Welcome to CMM’s Coronavirus Resource Hub for Businesses. Here you’ll find up-to-the-minute resources including disaster loan relief information, grant opportunities, articles about new legislation impacting your business, and other critical guidance for businesses to move forward, empowered by access to the information you need. This page will continue to be updated.
In addition to providing the resources below, CMM is leading the way with the launch of a first-of-its-kind coronavirus hotline. Members of the business community, regardless of whether they are CMM clients, can send any questions or concerns they have relating to the impact of the COVID-19 pandemic on their business to a dedicated email address, coronarelief@cmmllp.com. The email address will be constantly monitored and routed to the appropriate CMM attorney, who will promptly follow up with guidance at no charge. Questions may also be directed to (631) 738-6781.
The last thing business owners should be worried about as they try to navigate their way through the pandemic is having to pay for answers to their critical questions. As in good times, CMM is here to help businesses become as strong and resilient as possible. Do not go it alone – CMM will help you get through this. Contact us today.
WEBINARS
- Paycheck Protection Program as Amended by the Economic Aid Act – Webinar by Christine Malafi & Gettry Marcus (January 15, 2021)
- Business Unusual: Weekly Recovery Update hosted by Joe Campolo and Peter Klein
- Campolo Discusses Phased Reopening with Suffolk County Executive Steve Bellone (June 17, 2020)
- Paycheck Protection Plan Flexibility Act – Webinar by Christine Malafi & Gettry Marcus (June 16, 2020)
- The Forgivable or Not-So-Forgivable PPP Loan – Webinar by Christine Malafi & Gettry Marcus (May 22, 2020)
- PPP Loan Forgiveness Application – Webinar and PowerPoint by Sasserath & Zoraian, LLP (May 21, 2020)
- Loan Forgiveness Under the Paycheck Protection Program – Webinar, PowerPoint, and Workbook by Sasserath & Zoraian, LLP (May 8, 2020)
- Campolo Discusses Post-Pandemic Economy with U.S. Congressman Lee Zeldin (April 28, 2020)
- Malafi Addresses Paycheck Protection Program (PPP) Loan Forgiveness (April 23, 2020)
ARTICLES ABOUT CORONAVIRUS-RELATED ISSUES IMPACTING YOUR BUSINESS
- Can Employers Mandate that Employees Receive the COVID Vaccine? (January 13, 2021)
- Business Interruption Insurance During COVID-19 (November 30, 2020)
- SBA Offers Guidance on PPP Loan Procedures in M&A (October 27, 2020)
- PPP Loan Forgiveness Update (October 9, 2020)
- Remote Work During COVID: An Employer’s Guide to Wage Compliance
- Business Divorce: Negotiating with Your Business Partner
- Long Island Business News: Getting Ready to Open Again
- Newsday: LI Firms Shut Down Since Mid-March Will Reopen to a World with New Rules
- Express News Group: The Leadership Pivot in a Time of Crisis
- Liability for COVID: Exposure for New York Employers?
- Getting Back to Work in New York: An Employer’s Guide
- Virtual Communications, Real Contract: Creating Binding Contracts by Email
- Coronavirus-Related Suspension of NYS Laws – April 7, 2020
- Revisiting the Distinction between Employees and Independent Contractors in the COVID-19 Era
- Mediation Is Having Its Moment
- Paycheck Protection Program Update (with downloadable workbook to help calculate your loan amount)
- Negotiating from a Distance
- Force Majeure: What Happens When COVID-19 Prevents Parties from Performing?
- The CARES Act Paycheck Protection Program
- Shareholder Liability for Unpaid Wages
- Employer Dos and Don’ts for Employees with COVID-19 or Symptoms
- The Deal Must Go On: Complying with the Governor’s Executive Order Allowing E-Notarization
- Making Sense of the Executive Order Regarding Essential Businesses
- What You Need to Know about the WARN Act
- Information about NYS Executive Order Addressing Financial Institutions and Financial Hardship
- HIA-LI Addresses PPE Shortage by Keeping Business Community Moving
- New York State on PAUSE: What You Need to Know
- Coronavirus-Related Suspension of NYS Laws – March 21, 2020
- What Businesses Should Know About the Federal Families First Coronavirus Response Act
- NYS Passes Law for Emergency Paid Sick Leave in the Wake of COVID-19
- Piercing the Corporate Veil: When Are a Business Owner’s Personal Assets on the Line?
- Municipal Client Advisory: COVID-19
DONATIONS/DRIVES
- Follow CMM Cares on Facebook, LinkedIn, and Twitter for fundraisers, volunteer opportunities, and how businesses are pivoting to help others during the coronavirus crisis.
- CMM Cares Mobilizes for Healthcare Heroes
- HIA-LI on the Front Lines to Gather PPE Donations
- New York State has created a landing page for all offers of assistance. This page provides directions for where people should direct offers of assistance from healthcare professionals, where they can sell products including PPE to help with response, how to help NYS manufacture products, and donations of goods and services.
