Dear Glen Cove Downtown Business Improvement District,

Last Spring when the funding was available to small businesses it was very clear that many of our downtown small businesses were being left out of this funding. Matt Narcowicz of American Community Bank helped many of our downtown businesses receive funding. Matt was not only helpful with the applications but had funding available to these businesses within a few days and in some cases a few hours.

I am happy to inform you that American Community Bank is now accepting applications starting today, January 13th. Please find below all the information needed for an existing or new customer applying for round 2 PPP with American Community Bank. ACB estimates that they will be able to start processing loans later this week or early next week at this time they are just waiting for the green light from the SBA.

PPP Round 2 – Second Draw

American Community Bank is now accepting applications for the next round of Paycheck Protection Program Loans (PPP). To submit a complete loan package we will need for the following:

  •  PPP loan application completed and signed (attached)


  •  2019 Payroll (if customer elects to use 2019 payroll)
  •   If previously worked with American Community Bank for round 1 of the PPP nothing else is needed regarding payroll New Customers Using 2019 or

New/Existing Customers using 2020 Payroll

  • 2019 or 2020 Payroll 
  • Payroll Cares PPP Statement from your payroll provider from 1/1– 12/31 in year customer elects
  •   If your payroll provider doesn’t provide the statement we will need the following

       § 2019/2020 W3

       § 2019/2020 W2s on all employees

       § 2019/2020 Quarterly statements on NYS-45 (unemployment contribution) or

  •  2019/2020 business tax returns
  •   If 2019/2020 tax returns are not filed yet we will need the following

       § 2019/2020 balance sheet

       §2019/2020 income statement

Retirement & Healthcare

  •  Proof of payment towards employees healthcare or retirement that is outside of payroll § 2019/2020 monthly healthcare and/or investment statements

Industry Code

  • New customers need to provide NAICS Company ID (industry code)

Revenue reduction requirement

  • To be eligible for a Second Draw PPP Loan the borrower must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019. A borrower must calculate this revenue reduction by comparing the quarterly gross receipts for one quarter in 2020 with the gross receipts for the corresponding quarter in 2019. For borrowers that do not have quarterly reports they must provide annual tax return forms 2019 and 2020.
  •    For loans under $150,000 the borrower must indicate revenue reduction on the application and submit proof before application for forgiveness.
  •    For loans over $150,000 the borrower must indicate revenue reduction on the application and provide proof of reduction at time of application.

NON-Customers Additional Documents Needed

  • Business formation documentations 
  •    Corporation – Articles of incorporation
  •    LLC – LLC operating agreement
  •    Sole Proprietor – Business license
  • State filing receipt
  • Beneficial ownership paperwork completed and signed (attached)
  • Primary identification (Driver’s License or US Passport) & Social security number on all owners with 20% or more ownership

First Time Applicants

  •  Businesses that did not apply for the first round of PPP are eligible to apply now.

You may email the full package to or you may drop it off at 300 Glen Street, Glen Cove. If you have any further questions please feel free to contact Matt Nartowicz directly at 516-609-2900.

Covid -19 Updates

On January 6, 2021, the U.S. Small Business Administration released initial details and guidelines for the Paycheck Protection Program (PPP) and Second Draw Loans.

If your eligible business never obtained a PPP loan during the original program, the re-opened program means you can now apply for the first time but are subject to the terms of the initial program.

Second Draw Loans are loans that will be made to borrowers that already recieved loans in the first round of PPP loans last year.

Below are some of the notable takeaways of what to expect:

  • Banks that are taking applications for the second round of PPP have received the new government applications today. They should be able to take applications by the end of this week.
  • Public companies are ineligible to recieve PPP funds
  • Maximum loan sizes for this round are $2 million
  • Applicants must have utilized the full amount of their initial draw PPP loan on or before the expected date of the second draw PPP loan is disbursed
  • Revenue needs to have decreased at leased 25% in 2020 compared to the same quarter in 2019. For example: Q2 2020 (April, May, June 2020 Revenue) vs Q2 2019 (April, May, June 2019 Revenue) must have decreased 25% Year Over Year. 1 Quarter is a minimum. Revenue reduction can also be the full calendar year of 2020 vs 2019.
  • Payroll can be calculated 3 ways: (1) 2019 calendar year, (2) 2020 calendar year, (3) past 12 months
  • For loans above $150,000, applicants must submit documentation to substantiate a revenue reduction of 25% or more (tax forms, financial statements, bank statements).
  • Payroll documentation required in the first draw will be the same for second draw loans.

