These days we are being inundated with emails, newsletters, and webinars discussing the various governmental programs being put in place to assist small business owners during this time of crisis for the country - and the entire world, as well. Life as we have known it is being impacted – making it hard to know what to do next!
So, I thought it might help to create a ‘cheat’ sheet for you, listing the available opportunities for assistance; eligibility; best fit; and where to go to get more information.
NYC Employee Retention Grant Program: Help to keep employees during reduced revenues
- Businesses located in 5 boroughs of NYC with 1-4 employees
- Covers up to 40% of payroll for 60 days
- SBSConnect.nyc.gov/Signin
New York State Employee Protections Package
- Paid Sick Leave, Paid Family Leave, and Disability Benefits
- Employers with 1-10, 11-99, over 100, and public employers
- Marc.Law/Recent-legal-development-in-wake-of-ongoing-covid-19
SBA Economic Disaster Loans
- Small businesses, including sole proprietors; freelancers; and independent contractors, along with private, non-profit organizations in designated states and territories
- Working capital
- Coronavirus (COVID-19)
- SBA.gov - Coronavirus - Covid-19 Small Business Guidance Loan Resources
Families First Coronavirus Response Act (FFCRA)
- Employers, workers, and families
- Paid leave for employees, tax credits for business owners, Covid-19 testing, and unemployment insurance components
- Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
- Families First Coronavirus Response Act: Questions and Answers
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
- Employers, workers, and individuals – Contains many relief provisions
- Direct payments to families, loans/loan forgiveness package, emergency grants to businesses, income loss protections, student loan deferrals, payroll tax deferrals, tax credits, employee retention credits, enhanced unemployment benefits, waiver of 10% penalty for retirement plan withdrawals, deferral of SBA loan payments, expanded NOL provisions, and a waiver of 2020 RMDs
- Coronavirus Aid, Relief, and Economic Security Act or the CARES Act
- CARES Act tax provisions aim to stabilize pandemic-ravaged economy