Much has been written regarding the recent enactment of the Coronavirus Aid, Relief, and Economic Stimulus Act (“CARES Act”), the availability of its Payroll Protection Loans and the increase in the debt limit to $7.5 million for bankruptcy filings eligible under the subchapter V of the bankruptcy code. Subchapter V, created by the Small Business Reorganization Act of 2019, had a debt limit of…

  The SBA has now issued interim guidance on the Paycheck Protection Program (“PPP”), which are included in sections 1102 and 1106 in the Coronavirus Aid Relief and Economic Security (“CARES”) Act. As a reminder, the application for the PPP for small businesses with 500 or less employees, is now available and can be submitted starting today, although the ability to begin the application process…

  As a reminder the Emergency Paid Sick Leave (EPSLA) and Emergency Paid Family Leave Act (EFMLA) provisions of the Families First Coronavirus Response Act (FFCRA) take effect today, April 1, 2020. If employers have not already posted and provided remote workers with copies of the mandatory notice they should do so immediately. A copy of this poster is available at: https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf The Department of…

  For those interested in the Economic Injury Disaster Loan (EIDL) (as opposed to the Paycheck Protection Loan (PPL) Program with forgiveness), the streamlined application is out. Find it here: https://covid19relief.sba.gov/#/. You will recall the EDIL offers SBA loans up to $2 million for disaster relief. $10 billion is appropriated for this program. Applicants for EIDL due to COVID-19 can get an emergency $10k grant…

  Applications Will Start April 3, 2020 The much-anticipated application for the “CARES” act Paycheck Protection Loan was issued today. You can find it here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf Treasury also has given some important information such as; what counts as payroll costs; what may be forgiven; and that you will owe money when the loan is due if the money is used for anything other than payroll…

  President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” on March 27, 2020. This 880-page bill is divided into six separate sections. We will provide a brief overview of the separate provisions and the implications it has to businesses. TITLE I: Keeping American Workers Paid and Employed 1. Paycheck Protection Loan (PPL) Program Title I creates…

  Today's second update will discuss the 880-page federal law that was signed yesterday concerning layoffs, some government funding of small business, small business loans, unemployment insurance and other issues. This update will discuss the construction industry. As you are aware from my prior emails, Governor Cuomo’s Executive Order No. 202.6, effective March 20, 2020, implemented in-person workforce reductions to 100% for non-essential businesses. However,…

  During these unprecedented times, where the headlines and news cycles are dominated by COVID-19 and its devastating global effects, it is important to keep an eye on other developments that impact our lives. To that end, here is a list of important developments and upcoming deadlines for Long Island property owners. 1. Earlier this week, the Nassau County Legislature passed the "Reassessment Phase-In Act…

  On March 25, 2020, the Federal Department of Labor, Wage and Hour Division, which is tasked with overseeing enforcement of the Emergency Family Medical Leave and Emergency Paid Sick Leave that are part of the Families First Coronavirus Response Act (“FFCRA”) provided guidance to employers on the notice they must distribute and how these new leave laws will be enforced. As a reminder, the…

  This has been a stressful few days/weeks for everyone. As we approach, 8:00 p.m. tonight, the time Governor Cuomo set for all non-essential business employees to be sent home from the work place, I have been asked by a number of employers, 3 overriding questions: 1. Am I an Essential Business? Please see my March 20, 2020 update or click here for guidance for…