More on Stimulus Plan
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress and signed by President Trump on Friday, allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
And for non-profits, see here for a guide prepared by the Jewish Federations of North America
In New York State Governor Cuomo announced that the Empire State Development Board of Directors approved $7.5 million in COVID-19 Business Counseling support to 70 non-profit partners across New York State. The funding will enable these organizations to provide small businesses with necessary guidance to secure disaster assistance, such as Small Business Administration Economic Injury Disaster Loans, amid the COVID-19 pandemic. Up to 24 Entrepreneurship Assistance Centers and up to 23 Small Business Development Centers will receive $5 million, with an additional $2.5 million awarded to up to 23 Community Development Financial Institutions.
CDC Issues Travel Advisory for Tri-State Residents
The Centers for Disease Control (CDC) has urged residents of New York, New Jersey, and Connecticut to refrain from non-essential domestic travel for 14 days effective immediately. This Domestic Travel Advisory does not apply to employees of critical infrastructure industries, including but not limited to trucking, public health professionals, financial services, and food supply.
New York Pause Extended
Governor Cuomo has extended New York State in Pause till at least April 15. That means the non-essential workforce is directed to continue to work from home until at least April 15. Schools will also remain closed until that time. It will then be re-evaluated every two weeks. Subsequent to the governor’s announcement, President Trump extended social distancing guidelines through the end of April.
New York Moves Presidential Primary
Governor Cuomo has signed an executive order moving New York’s presidential primary election originally scheduled for April 28th to June 23rd, aligning it with the congressional and legislative primaries in New York.
Additional Hospital Capacity
Governor Cuomo has announced that the federal government has approved four new sites for temporary hospitals to be built by the Army Corps of Engineers. The sites — the Brooklyn Cruise Terminal, the Aqueduct Racetrack facility in Queens, CUNY Staten Island and the New York Expo Center in the Bronx — will add an additional 4,000 beds to the state’s capacity.
New Yorkers without health insurance can apply for a health plan through NY State of Health. If you recently lost employer coverage, you must apply within 60 days of losing that coverage. Because of loss of income, New Yorkers may also be eligible for Medicaid, the Essential Plan or Child Health Plus.
Other Insurance Premiums
Governor Cuomo announced on Friday that for a 90-day period, New Yorkers experiencing financial hardship due to COVID-19 may defer paying life insurance premiums. Late payments will be payable over a one-year period. Additionally, consumers and small businesses experiencing Coronavirus-related financial hardship may defer paying premiums for property and casualty insurance for a 60-day period. This includes auto, homeowners, renters and other kinds of insurance. (No late fees will be assessed and there will be no negative impact to your credit.)
Fraud and Scam Protections
The Department of Justice has created a Coronavirus Fraud Prevention website with resources on how to protect yourself from fraud during the COVID-19 pandemic. The Federal Trade Commission has created a website to help consumers avoid coronavirus-related scams.
Procurement of Equipment
All three branches of government (federal state and city) are looking for businesses and manufacturers that are able to supply much needed equipment like gowns, masks, ventilators etc. and have set up dedicated webpages to apply.
For New York State click here
For New York City click here