In light of recent developments regarding the spread of COVID-19, we wanted to update you on measures that are either being taken, or considered, to address economic concerns. Please keep in mind that this is a very fluid situation, and information is constantly evolving. However, here’s what we’re hearing so far:
Mayor Bill de Blasio announced that small businesses may qualify for
low-interest loans and employee retention grants. Businesses with fewer than 100 employees, seeing a decrease in sales up to 25% or more will be eligible for zero-interest loans up to $75,000 to help mitigate losses in profit. In addition, the City will be offering eligible small businesses with fewer than five employees a grant to cover 40% of payroll costs for two months to help retain employees. Further, out of an abundance of caution, Mayor de Blasio is encouraging employers to be open to telecommuting options for employees, as the City aims to reduce crowding associated with public transportation.
For city updates, please click here.
Governor Andrew Cuomo signaled his intention to amend his FY21 budget proposal on Paid Sick Leave to include a provision that would require employers to pay their employees and offer job protection, should they be quarantined due to COVID-19. On another note, on March 10, 2020 Governor Cuomo issued a letter to State Comptroller Thomas DiNapoli instructing him to provide a risk analysis of the consensus revenue forecast for the state’s current budget proposal, in light of the recent developments. For state updates, please click here.
President Donald Trump said that he will seek “very substantial relief” for industries that have been impacted by COVID-19. Initial talks indicate that such relief could include a Payroll Tax cut and a short-term expansion of Paid Sick Leave. For now, these relief measures will not include the travel industry; however, such negotiations will continue. For more details, please click here.