As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Payroll Protection Program was established to provide relief to small businesses during the coronavirus pandemic. The legislation authorized Treasury to use the SBA’s 7(a) small business lending program to fund loans to...
Many businesses starting to re-open are not at 100% capacity or are subject to restrictions which causes them to need less labor. In New York, there is a Shared Work program which allows employers to keep their employees while allowing them to receive partial Unemployment...
Extension for the Abatement of Penalties and Interest for Sales and Use Tax due to the Novel Coronavirus, COVID-19 The Tax Commissioner’s authority to abate interest, in addition to late filing and payment penalties, for taxpayers who were required to file returns and remit sales and use taxes...
The Tax Commissioner’s authority to abate interest, in addition to late filing and payment penalties, for taxpayers who were required to file returns and remit sales and use taxes by March 20, 2020, for the sales tax quarterly period that ended February 29, 2020, was scheduled to expire...
New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. NYFLF targets the state’s small businesses with 20 or fewer...
Early recipients of the Paycheck Protection Program (PPP) are now at the half way point of the 8 week use of funds period. The SBA has just released its first version of the Paycheck Protection Program Loan Forgiveness Application. The application includes some needed clarifications,...
The NY Compensation Rating Board has created a new classification for employees working from home or for those employees who are idle and still on your payroll. See our link for more details. Effective immediately, for all NY workers’ compensation policies in effect for the period...
New York Forward Business Reopening Lookup Tool Businesses in each region will be able to re-open in phases. Re-opening refers to non-essential businesses and business activities. Essential businesses and business activities that are open, will be able to remain open. The guidelines accessible via this tool apply...
The Office of the New York State Attorney General Charities Bureau issued guidance for conducting virtual meetings of members of New York Not-for-Profit Corporations. You can read their bulletin here: https://www.charitiesnys.com/pdfs/charitiesbureauguidance.pdf ...
How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation...
