COVID 19 Update 54
Governor Cuomo Enlists Former Google CEO to Head Commission to ‘Reimagine’ the State after COVID-19
New York Gov. Andrew Cuomo said Wednesday he has enlisted Eric Schmidt, former chief executive of Google Inc. and Novell Inc., to head a blue-ribbon commission tasked with “reimagining” New York state in the wake of the coronavirus pandemic.
Cuomo has been pushing for the state to consider using the crisis to make changes and improvements to how it handles such issues as public health care, education and housing at his daily press briefings on the virus.
Cuomo said Michael Dowling, chief executive of nonprofit health-care network Northwell Health, will take on the task of improving health services in the state. On Tuesday, Cuomo said the state will work with the Bill & Melinda Gates Foundation to “reimagine education.”
Proposed NYS Bill Would Create an Occupational Disease Presumption for Employees That Have Contracted COVID-19.
S.8266 (Ramos)/A.10401 (Simotas) – would amend New York State’s Workers’ Compensation Law to create an occupational disease presumption for employees that have contracted COVID-19. The New York Comp Insurance Rating Board has issued an analysis projecting the cost impact on the state’s workers compensation system to be as high as $31 billion, compared to current annual compensation system cost of approximately $8.7 billion. “The categories of workers identified in the proposal that are eligible to make a claim based upon exposure is broad and encompasses much, if not all, of the State’s public and private sector workforce. Further, by predicating compensability upon exposure instead of illness, the proposal makes most, if not all workers, eligible for benefits without testing positive for the illness.”
Read more at the Rating Board Analysis
CI Partner MACNY Featured in WSJ Article: Safety Policies Keep Upstate N.Y. Factories Humming
General Electric, Indium and other manufacturers in upstate New York have stayed open as essential businesses and largely kept their workers safe with proper equipment and protocols. Eighty percent of Manufacturers Association of Central New York companies are operating, with an average capacity of 75%, according to a survey.
The MACNY Survey mirrors ones conducted by the Council of Industry and the BNMA.
Automakers Restarting Manufacturing Plants
Fiat Chrysler is looking to reopen its manufacturing plants starting May 18, says CEO Mike Manley, pending government restrictions, such as Michigan’s, which is set to expire May 15. Other automakers such as Ford and GM also expected to open later this month after discussions with the United Auto Workers union about safety measures. Kia, Hyundai and BMW opened some southern US plants on Monday, while Toyota is planning a May 11 restart.
Read the full story at the Associated Press
China’s Exports Unexpectedly Rose in April
The Caixin/Markit services Purchasing Managers’ Index for April came in at 44.4, Reuters reported Thursday, off the 50-level that separates growth from contraction on a monthly basis. China also reported Thursday that its dollar-denominated exports rose but imports fell in April as movement restrictions to curb the coronavirus outbreak were eased.
“Goods exports were much better than expected in April,” economists at Oxford Economics wrote in a note. Still, they warned: “We think the pick-up in exports is temporary and export momentum will fall in the coming months.”
Virtual Forum with NAM CEO Jay Timmons and Rep. Virginia Foxx
You are invited to join the NAM Labor and Employment Policy Committee for a virtual forum on small business and COVID-19, including Q&A with Congresswoman Virginia Foxx (R-NC). Rep. Foxx is the Republican leader of the House Education and Labor Committee which oversees all of the nation’s workplace and employment laws including OSHA, EEOC, NLRB, DOL and workforce development. NAM President and CEO Jay Timmons will open the forum and update participants on the NAM’s American Renewal Action Plan.
Rep. Foxx will provide an update on the latest Congressional activity in response to COVID-19 and will answer pressing questions from small and medium-sized manufacturers.
When Not Working Is More Profitable Than Working
Businesses getting ready to reopen are contacting furloughed and temporarily laid off employees to discuss bringing them back to work. Instead of enthusiasm, however, some employers are meeting reluctance. Not working has become more profitable than working.
Our friends at Greenwald Doherty offer some tips to deal with this challenge.
When Not Working Is More Profitable Than Working – Greenwald Doherty
Slide Deck from Yesterday’s Getting Back to Work Webinar Available
The slides from the terrific presentation by EmergencyOne are avialable on the Council of Industry COVID 19 Resource Page. The recording of the webinar will be available tomorrow (5/8).
They are also here: Return to Work Protocols and Best Practices from Emergency One 5/6/2020
Back to Back Council of Industry Webinars Presented by JGS CPAs:
Payroll Protection Program Loan Forgiveness, Wednesday, May 13, 2020 at 1 pm
Jason T. Giordano, CPA, CVA, MST, managing partner of JGS, CPA will explain the loan forgiveness rules associated with the Paycheck Protection Program
In this webinar we will offer a detailed discussion of the loan forgiveness rules within the Paycheck Protection Program (PPP), one of the most highlighted areas of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP offers financial relief to small businesses through the Small Business Administration (SBA) 7(a) loans. This discussion will include an in depth look at the loan forgiveness rules related to these new loans. Commonly asked questions will be discussed, along with the identification of areas where guidance may still be needed.
Tax Credits and Relief Associated with COVID-19, Wednesday, May 13, 2020 at 2 pm
Join Domenick Del Rosso, CPA, MST, partner at JGS, CPA as he explains the tax credits and relief associated with the COVID-19 pandemic.
In response to emerging and unprecedented financial devastation from COVID-19 on March 27, 2020, Congress passed broad economic relief for individuals, tax-exempts organizations and corporations. The CARES Act includes a myriad of tax provisions targeting individuals, corporations, and tax-exempt entities. In this webinar we will discuss certain tax relief under the Act as it pertains to businesses and corporations.
