Once social distancing slows coronavirus pandemic, tough questions follow over how to get the nation back to work: ‘It isn’t like a light switch on and off’
With some preliminary signs that infections from the virus are slowing, the whole nation is hopeful to get back to business as soon as possible. But a host of questions arise: Under what conditions should people be allowed back to work …
The Wall Street Journal Reports that Senate Majority Leader Mitch McConnell (R., Ky.) said he would aim to approve more funding this week for a Paycheck Protection Program that Congress created last month to help firms hit by the coronavirus pandemic.
In a statement, Mr. McConnell said the $350 billion loan program would soon need more funds because of the huge demand for the federal assistance. …
We were reminded of Churchill’s quote during yesterday’s briefing by Governor Cuomo in which he – cautiously – expressed optimism that New York may have reached the Apex of the pandemic. This coupled with similar stories from Italy, Spain and France put us in mind of Churchill who was speaking of the Allied victory at El Alamein in North Africa …
Gov. Andrew Cuomo said Monday he would extend the statewide “PAUSE” order, along with school closures, through April 29 because, he says, there is evidence that social distancing is working. And now is not the time to let up.
“I know that’s a negative for many, many reasons,” Cuomo said on Monday in his daily briefing. “I know what it does to the economy. But I said from …
Monday Economic Report 0406 2020
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Eight in 10 U.S. counties are under lockdown orders, according to a study, and they represent nearly 96% of national output
The Wall …
It goes without saying that this has been a tough fiscal year as the state battles the current COVID-19 pandemic. On April 2, a day after the budget deadline, the State Legislature passed a final FY2021 State Budget. Below you will find an overview report on some of the main budget bills that the Manufacturers Alliance had been monitoring for our member companies and organizations since the beginning …
The Hill Reports that banks and industry groups say a new rescue lending program for small businesses is off to a rocky start and may fall far short of what firms need to stay afloat during the economic fallout from the coronavirus.
The Treasury Department and Small Business Administration (SBA) on Friday rolled out applications for small businesses to receive forgivable loans for payroll and other …
Today Hudson Valley Manufacturers who need financial support during this difficult time can begin applying for loans through the Paycheck Protection Program, the new $349 billion loan program established by the CARES Act. NAM has developed and an overview that will tell you who qualifies and how to apply for PPP loans. For more on other Small Business Administration …
ESD Has Improved Its Process to Support Manufacturers That Are Able to Make Critically Needed COVID-19 Supplies
New York State appreciates the manufacturers who are ready and able to retool to help in producing critically needed COVID-19 supplies—whether you are already making these supplies or need guidance for adapting to do so. This …
Yesterday afternoon the IRS released new guidance on tax credits authorized in the “phase two” COVID-19 bill to help small businesses offset the cost of new paid leave requirements.
Click here to learn more about how to implement these policies.
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This audio was recorded from the webinar presented on March 31st.
(Note: Due to a recording …
In addition to the emergency funding provisions of the CARES Act are more items related to manufacturing. We have been in touch with Senator Gillibrand’s office on this topic.
There is much more in the link below
Key Highlights for Manufacturing in the CARES ACT
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The Paycheck Protection Program prioritizes millions of Americans employed …
ALBANY — As the clock ticked closer to midnight on Tuesday, all signs suggested that lawmakers would not complete the budget by April 1, the start of the new fiscal year.
But officials remained optimistic that the end product would be “timely,”an ambiguous wordthat’s perennially applied to budgets that are technically late, but not so late as to significantly …
Automakers and other manufacturers should follow the process of resolve, resilience, return, re-imagination and reform, according to this McKinsey analysis. “In addition to dealing with the significant societal changes coming in the next few months, industrial companies may want to consider strategies for addressing some of the persistent issues affecting the sector to avoid the next crisis,” …
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, contains provisions related to taxation of employee benefits, compensation and wages. This article addresses the payroll tax provisions, specifically the payroll tax deferral and the employee retention credits.
Our Friends and Associate Members at PKF O’Connor Davies, LLP provide a summary
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The firm provided an excellent overview of these complicated and dynamic issues. We hope to have the recording available later this week.
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The Trump administration promises to get a loan program for small businesses up and running by Friday, aiming to prevent companies from going out of business or laying off workers. Companies with fewer …
Unsurprisingly many economic indicators hit historic and troubling records as the economic damage globally from the COVID-19 pandemic grows. Here are some of the record-breaking numbers from last week:
Monday Economic Report 0330 2020
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President Trump said he was extending the administration’s social-distancing guidelines for another 30 days …
President Trump on Friday used the Defense Production Act to compel General Motors to produce ventilators to combat the coronavirus after days of hesitating to use the powers in the law.
The president in a statement said the federal government had abandoned negotiations with the automaker on ventilator production, complaining that the automaker was “wasting time.”
“Our negotiations …
We have compiled many of the resources and information from the blog the in one spot for your convenience. It will be updated regularly.
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A very useful summary focusing on the employer provisions of the act.
SHRM Analysis CARES Act – Employer Provisions
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Empire State Development …
Manufacturers across the Hudson Valley, New York State and the United States are mobilizing to supply desperately needed health care equipment and to keep supplying the essentials for daily life – while at the same time keeping our employees and communities safe. We should all be proud of the efforts we are making to end this pandemic. But we have much more work to do.
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New York State recently published some answers to frequently asked questions (FAQs) regarding the COVID-19 paid sick leave law that was enacted last week. The FAQs clarify some aspects of the law that were not clear from the text of the statute and give some insight into the manner in which the law will be interpreted and enforced.
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Joining TODAY for a rare and exclusive live interview, Jerome Powell, chairman of the Federal Reserve, acknowledges that “we may very well be in a recession, but I would point to the difference between this and a normal recession.” He says “there is nothing fundamentally wrong with our economy” and that the Fed will “aggressively and forthrightly” replace normal lending channels for …
The economic impact of COVID-19, also known as the coronavirus, prompted the Senate and the Trump administration to release a $2 trillion stimulus package intended to bolster businesses and individuals, as many Americans remain out of work because of the pandemic.
What’s in the coronavirus stimulus plan for small businesses?
Read More at Business News Daily
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Empire State Development wants to reinforce several key messages:
· If your business function is listed as essential, then there is nothing else you need to do. You do not need to contact ESD for affirmative documentation or email confirmation and, due to volume, ESD will be unable to formally confirm to essential businesses that they are, in fact, …
An estimated $2 trillion in funds would help buffer the American economy from the consequences of the pandemic.
The Wall Street Journal is Reports that lawmakers, administration officials, and aides said issues surrounding $500 billion in industry assistance loans and expanded unemployment insurance had largely been resolved, leaving a narrow set of unresolved items left to agree to.
The Senate could …
