New York State Fails to Pass a Budget by Midnight Deadline, Though Leaders are Reportedly Near a Deal
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 word that’s perennially applied to budgets that are technically late, but not so late as to significantly derail the way government functions. Several individuals involved in talks said there had not yet been any discussions of an extender that would be necessary if the process went too late.
Federal Paid Leave Requirements go into Effect Today, April 1
Starting today April 1, businesses with fewer than 500 employees will need to provide employees with paid time off for a variety of reasons relating to COVID-19. Under the Families First Coronavirus Response Act, eligible employers will need to provide two weeks of paid leave for workers who are quarantined (due to federal, state or local government order or advice of a health care provider) and/or experiencing COVID-19 symptoms and seeking a medical diagnosis. Eligible employers will also need to provide up to 10 weeks of paid leave for workers who need to care for children whose school or child care facilities are closed. Read more about the Department of Labor’s employer requirements here. Employers will have to post notice of these changes in a similar manner to other poster requirements.
A recording of the Council of Industry/Geenwald Doherty webinar on the Employment Law Issues Related to the virus can be found here (54 minutes)
Logistics Industry Hurt by Virus-Related Supply Issues
Trucking companies, railroads, air freight carriers and other logistics businesses face losses because of coronavirus-related stress on supply chains. Truckers are also at heightened risk of contracting the virus because of their overall health and the nature of their work, says economist Michael Belzer of Wayne State University.
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Harris Beach offers an Excellent Summary of the CARES Act
When you open it the top link takes you to a broad overview of the Key Provisions of the COVID-19 stimulus bill. There are also a links to their dedicated COVID-19 resource page for all of our advisories and two additional advisories provide more detail on the Paycheck Protection Program and Emergency Disaster Loans.
New Treasury Guidance on Small Business Loan Program, Employee Retention Credit
Yesterday afternoon, the Treasury Department issued new guidance on the CARES Act’s $350 billion loan fund for small businesses during the COVID-19 pandemic. Small businesses and sole proprietorships can apply for loans through the “Paycheck Protection Program” starting April 3, while self-employed individuals and independent contractors can apply starting April 10. More detailed information for borrowers can be found here and an application can be found here.