Vol. 56 No. 9
Saturday, February 27, 2021
Biden targets smallest businesses with change to PPP rules BY BRANDON ORTIZ
U.S. President Joseph Biden’s administration announced temporary changes to the Payment Protection Program (PPP) on Monday in an attempt to provide a lifeline for America’s most vulnerable small businesses. According to the Biden administration, only small businesses with 20 employees or less will be able to apply for PPP aid during a two week window that started this Wednesday and goes until March 10. This window will give lenders more time to work with and focus on those smaller businesses. Other businesses will still have the opportunity to apply for aid from the PPP as the program expires on March 31. This temporary change to the program’s eligibility rules is aimed at helping the small businesses that did not previously receive aid. During this two-week window, small businesses with 20 employees or less are encouraged to visit sba.gov to learn more about how their business can receive help. “Small businesses are the engines of our economic progress; they’re the glue and the heart and soul of our communities. These small businesses — not the ones with 500 employees, but these small businesses that, with a handful of folks, they are 90 percent of the businesses in America,” President Biden said in an official White House press release. “But when the Paycheck Protection Program was passed, a lot of these mom-and-pop businesses just got muscled out of the way by bigger companies who jumped in front of the line.” The Payment Protection Program restarted last month with $284 billion in aid
Double mask it!
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Budget Time Again President’s Message
Linda Berk President
I recently had a reason to review our carrying charge increase history (at the end of this report) and was reminded again how well management and the Board have been able to keep finances under control. It is the same reason HCR and Wells Fargo have acknowledged the excellent state-ofaffairs at Riverbay, even during a pandemic. There have been many factors that have enabled us to maintain a strong financial position. We will continue to have challenges and we will need to continue to step up to those challenges. As management proposes our next two-year budget, the Board, with Management, will review the various operations and capital projects of the next two years over the next month or so. While we have made a lot of progress over the past few years, there is more work to be done, and that always comes with a cost. I am impressed with the initial look at what is proposed and there will be several questions that will need to be answered, but we are at a great starting point. We will need to consider costs and weight our needs against (Continued on page 2)
Power Outage
BY BRANDON ORTIZ
The New York City Department of Health issued updates to its mask guidance late last week which affects people of all ages and health backgrounds. The updates build off of recent CDC guideline changes to mask wearing for US travelers both domestically and internationally. New Yorkers should consider wearing two masks the next time they go out, according to the DOH. More specifically, a cloth face covering over a disposable mask is now recommended in addition to a face covering with two or three layers of material. However, the DOH press release specifically highlights that wearing two disposable masks does not improve security from potential virus droplets in the air and is not recommended. According to the DOH press release, the updates to mask guidance affect young children too as anyone 2 years or older is now recommended to wear securely fitting masks that have at least two or three layers of material or a cloth face covering over a disposable mask. People who are 65 or older, those with an underlying medical condition, those who care for someone who is sick, or people who are in prolonged close contact
$1.25
Due to a transformer fire in one of the buildings, there was a loss of power in Buildings 1 through 8 and the Dreiser Shopping Center yesterday morning. The call center and CSO 1 were affected by this outage and could not receive calls. Power plant staff and related personnel were immediately onsite to assess the situation and begin repairs, however, as of press time yesterday, no further information was available. Management advised shareholders that additional updates would be disseminated through Phone Tree.
PROTECT YO Y URSELF & OTHERS WEAR A MASK OR BE FINED!
Efffe fectiv ve Tuesday, February y 16, 16, 2021, all residents and/or their guests over the 1 age of o 2 in common areas of Co-op City, including residential buildings, parking garages ges and community centers, are required to wear a mask or other appropriate fa ace covering. If you are observ ved by a Pu ublic Safe ety offfiicer not wearing a mask, and if i you refu use to wear a mask offfe ered by the offfiicer, you will receiv ve a $50 community fiine as a approved by b Board Re esolution 21-0 04 and endorsed by the NY YS Division of Housing and Community Renewal (HCR). See th he e Fe eb b. 13, 202 21 Co o-op Citty y Tiime es s fo for de etta ails s.
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MTA extends overnight subway hours BY BRANDON ORTIZ
The MTA looks to take another step toward a full recovery after Governor Cuomo announced last week that overnight subway service would be extended an additional two hours. New York City’s subways will officially be operating from 4 a.m. until 2 a.m. beginning this week. Cleaning crews will still work to disinfect train cars and stations during the daily pause in service to clean the various surfaces on which the COVID-19 virus can potentially spread. This latest update to subway service is contingent on New York’s COVID-19 numbers continuing to trend in the right direction, according to Governor Cuomo. The update also comes on the heels of various other restrictions being loosened in New York State as the governor attempts to steer the state as a whole toward a complete economic recovery. “With the expansion of hours of operation for restaurants and bars, as well as the re-opening of cultural centers and sports facilities, we must ensure that both employees and patrons have transportation options to (Continued on page 3)
Upcoming Riverbay Board of Directors Election
The annual Riverbay Board of Directors election will be held in May as stipulated in the Riverbay Corporation Bylaws. Onethird of shareholders must vote to validate the election. Every shareholder vote counts. Make a plan now to vote. More information will be available in the Co-op City Times as they become available.