COVID 19 Update 15
Fed chairman Jerome Powell: ‘There’s nothing fundamentally wrong with our economy’
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 businesses that have temporarily closed due to the pandemic. He says “there can also be a good rebound” and that the Fed is working to “ensure that it is as vigorous as possible,” adding that “the virus is going to dictate the timetable.”
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COVID-19 to hit state budget hard
The state was facing a $7 billion deficit going into the 2020-2021 budget, which is due next week, but with the coronavirus here, the financial shortfall is expected to be even greater.
State Comptroller Thomas DiNapoli, in Kingston on Wednesday, said he expects the short-term state budget dilemma to be more troublesome.
“By April 1st we have to come up with a spending plan for the coming year. That’s a very tall order for the legislature and the governor. These numbers are all speculative, but we have to assume in the short run it’s a worst-case scenario,” he said.
DiNapoli said hopefully by this time next year the state will have rebounded, but for now, we will see “severe economic damage.”
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$2 trillion Emergency Aid Package to Pump Billions into New York Economy
The $2 trillion package agreed upon by the Senate will allocate an initial $40 billion to New York State including funds that will go directly to residents, others to business and still other money for hospitals. The Bill is expected to be approved by the House on Friday Morning and signed into law by President Trump Friday afternoon.
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Labor Department Employee Paid Sick Leave Resources
As part of the Families First Coronavirus Response Act, the Department of Labor’s Wage and Hour Division has announced the FFCRA’s paid leave mandates will go into effect on April 1, 2020, for companies with fewer than 500 employees. They have also shared fact sheets for how this will affect employees, how it will affect employers and a helpful FAQ sheet for employers. The DOL has also requested that the public submit questions, concerns and recommendations for the implementation of the FFCRA. The NAM plans to submit recommendations, and we encourage you to provide feedback to help shape our suggestions.
This will be one of several COVID 19 Labor related subjects covered in our Webinar with Greenwald Doherty Monday March 31, at 1:00)
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COVID 19 Related Employment Law Issues Web Conference Essential HR Discussion with Greenwald Doherty
- When: Monday, March 30, 2020 at 1 pm
- Where: Online webinar/conference call
- Cost: No fee to participate
Upon Registering your confirmation email will include phone and login information. If you do not receive a confirmation email please contact abutler@councilofindustry.org for the information.
Register here
Manufacturers are have a great deal to consider as they deal with providing benefits to their employees during the COVID 19 pandemic. This web conference is designed to help answer many of the questions you have regarding state and federal regulations and the labor and employment laws covering the management of benefits during this crisis. Through this discussion with three partners at Greenwald Doherty, participants will learn about best practices for managing the workforce, workplace safety and employer options concerning sick time, FMLA PFL, salary reductions and layoffs.
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