PPP "Second Draw" Loans are available to:

  • Companies with fewer than 300 emloyees who have already used or will use the full amount of money granted to them in their initial round of PPP.
  • Businesses, some nonprofit organizations, self-employed workers, and independent contractors.
  • Sole proprietors, independent contractors, and eligible self-employed individuals.

New: The PPP program has been updated to now include eligibility for uncertain housing cooperatives, news organizations, section 501(c)(6) organizations, and Economic Injury Disaster Loan ("EIDL") recipients.

Who can:

  • Show at least a 25% reduction in gross receipts in the first, second, or third quarter of 2020 compared to the same quarter in 2019

Since this new PPP program is actually an amendment to the original, businesses that haven't previously applied for PPP loans will be subject to the PPP program's original eligibility rules. The original PPP was generally open to businesses with up to 500 employees, but unlike this second draw offer, there was no requirement to demonstrate a revenue loss.

Eligible organizations can only receive one primary and one secondary PPP loan.

Amounts available:

The maximum for "second draw" PPP loans is $2 million. As was the case with the original PPP, actual amounts will be based on an applicant's payroll.

Second-time PPP borrowers will generally be eligible to borrow an amount equal to 2.5 times their average monthly payroll costs, however, those seeking PPP loans from the foodservice and accomodation industires- hotels, and restaurants are eligible for loans that amount to 3.5 times the average monthly payroll.

Forgiveness of loans

Borrowers are still required to spend at least 60% of the funds on payroll over a covered period of either 8 or 24 weeks to recieve full forgiveness. The other 40% may be used on eligible costs, including certain mortage expenses, rent and utility payments.

PPP2: New allowances for additional expenses

Under the renewed program, the List of eligible non-payroll expenses has been expanded to included four new categories, including:

  • Costs for personal protective equipment and adaptive investments that help a PPP loan recipient comply with federal and/or health and safety guidelines related to COVID-19;
  • Outlays for on software, cloud computing, human resources, and accounting needs;
  • Any spending not covered by insurance that are related to property damage due to public disturbances that occurred during 2020;
  • Spending to suppliers that covered costs essential to the business operations at the time the outlay occured. For instance, restaurants' purchases of perichable goods can now qualify.

Important tax changes

The Consolidated Appropriations Act, 2021 (CAA 2021), H.R. 133, Division N, Section 276, provides that deductions are allowed for otherwise deductible expenses paid with the proceeds of a PPP loan that is forgiven and that the tax basis and other attributes of the borrower's assets will not be reduced as a result of the loan forgiveness.

Specifically, the updated language says "no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided' by section 1106 of the CARES Act (which has been redesignated as Section 7A of the Small Business Act). This provision applies to loans under both the original PPP and subsequent PPP loans.



Stimulus Package

Congress has passed H.R. 133, the Coronavirus Response and Relief Supplemental Appropriations Act. This $900 billion for coronavirus assistance includes:

  • $284 billion for the Paycheck Protection Program (PPP) and an extention of PPP through March 31, 2021. Certain 501(c) (6) organizations are now eligible for PPP.
  • $3.5 billion to resume debt relief payments of principal and interest (P&I) on small business loans guaranteed by the SBA under the 7(a), 504 and microloan.
  • Extension and expansion of the Employee Retention Tax Credit (ERTC).
  • An additional $300 per week to supplement all state and federal unemployment.
  • Full federal financing of state work-share programs.
  • One-time direct payments of $600 for individuals earning up to $75,000 and $1,200 for couples making up to $150,000, as well as an extra $600 per eligible child depend.

To view a more detailed summary of the bill, click here.

Indoor Dining


New York State

Effective November 13 at 10pm, bars, restaurants and gyms, as well as any State Liquor Authority-licensed establishment, must close in-person service from 10 pm to 5 pm daily.

Effective November 13 at 10pm, indoor and outdoor gatherings at private residences will be limited to no more than 10 people.

