New Federal Emergency Law
All employees working for businesses with more than 50 employees or self employed persons are entitled to the following:
2 weeks of paid sick leave (up to $511 a day) for those ill, quarantined, seeking care or doing so for family.
3 months of paid family and medical leave to care for kids home from school. The paid family and medical leave begins after the first 14 days of sick leave and is not less than two-thirds of the employee's regular payment rate (up to $200 a day).
Self Employed People - The Labor Department will issue guidance and instructions on how to apply no later than April 2, 2020.
The tax filing deadline has been postponed until July 15th. If you have a refund coming, you’ll still want to file on time to get it sooner. This is for Federal and New York State and New Jersey.
Interest Payment on student loans held by the federal government are being waiveduntil further notice.
The waiver doesn’t apply to three types of student loans: state, private and the majority of Federal Family Education Loans (including Sallie Mae student loans). Borrowers will still be required to pay their monthly bill, but the payments will go towards a principal balance instead of interest. The office of Federal Student Aid recommends that you contact your loan servicer as soon as possible if you’re struggling to make payments.
Workers Compensation Insurance
If you are out of work, due to workplace related quarantine, we urge you to contact your insurance broker to determine if your insurer would consider these circumstances.
Small Business Owners
TheNew Jersey Economic Development Authority (NJEDA) has a portfolio of loan, financing, and technical assistance programs available to support small and medium-sized businesses. More information on existing products and programs can be found on the NJEDA website:
NJEDA Programs for Small - to Mid-Sized Businesses
NJEDA Small Business Services
SBA Disaster Loan
Details of this program are emerging, these loans will be used to pay payroll rent and other expenses and a portion of the loan may be forgivable. You will need to provide a personal financial statement for each owner that owns more than 20% and provide business tax returns. You should be prepared to provide 2019 business financial statements and projections if requested. IF YOU NEED ASSISTANCE PUTTING THIS INFORMATION PLEASE CONTACT US AND ONE OF OUR VOLUNTEERS WILL TRY TO HELP YOU. We will update this as more information becomes available.
NY Based Programs
NYS Shared Work Program
Allows employers to lower hours with no hit to employees. Works for lower paid employees. https://labor.ny.gov/ui/dande/sharedwork1.shtm
NYC Employee Grant Program
For businesses under 5 employees. Pays 40% of cost for two months https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program
NYC Small Business Continuity Fund
Provides for up to $75,000 interest free loan for businesses with fewer than 100 employees and a reduction of 25%. This program is not yet open for applications. I would recommend that interested people sign up to be updated HERE.