The Federal Reserve has expanded its $600 billion Main Street Lending Program to serve much smaller businesses.

The move comes after the Federal Reserve accepted more than 2,200 comments about the proposed lending program from people, businesses and nonprofits. The Fed has yet to set a start date, saying that will be “announced soon.”

The minimum loan amount under the program will now be $500,000 for new loans and priority loans, down from the originally proposed $1 million, opening up the program to smaller businesses. The “expanded” loan type will be a minimum of $10 million, designed for larger businesses.

The ceiling for loans will also be raised to companies with up to 15,000 employees or up to $5 billion in annual revenue, compared with original thresholds of 10,000 employees or $2.5 billion in revenue when the program was first announced. That means much larger companies will now qualify for the program.

There will be a new type of “priority loan” in which the Federal Reserve will buy 85 percent of the loan made by a bank, as opposed to the 95 percent the Fed will buy through its Main Street New Loan Facility and Main Street Expanded Loan Facility, announced earlier this month.

By Christine Graf

After two years of negotiations, the agreement which would have allowed Pioneer Bank to purchase Jaeger & Flynn for $12.75 million has been terminated.

With more than 85 employees working in offices in Clifton Park, Saratoga Springs, and Glens Falls, Jaeger & Flynn is the third largest health insurance broker in the region. They also offer human resources consulting and a variety of other services.

According to Pioneer Bank CEO Tom Amell, it was Jaeger & Flynn President and CEO Thomas Flynn who ultimately made the decision to terminate the agreement.

“His reasoning for it made good business sense,” said Amell. “The decision was made primarily because of COVID-19  unrest. It happened at a time when there was an out clause in the contract. We were so close to getting final touches on it, and then the world changed on us. We mutually agreed to take a deep breath, step back, and make sure our underlying business are strong.”

By Christine Graf

Metrix Online Learning is being offered free of charge to residents and businesses in Saratoga, Warren, and Washington counties.

The online learning platform was developed by Albany-based NY Wired for Education. It features more than 5,000 different courses in everything from Microsoft Office to disease prevention. The majority fall under the categories of information technology, basic business, retail service, manufacturing, and healthcare.

Classes are available online and can be accessed any time of day, any day of the week.

Subscription costs for Metrix Online Learning are paid for by the three-county consortium of one-stop career centers in Warren, Saratoga, and Washington counties. These centers are located in Glens Falls, Ballston Spa, and Fort Edward and are funded by the Workforce Innovation and Opportunity Act (WIOA). The WIOA was designed to strengthen and improve the country’s workforce.

BY CHRISTINE GRAF

Local chambers of commerce are scrambling to provide support to their members during this unprecedented time of financial uncertainly. They have become information clearinghouses and are disseminating updated information related to COVID-19 as quickly as possible.

According to Lake George Regional Chamber of Commerce Executive Director Gina Mintzer, she is receiving as many as 150 emails a day on the subject.

“The information is coming in so fast. I get information from the county, state, federal government, and governor’s office,” she said. “We are trying to keep abreast of all of that information that’s being thrown out there by government agencies to benefit those who need it the most. We are distilling that information and getting it out there through e-blasts and our social media platform.”