and State Income Tax deadline has been extended to July 15, 2020.
   • Update: From NYS Tax Dept, “Sales Tax Payments and Returns were due March 20, 2020; however, penalty and interest may be waived for quarterly and annual filers who were unable to pay on time due to COVID-19.” Click here to see how to request relief from penalty and interest.
   • COVID Property Tax Impacts (updates regularly)
   • NYS Tax Department Response On COVID-19
2. Insurance
   • Video: Business Interruption Insurance Claims (from PKF O’Connor Davies, LLP)
   • NYS Department of Financial Services: Business Interruption Insurance FAQs
3. Paid Sick Leave
   • Information on Paid Sick Leave
   • New York Paid Family Leave COVID-19 Frequently Asked Questions
   • COVID-19 Paid Leave: Guidance for Employers
4. Unemployment Insurance
   • “Review New Federal Legislation Before Making Any Changes to your Workforce” – PKF O’Connor Davies, LLP
   • Unemployment Insurance During the Coronavirus Emergency
5. New York State Resources
   • Office of the NYS Comptroller Financial Survival Toolkit
   • Novel Coronavirus FAQ for Businesses
   • Guidance for determining whether a business enterprise is subject to a workforce reduction under recent executive orders
   • State Department of Labor – Links for Businesses

Access to Services and Technical Assistance

1. Small Business Development Center
   • Click on “Make an Appointment”
   • Complete and submit the form
   • Once the request is received, you will be assigned to a Business Adviser to assist you.
2. New York State Restaurant Association COVID 19 Resources
3. Downtown BID – COVID 19 Business Resources Page
4. Rensselaer County Chamber Business Resources Page

News

• City of Troy
• Governor Andrew Cuomo
• Rensselaer County Department of Health