Cuomo: Phase II Results of Antibody Testing Study Show 14.9% of Population Has COVID-19 Antibodies
Amid the ongoing COVID-19 pandemic, Governor Andrew M. Cuomo announced the results of phase two of the state’s antibody testing survey. The preliminary results show 14.9 percent of the population have COVID-19 antibodies. The preliminary results of phase one of the state’s antibody testing survey released on April 23rd showed 13.9 percent of the population have COVID-19 antibodies.
The numbers are even higher in New York City – antibody testing found a positivity rate of 24.7 percent in city samples, suggesting almost 2.1 million city residents could have been infected at some point. In the Hudson Valley the study showed 10.7% have coronavirus antibodies.
Round Two Of The Paycheck Protection Program Is “More Frustrating” Than First Time
As the Small Business Administration’s Paycheck Protection Program launched for the second time on Monday with $310 billion in fresh funding, complaints of processing delays and computer glitches began to surface almost immediately as the program was overwhelmed by a flood of demand yet again.
The SBA made changes to Sunday’s guidance around midday on Monday, lowering the threshold for banks to upload one-time bulk submissions of applications from 15,000 to 5,000. The crux of the issue is volume: in an emailed statement on Monday afternoon, the SBA said that “currently, there are double the number of users accessing the system compared to any day during the initial round of PPP.”
Four Steps to PPP Loan Forgiveness
Now that many businesses have received Paycheck Protection Program (PPP) forgivable loans, and many more have submitted their applications and remain hopeful, the focus has shifted from eligibility and application submission to loan forgiveness. Like many other aspects of the PPP, the rules for determining forgiveness are complicated and confusing. In this article, Bruce L. Blasnik, CPA, with Council of Industry friend and Associate Member PKF O’Connor Davies walks you through the four-step process for calculating loan forgiveness.
Even More Guidance on PPP
The Paycheck Protection Program relaunched today at 10:30 a.m. Ahead of this morning’s rollout, the Small Business Administration released new resources for businesses applying for loans under this second tranche of program funding. This includes an overview of how companies can calculate loan amounts, an updated FAQ document on how to count employees and a new interim final rule with guidance on affiliation and eligibility issues.
The SBA has also announced that individual banks will be limited to processing 10% of the total PPP funding and discouraged certain larger businesses and publicly traded companies from applying for the program. The SBA has further created a safe harbor to allow such companies to return any funds received before May 7 with no penalty. Larger companies can still explore financing options such as the Federal Reserve’s liquidity facilities funded by the CARES Act.
The SBA Upstate NY District Office has Scheduled a Webinar for 1:00 pm Today, 4/28
The Webinar will cover updates to the Paycheck Protection Program and SBA’s Covid-19 relief efforts for small businesses. This webinar is OPEN TO THE PUBLIC.
The event can only be viewed online via the link below, and voice questions will not be available. Please submit questions in advance to Syracuse.DistrictOffice@sba.gov. Live questions via the event chat will also be available.
No need to register in advance, Click here to JOIN MEETING ONLINE
Update on EIDL From SBA
Economic Injury Disaster Loans (EIDL) & Advances: The SBA is unable to accept new applications at this time for the EIDL -COVID-19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Previous EIDL & Advances Status: If you submitted an application, received correspondence from SBA, and have a loan number that begins with a “3”, you are in the queue and your patience is appreciated. If you would like to further inquire about the process and understand what to expect next you should contact the Office of Disaster Assistance 24/7 Customer Service line at 800-659-2955
Child Care Scholarships for Essential Workers Available
Guidelines and instructions have been put out by the State regarding how essential workers can received a “scholarship” for child care. To be eligible you must be listed as an essential worked by Empire State Development, and have an income below 300% the federal poverty limit.
NAM Provides Input to IRS on Employee Retention Tax Credit
To ensure that manufacturers can benefit from the employee retention tax credit established in the CARES Act, the NAM has provided recommendations to the IRS on the provision’s implementation. The employee retention tax credit, which the NAM called for in our “COVID-19 Policy Action Plan Recommendations,” provides a temporary refundable payroll tax credit for eligible employers affected by COVID-19. Read more about the NAM’s recommendations for this critical tool to help keep workers on the payroll here