New York now has loans available for those small businesses that did not get Federal aid through the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020. Eligible businesses have fewer than 20 full-time equivalent (FTE) employees, and the loans are paid back over a 5 year term. Additional details
In response to the national emergency due to the COVID-19 pandemic, the Department of Labor announced on May 4th, 2020 a ruling extending deadlines related to employer group benefit plans. Plan Sponsors and employers have extensions to provide some of the required notices, and plan participants/beneficiaries have extended deadlines including Federal COBRA election/premium payments, special enrollment periods, and disability claims. Additional details
On April 26th, 2020 Governor Cuomo announced a plan to reopen New York in three phases beginning with construction and manufacturing. The plan will consider regional differences in COVID-19 infection rates and whether businesses are “more essential” and “lower risk.” Additional details
The Senate has passed legislation to provide additional funding for relief from the effects of the coronavirus, and the House of Representatives is expected to vote on it Thursday, April 23rd. This package focuses on support for small businesses, hospitals, and expanded testing for COVID-19.
On April 16th, 2020, Governor Cuomo extended the New York State on PAUSE executive order for 2 additional weeks. The 10-point policy closing schools and non-essential businesses and encouraging social distancing will continue through May 15th, 2020. Additional details
An executive order issued by Governor Cuomo on March 7th, 2020 gives all life insurance policyholders an extended grace period to pay premiums if they demonstrate financial hardship due to the COVID-19 pandemic. Other rights are included in the order which requires insurance carriers and brokers to provide notice of these rights. Required notice and additional details
The Small Business Administration (SBA) announced today that it has reached the $349 billion lending cap for the Paycheck Protection Program that was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Small Businesses who have filed loan applications will have to wait while congress debates whether to approve additional funding for the program. Additional details