COVID 19 Update 12
NYS Department of Labor Shared Work Program
Many Council members are familiar with New York State’s Department of Labor’s Shared Work Program, having accessed it in the past. Shared Work helps businesses manage business cycles and seasonal adjustments. Shared Work lets businesses keep trained staff and avoid layoffs. Employees can receive partial unemployment insurance benefits while working reduced hours. Full-time, part-time and seasonal employees are eligible.
More information can be found on this program here, including an example and step-by-step instructions:
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New York Small Businesses are Eligible for SBA Disaster Loans
Small businesses, small agricultural cooperatives, and most private not-for-profits in all Mid-Hudson counties are now eligible to apply for SBA economic injury disaster loans (EIDL).
The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company’s financial needs. The interest rate on EIDLs will not exceed 4 percent per year. The term of these loans will not exceed 30 years. The repayment term will be determined by your ability to repay the loan.
More information on the SBA’s Economic Injury Disaster Loans can be found here:
Some key resources:
SBA Disaster Loan Application:
If you have questions, you can reach out directly to the SBA at 1-800-659-2955 or disastercustomerservice@sba.gov.
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COVID-19: Employee Benefits Consideration
Associate Member Bond Schoeneck and King (BSK) offer this benefits guide for employers
The swift impact of the Coronavirus Disease 2019 (COVID-19) in New York and across the country has forced employers to evaluate the impact of the virus on their workforces. This information memo addresses some of the more important employee benefit plan issues for employers to consider in connection with COVID-19.
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NAM Monday Economic Report for March 23, 2020
Weekly initial unemployment claims jumped from 211,000 to 281,000, the highest level since September 2017. This figure will spike dramatically this week, likely approaching 1 million, with more businesses being forced to close or reduce activity and both firms and consumers pulling back on spending outside of the home. The data released last week foreshadowed the economic damage that will likely emerge over the coming weeks.
NAM Monday Economic Report 2020-0323
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