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Tag: COVID

Are You Applying For the PPP in Good Faith? How to Document Your PPP Loan Application Decision

By Travis Miskowitz One important aspect of applying for a PPP loan is certifying in good faith that your loan request is necessary. The PPP application asks you whether “current economic uncertainty makes your loan request necessary to support your ongoing operations.” We have put together this list of considerations to help you assess in good faith and officially justify your need for this emergency funding. Read this today to ensure your business has made an informed decision...

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New Jersey’s Amended Family Leave and Temporary Disability Laws

By Lisa Calick In response to the ongoing COVID-19 pandemic, on April 14, Governor Murphy recently signed into law new amendments to the New Jersey Family Leave Act (NJFLA) and New Jersey Temporary Disability Benefits Law (NJTDBL) to provide additional coverage for employees whose need for leave relates to an epidemic of a communicable disease, known or suspected exposure to a communicable disease, or efforts to prevent the spread of a communicable disease. The NJFLA had previously...

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Workforce Reduction Considerations: Layoff vs Furlough

By Lisa Calick Many businesses are struggling to manage their workforces in the current climate.  While recently passed economic stimulus packages have provided incentives for companies to retain their employees, in many cases companies have had significant business interruptions and still may be forced to consider letting some employees go.  Business owners may be considering layoffs or furloughs, but may not understand the difference. A layoff is a separation from payroll and may...

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NYC Relief Available for Small Businesses

By Tricia Meola In an effort to help small businesses deal with the overwhelming impacts of COVID-19, New York City has launched the following two initiatives: NYC Employee Retention Grant Program Created to help companies retain employees as businesses face decreased revenue as a result of COVID-19 Eligible businesses will receive a grant covering up to 40% of their payroll for two months; maximum funding of $27,000 Eligibility requirements include: Must be located within the...

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SBA Preps Banks for Mobilizing Around PPP Applications, Provides Further Clarity Regarding Parameters

By Travis Miskowitz Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin yesterday announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program...

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COVID-19 Spawns New Phishing Scams

by David Singletary As the country and world are trying to deal with recent COVID-19 pandemic, cybercriminals are taking advantage of people’s quest for information. You’ve probably noticed a plethora of emails from every retailer, software company, or business you’ve dealt with in recent years. Cybercriminals see an excellent opportunity to slide in phishing scams amid all the information being sent your way. The following are two examples:                         What’s...

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Anticipating COVID-19 Impact on Commercial Real Estate

By Russell L. Faye With the global pandemic caused by the COVID-19, the commercial office market has felt an immediate impact. For commercial real estate professionals,  please consider the following as you navigate through these challenging times: Be prepared for enhanced cleaning for an extended period. Government officials have suggested enhanced cleaning procedures and measures and building operators across the county have quickly implemented these enhanced measures. Consider...

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Economic Injury Disaster Loans & Emergency Economic Injury Grants: What You Need to Know

By Travis Miskowitz SBA’s Economic Injury Disaster Loan THE BASICS What is the criteria for a loan approval? Credit History – applicants must have a credit history acceptable to SBA Repayment – SBA must determine that the applicant business has the ability to repay the SBA loan Eligibility – the applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons How...

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Paycheck Protection Enacted For Small Businesses

By Travis Miskowitz [Updated 4/3/2020] Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. PPP applications can be obtained from participating SBA lenders beginning today. Many banks have reported that they may be requiring submissions to come from current banking clients while others have been struggling to get all the necessary steps in place. While each bank is creating...

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401(k) Plans and the Coronavirus

By Craig Erickson With the global pandemic caused by COVID-19 causing vast uncertainties in the economy, employers that sponsor employee benefit plans and the plan fiduciaries must continue to manage and administer their benefit plans, as well as address inquiries from their participants.  The following are some topics that may be helpful during these times. Hardship Withdrawals Plan sponsors may receive calls from plan participants in the near future asking for ways they can financially...

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