Thanks to Greenwald Doherty for their Webinar This Afternoon
The firm provided an excellent overview of these complicated and dynamic issues. We hope to have the recording available later this week.
US Aims to Begin Making Small-Business Loans This Week
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 than 500 employees can seek as much as $10 million to pay expenses, including wages and rent, for two months.
The State has released a new flier that will help determine who does or does not qualify for the Pandemic Unemployment Assistance.
Pandemic Unemployment Assistance (PUA) provides payment to workers not traditionally eligible for unemployment benefits (self-employed, independent contractors, workers with limited work history, and others you may know) who are unable to work as a direct result of the coronavirus public health emergency. A helpful flier can be found HERE. There is also a flowchart that can be found HERE.
Senator Gillibrand Expresses Sincere Appreciation to the State’s Manufacturers
On a conference call this afternoon with the CEO’s of the 7 Manufacturing Alliance of New York Partners including Council of Industry President Harold King, Senator Gillibrand expressed her sincere thanks and appreciation for all the sacrifices and hard work our member firms are doing to keep the state and the nation supplied and your employees safe during this crisis. She asked us to convey that message to all of you.
The Senator also provided a breakdown of the CARES Act and some thoughts on a 4th stimulus package that might include investments in infrastructure and R&D as well as further commitments to secure our critical supply chain.
NAM Asks Treasury, IRS for Quick Implementation of Payroll Tax Deferral
One key provision of the CARES Act allows your businesses to defer payment of employer payroll taxes for the remainder of the year with repayment due in equal installments in 2021 and 2022. To ensure this resource is available to you quickly, the NAM sent a letter to the Treasury Department and the IRS calling for the provision’s expeditious implementation. You can read the letter here.