GENERAL INFORMATION – FEDERAL (see below on this page for SBA loan information)
- USDOL Guidance on Families First Coronavirus Response Act (Employer Paid Leave Requirements)
- CDC Coronavirus Resource Guide
- OSHA (Occupational Safety and Health Administration) Guidance on COVID-19
GENERAL INFORMATION – NEW YORK STATE
- New York Forward – Safety Plan Template
- New York Forward – State Reopening Plan
- Region by Region Reopening Status – Monitoring Dashboard
- New York State Department of Health – COVID-19 Information
- New York State Comptroller COVID-19 Financial Survival Toolkit
- New York State Paid Sick Leave Information
- New York State Unemployment Information
- Look Up Your Local Empire State Development Office
- NYS has issued a mandatory order that all non-essential companies must reduce their in-office workforce by 100%. All employees who can are forced to work from home. Visit Empire State Development’s website to request an exemption and to learn about the resources available.
GENERAL INFORMATION – LOCAL
- Nassau County Coronavirus Information Page
- Suffolk County Coronavirus Information Page
- Suffolk County Business Recovery Unit
- New York City Coronavirus Resources
- Information for NYC Businesses Impacted by Coronavirus
- Stony Brook College of Business Survey for COVID-19 Assistance
SMALL BUSINESS ADMINISTRATION (SBA) LOANS
THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT, signed into law on March 27, allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. The CARES Act Paycheck Protection Program (PPP) is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan for payroll and certain other expenses.
- An overview and eligibility requirements is available here and here.
- View information and access a webinar about PPP loan forgiveness requirements here (dated April 23, 2020).
FEDERAL DISASTER LOANS: The US Small Business Administration (SBA) is offering designated states, including New York, low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19. You can contact SBA’s disaster assistance customer service center at 800-659-2955 (TTY: 800-877-8339) or email disastercustomerservice@sba.gov. Learn more and apply here. Download a PowerPoint and audio recording of a presentation regarding how to apply for disaster assistance here.
Note that these loans are not ideal for short-term, immediate help. A summary of the SBA disaster loan program:
- Low interest rate loans up to 3.75% for both for-profit and not-for-profit entities
- Repayment terms for up to 30 years, to be determined by the SBA
- Collateral is required for loans over $25,000
- Loans up to $2,000,000, which can be modified as determined by the SBA
- Can be used for payroll, fixed debts, and other bills that cannot be paid because of the disaster
- All other financing means must be exhausted
- Major documents required:
- SBA loan application (can be done online)
- Most recent Federal business tax return and an IRS form allowing the SBA to obtain copies directly from the IRS (form 4506-T)
- Copies of Federal tax returns and form 4506-T for owners with 20% or more ownership in the business applying for the loan and for any others that have a 50% or more ownership in related businesses
- Personal financial statements for owners with 20% or more
- Schedule of liabilities listing all fixed debts
- 2019 financials if 2019 tax returns are not completed
- 2020 year-to-date P&L
FEDERAL 7(a) LOANS: The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan. These SBA-backed loans operate through banks and other lenders. More details here.
The SBA’s Long Island Branch Office is in Hauppauge and can be reached at 631-454-0750.
Small business owners may also contact:
- Small Business Development Center (SBDC) – Stony Brook: 631-632-9070
- Small Business Development Center (SBDC) – Farmingdale: 934-420-2765
The SBDC has partnered with the SBA to provide support services for their Economic Injury Disaster Loan program. Please email SBDC@Stonybrook.edu or click here to schedule an appointment with a business advisor.
OTHER DISASTER RELIEF LENDING & GRANTS
- The New York Forward Loan Fund (NYFLF) is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits, and small landlords that have seen a loss of rental income. (Open as of May 26, 2020.)
- Emergency Microenterprise Business Relief Grant Program (Town of Brookhaven) information available here.
- NYC Small Business Resources are available here.
- Facebook Small Business Grants Program: Facebook is offering $100 million in cash grants and ad credits to businesses experiencing disruptions as a result of COVID-19. Details and application information are accessible here.
- James Beard Foundation has launched a fund to help businesses in the food and beverage community. Learn more and apply here.
- Yelp is offering $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services, during this period.
- The NYC COVID-19 Response & Impact Fund was created to aid nonprofit service providers struggling with the health and economic effects of the coronavirus. It will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city. Priority will be given to nonprofits addressing essential healthcare and food insecurity as well as arts and culture.
- National Endowment for the Arts grant information for nonprofit arts organizations available here.
- Artist Relief grant information available here.
TAX INFORMATION
FEDERAL: The Treasury Department and Internal Revenue Service are providing payment relief to individuals and businesses in response to the COVID-19 outbreak. The filing deadline for tax returns has been extended from April 15, 2020 to July 15, 2020 (as of March 21) to match the payment deadline extended earlier this week. The IRS urges taxpayers who are owed a refund to file as quickly as possible. Relief includes:
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify.
This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.
Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
This relief only applies to federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax.
NEW YORK: New York has extended the deadline for filing and payment of state personal income taxes from April 15, 2020 to match the federal filing date of July 15, 2020. View the NYS Department of Taxation an Finance website for answers to frequently asked questions.
In the event that any sales tax vendors (businesses subject to sales tax) did not pay or file their sales tax returns by March 20, NYS is waiving any interest and penalties on late filings/lack of payment for the NYS sales tax returns that were due on that date, assuming they request relief from NYS. Businesses can request relief here.