NYC will be providing financial assistance to small businesses located in NYC Mayor De Blasio announced on March 8th that the City will begin to provide financial assistance/relief to small business located in NYC (across the five boroughs) to mitigate any decrease in revenue caused by COVID-19.[1] The City has two programs small businesses can […]
Signed into law on March 18th, 2020, and effective April 1st, 2020 until December 31, 2020, the Family First Coronavirus Response Act (FFCRA, H.R. 6201)[1] provides paid sick leave and expanded family and medical leave for reasons related to COVID-19. The Department of Labor’s Wage and Hour Division will enforce the new law’s requirements[2]. This […]
Please find the following update from the New York State Department of Labor: COVID-19 Update: New Legislation to Assist New Yorkers Dear Employers and Business Owners: Governor Cuomo has signed legislation to provide immediate assistance to New Yorkers affected by COVID-19. This will assist New Yorkers who have been subject to a mandatory or precautionary […]
Please find these highlights regarding the CARES Act, Title I, provided by the National Society of Accountants (NSA): March 30, 2020CARES Act UpdateTitle I HighlightsCoronavirus Aid, Relief, and Economic Security Act President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27, 2020. The CARES Act allocates $2.2 […]
As of Saturday March 21, 2020, the federal income tax filing due date has been extended to July 15, 2020, according to an announcement by the Treasury Department and IRS[1]. This follows a press conference held on March 17th, 2020 in response to the COVID-19 pandemic, where Treasury Secretary Steven Mnuchin stated that the deadline […]
Please see the interesting information provided by Lewis Brisbois Bisgaard & Smith LLP, a legal firm with whom we exchange business and technical support. The Families First Coronavirus Response Act was approved by the U.S. Senate and signed by President Trump on March 18, 2020 (the Act). The Act requires that covered employers grant up to […]
Dear All, Please find some insightful notes from a legal firm with whom we exchange business and technical support, Pavia & Harcourt LLP. These are unprecedented times, and we know our clients have many questions regarding how to navigate the downturn in business due to COVID-19. We are here to discuss your particular issues […]
On Thursday, March 19, 2020, Governor Cuomo announced that banks in New York State will waive mortgage payments for 90 days and suspend foreclosures[1]. The waivers will be dependent on financial hardship (those affected by the outbreak, including but not limited to layoffs)[2]. Fees involved with late payments and overdraft on ATM and credit cards […]
AICPA (The American Institute of Certified Public Accountants) has provided the following document – their State Tax Filing Guidance for Coronavirus Pandemic Chart. It contains updates regarding state issued guidance, relief/provisions, and other pertinent information for all 50 states. This document is frequently updated by AICPA. We have a have provided the link below. If you have […]
Dear All, attached a very interesting note from an Esquire with whom we exchange business and technical support – by Antonio Valla, founder and President of Valla & Associates Most “business interruption” insurance policies require that there be a physical loss in order to trigger coverage. However, many “commercial property insurance policies” provide coverage for […]