Coronavirus (COVID-19) Resources for Long Island Businesses
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Disaster Relief Loans and Grants
There are two programs available from the SBA. See below for details and links to informational flyers from US Representative Kathleen Rice. As always, you should review thoroughly and check with your accounting, legal and banking professionals before applying. Note especially the warning about duplication of benefits.
Paycheck Protection Program (PPP)
Highlights from the Fact Sheet:
- The loans offer up to $10 million in assistance per applicant; loan amounts are determined by incurred payroll costs.
- Can be used for: payroll costs, group health care benefits, salaries and commissions, interest on mortgage loans, rent, utilities, and interest on other debt obligations incurred before February 15, 2020.
- The maximum interest rate is 4% and there are zero loan fees and zero prepayment fees.
- Maximum term for loan repayment is 10 years, and repayment can be deferred for at least 6 months and up to 1 year.
- Borrowers are eligible for loan forgiveness equal to the amount incurred and paid during the 8-week period beginning on the loan origination date for payroll costs, payments of interest on certain mortgage obligations, payment on certain rent obligations, and certain utility payments.
- Loan forgiveness cannot exceed the loan’s principal amount.
- Payroll costs eligible for forgiveness do not include compensation for annual salaries more than $100,000.
- The amount forgiven will be reduced if wages for any individual full-time employee were reduced by more than 25% or if full-time employees are laid off. Borrowers can avoid this penalty by curing the reductions by June 30, 2020.
- To receive loan forgiveness, borrowers must maintain, certify, and submit to their lender, documents that verify the number of full-time employees and documents that prove mortgage, lease, or utility payments. Additional business documents may be requested by your loan officer.
See full details here https://kathleenrice.house.gov/UploadedFiles/SBA_PPP_Loan_Fact_Sheet.pdf
Economic Injury Disaster Loan (EIDL)
Highlights from the Fact Sheet:
- The loans offer up to $2 million in assistance to applicants experiencing a temporary loss of income due to COVID-19.
- Loans may be used to pay fixed debts, payroll, accounts payable, and other bills that are unable to be paid due to COVID-19.
- Interest rates are 3.75% for small businesses and 2.75% for non-profit organizations.
- Maximum term for loan repayment is 30 years.
- Emergency Economic Injury Grants provide an emergency advance of up to $10,000 to eligible entities within 3 days of applying for SBA’s Economic Injury Disaster Loan.
- To access the advance, you must first apply for an EIDL and then request the advance.
- The advance does not need to be repaid if it is used to keep employees on payroll, pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage insurance payments.
See full details here https://kathleenrice.house.gov/UploadedFiles/SBA_EIDL_and_Grants_Fact_Sheet.pdf
SBA Disaster Loan Information
More information from the Small Business Administration (SBA) website.
Unemployment and General Information
Unemployment Insurance Benefits: Updated FAQs
This useful document covers:
- Pandemic Unemployment Assistance – Extended eligibility for individuals who have traditionally been ineligible for UI benefits (e.g., self-employed workers, independent contractors);
- Pandemic Unemployment Compensation – An additional $600 per week, on top of regular benefits, to all UI recipients; and,
- Pandemic Emergency Unemployment Compensation – An additional 13 weeks of UI benefits, beyond the regular 26 weeks already provided, for a total of 39 weeks of coverage.
Download it here UI-Covid-FAQ.
Guidance for Self-Employed Individuals
Walks you through the process of filing an unemployment insurance claim if you are self-employed.
New York State Unemployment Application
CDC Information for Businesses and Employers
Information for Businesses by NY State Empire State Development
Includes an FAQ for Businesses in New York
Regional Alerts and Information
Text COVID19NC to 888777 for updates
View info at https://www.nassaucountyny.gov/4946/Coronavirus-COVID-19
Text COVIDSUFFOLK to 67283 for updates
View info at https://suffolkcountyny.gov/Departments/Health-Services/Health-Bulletins/Novel-Coronavirus
NY State List of Essential Businesses
The “New York State on PAUSE” executive order includes a new directive that all non-essential businesses statewide must close in-office personnel functions. See link for businesseses that are considered essential.
CompTIA Resources for Technology Companies and Professionals
Free and Discounted Software for Remote Work
Financial and Legal Information
COVID-19: Responding with resilience and readiness
KPMG has put together a page with expert insights and analysis, covering economics, taxes, business resilience, and insights for specific industries.
COVID-19 Legal Information
Meltzer Lippe has several articles worth reading including impact on contracts and important information for employers.
Most newspapers are offering free online access to their coverage related to Coronavirus
Long Island Press
Long Island Business News
New York Times
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