New Travel guidelines are in effect that allow out-of-state travelers to "test out' of the mandatory 14-day quarantine.

A new cluster action initiative is addressing COVID-19 hot spots that have cropped up across the state.

Go to New York's COVID Report Card hosted by the Department of Health to find COVID-19 positive case data for every school district in the state.

Movie theaters outside of New York City can reopen starting October 23 at 25% capacity with no more than 50 people allowed in front of each screen.

Theaters can only open outside of New York City in counties that have COVID-19 positivity rates of less than 2% on a 14-day average and do not have any cluster zones.

For more information, please go to:

New York Forward Loan Fund

On Friday, New York State announced the launch of the New York Loan Fund (NYLF). This $100 million small business relief program will distribute loans to eligible businesses with 20 or fewer employees and less than $3 million in revenue. These funds will be available to businesses and nonprofits that have not received a loan from either the SBA Paycheck Protection Program (PPP) or the SBA Economic Injury Disaster Loan (EIDL) related to COVID-19 in 2020. Borrowers can apply to receive funds at The SBDC New York office is also offering webinars on the program.

For more information and updates, visit or

SBA Disaster Relief Update and Things You Can Do NOW to Prepare
New York State has just received disaster declaration for the COVID-19 Incident.  This declaration opens the application process for NY small business to apply for the Economic Injury Disaster Loan (EIDL) program.   Other than working with your own bank for your financial needs, the SBA disaster loan is the only ‘disaster assistance’ available at the present time for economic losses that you may be experiencing. It is likely, and from our experience, that other programs will roll out. At this time, you may wish to begin the process of applying. We would also like to manage expectations: This is NOT a quick process.
Program Details  

• Must be experiencing a business loss due to COVID-19

• Entities may qualify for loans up to $2 million

• Maximum unsecured loan amount is $25,000.00

• Interest rates:  3.75 for small business.  2.75% for Not for profit

• Term – up to 30 years

• Use of funds:  working capital, pay fixed debts, payroll, account payable, other bills that could have been paid had the disaster not occurred. 

• Loans are NOT intended to replace lost sales or profits or for expansion.

• There is no obligation to take the loan if offered. 

• Applicants can have an existing SBA Disaster loan or other SBA loan and still qualify for EIDL for this disaster, LOANS CANNOT BE CONSOLIDATED

SBA DISASTER LOAN PROGRAM:  YOU WILL BE APPLYING FOR ECONOMIC INJURY – (EIDL)   You will access the SBA loan program at: –   You can access the application forms at:
NOTE: Loan applications are to be submitted online.  Printing out the forms and completing first may be helpful before you submit the final application.  
READ and FOLLOW INSTRUCTIONS:    The forms will either be uploaded or the information will be used as part of your application.  It is advised that you work on completing all documents.  Please note:  you need to answer all questions and make sure you sign in all the appropriate places.      
•       Completed SBA loan application – SBA form 5 (for sole proprietors / home based businesses you will fill out Form 5c) 

 •       IRS Form 4506-T completed and signed by Applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50% ownership in an affiliate business. (Affiliates include parent company, subsidiaries, and/or businesses with common ownership or management).
•       Completed copies of the most recent Business Federal Income Tax return – all pages
•       Schedule of Liabilities (SBA form 2202)
•       Personal Financial Statement (SBA form 413) - each principal owning 20% or more of the applicant business, each general partner or managing member.
These forms/documents will likely be requested at some point in the application process. If you have an opportunity to upload them onto the online platform during this process, you may do so. This can save you time.  

•       Complete copy, including all schedules, of the most recent personal Federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member, and each affiliate (Affiliates include parent company, subsidiaries, and/or businesses with common ownership or management).  

•       If you do not have 2019 business tax return completed: submit year end profit and loss statement and balance sheet for 2019.  

•       Current year-to-date profit and loss statement and balance sheet  

•       SBA form 1368   



FileDescriptionFile Size
Download This File (National-Restaurant-Association-COVID19-Reopening-Guidance.pdf)National-Restaurant-Association-COVID19-Reopening-Guidance.pdfGuidance on Restaurant Re-Opening3358 Kb
Download This File (PPP Second Draw Borrower Application Form (1.8.2021).pdf)PPP loan application  490 Kb