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Bayport Blue Point Chamber of Commerce – COVID-19 updates


Easy reference for repayment options of SBA and PPP loans

As you all have heard by now, the first round of SBA money has been extinguished. Legislation is in the process of passing the Cares Act 2.0 to generate money ($300 Billion)for small business COVID-19. In this bill they are strongly considering the 501C6 Organizations, which many Chambers of Commerce are. They want to increase the stimulus payout and also make unemployment to run to July, 1, 2020. There is a 5th package that they are also looking to roll out. This is aimed to be used for infrastructure and getting economy started again.


Please note: you CAN use the SBA loan monies and also receive the PPP loan, as long as you don’t “double dip”. (If you see the two lists you will note that there are plenty of options of how you can use your SBA and PPP loan).

SBA (Federal loan)

Some of the SBA loan is forgivable, 75%. If you opt to use the other 25% of the money that is not forgivable, then payment is deferred 6 months and the interest rate will be 3.75% term of 30-years. Non-profits will be 2.75% same term. Listed below is a list of what is forgivable:

  • Payroll costs

  • Costs related to continuation of group health benefits and sick leave

  • Payment of cash tip or equivalent

  • Payment for vacation, parental, family, medical, or sick leave

  • Allowance for dismissal or separation

  • Retirement benefit

  • State local taxes assessed on employee compensation

  • Employee salaries, commissions and similar compensation paid to independent contractors

  • Interest on mortgage obligations – not to include any prepayment of mortgage principal

  • Rent

  • Utilities

  • Interest on any debt occurred before covered period

*If you have a confirmation number then you don’t have to reapply. You will receive an email.

*If you want to reapply for the 2nd round of SBA Loans (Cares 2.0) then it will required a reapplication.

PPP Loan (bank lender)

Make sure to use the PPP loan for what it is entitled for. This loan offers an interest rate of 1% and repaid within 2 years. Be careful to follow strict guidelines in usage, so it can all be used as forgivable! Most lenders are moving on this loan as of 4/20/2020. Listed below is a list of what is forgivable:

· payroll

· rent/mortgage

· interest

· utilities

· employee insurance premiums.

We also recommend using, for all your updates. Suffolk Chambers is a very good resource for you all during this time.

Business Interruption Insurance:

Hopefully you have applied for this if your business has it. You will most likely get denied. Keep your denial letter. Many are asking Trump to consider this an act of terrorism reversing the denials. Trump also stated that the wanted to help businesses with this issue. The Riverhead Chamber of Commerce is actively involved and have a task force in place working on it. They will continue to update us weekly on Mondays.


Rosalie had no updates for our recent town hall phone calls. She explains that they are working as fast as they can, extremely overloaded”. Remember businesses are not going to have huge spikes in their unemployment insurance rates due to this crisis.

CALL - 311 or (631)825-CPOS

The police Commissioner wants anyone who sees people non-adherent to the social distancing mandates to please call and help them keep us all safe. Anyone can call the numbers above if they feel something is of a safety issue. This included groups, non-essential workers. There are many whom are still working and the police commissioner takes it quite seriously. They have upped patrols in each town to handle these calls. The police are responding and doing a great job. They want to be notified Crime is beginning to rise again and some of it in local businesses.


There will be no power shut offs during this crisis. They are working diligently with all their customers and helping them.


We as business owners are going to have to all wear the required Personal Protection Equipment (PPE) when we are at work. We need to follow the guidelines to remain vigilant in this fight! Gloves and Masks for hands on workers that cannot distance themselves. It is the owner’s responsibility to provide these and there is no grant money for reimbursements on PPE.

It’s been a very hectic time for us all during this crazy time. Especially as information is changing so quickly. The Bayport Blue Point Chamber of Commerce is here for you! Use our Website, Gina keeps it updated. There is handy information on it. Also continue to look for our Constant Contacts. I am on many calls per day regarding this situation and my weekly updates are the most current way to keep you all informed.

Be well and Stay Safe

Carol A. Seitz



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