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...
New York State is requiring all employers who have or will be impacted by closures or workforce reduction to supply employees with the following information: NYS Employer Registration No. (This is found on your quarterly payroll tax form NYS-45 or on your Unemployment Registration Card) Federal Employer...
The Treasury Department has issued guidance that clarifies that no deduction is allowed under the Internal Revenue Code for an expense that is otherwise deductible if the payment of such expense results in forgiveness of a covered loan pursuant to the CARES Act and the...
One of the struggles many employers are facing surround employees who are refusing to return to work. The SBA has addressed this issue in their most recent FAQ dated May 4, 2020: Question: Will a borrower’s PPP loan forgiveness amount (pursuant to section 1106 of the CARES...
COVID-19 Employee Assistance: What Else Can Businesses Do To Help Their Employees? Employer-Provided Tax-Free Disaster Relief Benefits On March 13, 2020, President Trump enacted the Robert T. Stafford Disaster Relief and Emergency Assistance Act, authorizing him to declare the COVID-19 epidemic a national emergency. By doing so, he...
