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Survey finds business owners cautiously optimistic
Nearly two-thirds of business owners nationwide feel the worst is behind them in terms of the impact of COVID-19 on their operations, new research from Paychex Inc. shows. But 4 in 5 business owners are somewhat or very concerned about a possible second wave of infection. “Over the past couple of weeks, as all 50 […]
Lenders see modest rise in mortgages in forbearance
Around 4.2 million homeowners nationwide are now in forbearance, although the number rose more modestly during the most recent reporting period. The Mortgage Bankers Association (MBA) said the number of loans in forbearance climbed to 8.36 percent in the week ending May 17, up from 8.16 percent. “Although job losses continue at extremely high rates, […]
Finger Lakes Region ‘optimistic’ Phase 2 can begin Friday
The Finger Lakes Region is on target for a Friday implementation of Phase 2 of the state’s reopening, but hospitalization and new-case metrics related to the coronavirus pandemic will ultimately determine whether Gov. Andrew Cuomo gives the go-ahead. “I think it’s safe to say we’re cautiously optimistic,” Vincent Esposito, Finger Lakes regional dir[...]
New loan program targets those left out of previous packages
A new, $100 million business loan program will target small businesses focusing on MWBEs, nonprofits and small landlords that did not receive federal COVID-19 assistance, Gov. Andrew Cuomo said on Friday. Eligible nonprofits can apply for a 60-month, no-fee loan at 2 percent fixed interest; while eligible small businesses and landlords who own small multi-family […]
County trims $47.6 million in spending to offset sales tax shortfalls
Projected shortfalls in sales tax revenue aren’t as dire as Monroe County Executive Adam Bello initially feared, but measures are underway to find nearly $47.6 million in cost savings and thus avoid a property tax increase in 2021. A hiring freeze and/or delay will save $19.5 million, budget reductions within all departments will retain $12.6 […]
Fed must continue to ensure business has access to credit, aid
Having already acted to ward off a potential catastrophic collapse of the global economy, the Federal Reserve is now focused on ensuring a rebound of the U.S. economy once the coronavirus pandemic subsides. The vast array of aid packages already implemented by Congress has added more than $3 trillion to the national debt, and the […]
Bello, local leaders say municipalities need help from Congress
Local government and education officials, their revenue streams choked off by the economic turmoil caused by the coronavirus pandemic, warned that significant cuts to public safety, social service programs and teachers are looming if Congress does not provide relief. “We should not be asking governments to choose between supporting our public health and front line […]
Survey: Genesee County businesses prioritize safe reopening for customers
More than 100 businesses in Genesee County responded to a recent economic survey, with nearly two-thirds indicating they had applied for financial assistance during the COVID-19 crisis. The Genesee County Economic Development Center, Genesee County Chamber of Commerce, the Batavia Development Corp. and the Batavia Business Improvement District conducted the online survey last week with […]
Cuomo says Finger Lakes can begin phased-in reopening
Saying it’s time to start writing a new chapter in New York’s fight against the coronavirus pandemic, Gov. Andrew Cuomo this morning gave the go-ahead for the Finger Lakes Region to begin the phased-in reopening of the economy on Friday. Construction, manufacturing and retail businesses that can safely provide curb-side pickup will make up Phase […]
Mortgage lending standards are strictest since 2014
Mortgage rates may still be low but prospective buyers are finding that the approval process is more difficult than it was a month ago. The Mortgage Credit Availability Index (MCAI) dropped 12.2 percent — to 133.5 — in April, according to a recent report from the Mortgage Bankers Association. A decline in the MCAI indicates lending standards […]
More than 400 city employees impacted by furloughs, job cuts
Nearly 400 city of Rochester employees will endure at least 12 weeks of furloughs or a reduction in hours, and an additional 17 positions have been eliminated, as Mayor Lovely Warren seeks solutions to the financial ramifications of the coronavirus pandemic. The payroll reductions will result in a savings of $2.1 million as the current […]
Report: Many business owners still awaiting PPP funds
The majority of business owners who applied for the federal government’s Paycheck Protection Program loans were still awaiting funds or approval last week, even as the second round of funding became available, according to a new report from Paychex Inc. The study, which polled 300 randomly selected U.S. business owners with 500 or fewer employees […]
