CDC ISSUES ORDER HALTING CERTAIN EVICTIONS NATIONWIDE THROUGH DECEMBER 31, 2020 Earlier this week the Centers for Disease Control (‘CDC’) announced that they would be issuing an order addressing the residential eviction crises across the country that has resulted from the impacts of the COVID-19 pandemic. More details regarding that Order have been released today…
COVID RENT RELIEF PROGRAM New York State has extended the deadline to Thursday, August 6, 2020 to apply for the COVID Rent Relief Program to help households experiencing an increase in their rent burden due to a loss of income during the COVID-19 crisis. Visit https://hcr.ny.gov/RRP for more information. To qualify for COVID Rent Relief Assistance, applicants must meet…
CHILD DAY CARE PROGRAMS NOW ELIGIBLE FOR STATE ASSISTANCE Governor Cuomo announced that $65 million in federal CARES Act funding is available for child care providers throughout New York State. The goal is to provide incentives for closed day care centers to reopen, and for centers that are still open to increase their capacity. $20…
PANDEMIC CHALLENGES FOR NONPROFITS Observers are predicting a challenging road ahead for many charitable nonprofits, especially those that rely on funding from state and local governments. Tax revenues are down and deficits are ballooning. It is widely expected that sooner or later, government funding of charitable nonprofits will be reduced or even eliminated. Private philanthropies…
CHANGES TO THE BANKRUPTCY CODE PROVIDES TIMELY RELIEF TO SMALL BUSINESSES Small businesses are the driver behind the Hudson Valley economy, but many are struggling to survive during the current Covid-19 pandemic. A recent US Chamber of Commerce poll showed that half of small businesses only have enough cash on hand to survive for one…
THINGS EMPLOYERS SHOULD CONSIDER IN DEALING WITH THE COVID-19 OUTBREAK On March 7, 2020, the State of New York declared a state of emergency in response to the outbreak of COVID-19 coronavirus in the state[1]. On March 11, 2020, the World Health Organization (WHO) declared the COVID-19 coronavirus outbreak as a pandemic[2] and on March…
ORANGE COUNTY FUNDING CORPORATION LAUNCHES SMALL BUSINESS RESILIENCY LOAN The Orange County Funding Corporation, an entity affiliated with the Orange County Industrial Development Agency, has launched the Small Business Resiliency Loan program aimed at assisting small businesses located in Orange County, New York. Further information can be found here. A fund of $500,000 has been…
SBA ISSUES PAYCHECK PROTECTION PROGRAM GUIDANCE FOR THE SELF EMPLOYED The Small Business Administration issued long-awaited guidance on April 14, 2020, as to how people with self-employment income can apply for benefits under the Paycheck Protection Program. This applies to sole proprietors and independent contractors who report their income on Schedule C of IRS Form…
PAYCHECK PROTECTION PROGRAM UPDATES Sole Proprietors and Independent Contractors The Paycheck Protection Program (PPP), the primary relief program for small businesses under the CARES Act, becomes available to sole proprietors and independent contractors on Friday, April 10. SBA lenders are supposed to begin accepting applications on that day. Until now, those lenders were only…
TAPPING INTO YOUR 401(k) DURING COVID-19 The coronavirus pandemic has reduced income to millions of Americans. As part of the CARES Act, Congress enacted special rules pertaining to early withdrawals and loans from tax-favored savings vehicles like 401(k) and IRA accounts. Withdrawals Previously, an early withdrawal from a 401(k) or IRA was subject to a…
