Small businesses in the area have been moving forward with CARES Act funding to sustain their businesses during the pandemic. 

3i Graphics in Binghamton is one business that received a Payment Protection Program loan and an Economic Injury Disaster Loan. Ten employees were furloughed for five weeks until the graphic and sign business received funding with the help of the Small Business Development Center. 

Eric Olsen, 3i Graphics Vice President of Marketing and Sales, says the help of the SBDC made it possible to shorten the time employees were out of the building. 

“It would have been difficult to go into personal assets to try to do that or try to work out something with the banks," said Olsen.

Olsen says the biggest challenge was sorting through the information about the loans and determining the liability of taking the loan. 

"There were some things that were difficult to understand," said SBDC Advisor Bob Griffin. "And that's where we came in."

Griffin says the SBDC alone has helped over 720 local businesses receive $16 million in funding from federal loans to local loans. Of that, $10 million was specifically in PPP loans. 

Over 700 small businesses in Binghamton received PPP loans to stay afloat during the pandemic, according to the Small Business Administration. 188 small businesses were approved for PPP loans in Johnson City, 310 received funding in Endicott, and 288 small businesses in Vestal received loans of less than $150,000. 

 Griffin adds some businesses might not make it. For some, the loans have become a lifeline. For others, they have changed their business models and paid the EIDL back already. 

The loans have helped 3i Graphics retain a sense of normalcy. Olsen says he expects the PPP loan to be completely forgiven if they follow all restrictions.

The PPP loan application is extended until August 8. Griffin says to check with your bank in case their deadline to submit the application is earlier. 

The SBDC offers free services to businesses in the Southern Tier. For more information, you can head to binghamton.edu/sbdc or call 607-777-4024.