As you know, this is a rapidly changing situation and we are here to support you, whether you are a business owner or a jobseeker. Please see below for a roundup of new developments as of April 8, 2020. NYS On Pause has been extended until April 29, 2020, keeping schools and nonessential businesses closed for an additional two weeks. Financial assistance for businesses impacted by COVID-19 is now available through the U.S. Small Business Administration (SBA). SBA loans will be available on a first-come-first-served basis, so it is important to submit your application as soon as possible. You should reach out to the SBA for guidance on how any other financial awards could impact your SBA award. If you have questions related to the SBA programs, find a local SBA partner. More information here.
Economic Injury Disaster Loans and Loan Advance A low-interest, fixed rate loan up to $2 million Can be used to pay immediate expenses during an emergency (payroll, bills/accounts payable, fixed debts) Advance of up to $10,000 awarded within three days of application, which can be used keep employees on payroll, to pay for sick leave, meet increased production costs, or pay business obligations Learn more about the EIDL + Advance Click here
Paycheck Protection Program A low-interest, no fee, loan up to $10 million for small businesses, self-employed individuals, and others to help with cash flow and retain employees; if employers maintain payroll, a portion of the loan will be forgiven To apply, reach out to your existing bank and ask if they are a participating lender; if so, your bank can walk you through the application If your bank does not offer the program, reach out to a traditional SBA bank or contact your local SBA resource partners for more informationPlease note: If you use the proceeds from the NYC Small Business Continuity Loan Fund for payroll costs, it may compromise your ability to receive loan forgiveness from the SBA; please check with your local bank or SBA resource partner for guidance
SBA Express Bridge Loan Businesses with existing relationships with an SBA Express Lender can access up to $25,000 quickly. This loan can be used while applying for the EIDL loan This loan must be repaid in full or in part by proceeds from the EIDL loan
SBA Debt Relief As part of SBA’s debt relief efforts the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020
Lastly, please note that scammers are targeting businesses with loan and grant fraud. Beware of phishing emails and robocalls, and double check any web addresses to make sure that they are associated with the correct government agency. For more information and quick tips, follow the NYPD Crime Prevention Division on Twitter using handle @nypdcpd. Additional Resources
The Next Meeting is this Wednesday April 8th 2020 @ 2:00pm Sharp.
This is a simple reminder of the Weekly Town Hall Calls with the Throggs Neck Merchants Association. Our goal is to provide information for local businesses that may require some guidance as to the next steps. We are eager to listen what you concerns you may have going for you today and moving forward. Please share with follow business owners and ask them to join.
Meeting Agenda is mostly to help you understand the options available for you to fill out the forms for the available programs.
TNMA is inviting you to a scheduled Zoom meeting.
Topic: Throggs Neck Merchants Association – Town Hall – Video Conference Time: Apr 8, 2020 02:00 PM
The New York City Department of Finance offers several programs to assist
property owners who face hardships making their property tax payments. These include exemption programs to lower the amount of taxes owed, standard payment plan options as well as the new Property Tax and Interest Deferral (PT AID) program, for those who qualify.
“These are unprecedented times for New Yorkers, many of whom now find themselves struggling to make ends meet,” said Department of Finance Commissioner Jacques Jiha. “Through our programs, DOF hopes to ensure we do our part to help those who are struggling have one less burden to deal with as we work toward economic recovery.”
Standard Payment Plans
The Department of Finance offers flexible payment plans that are personalized to each property owner. Under a payment plan, property owners agree to pay the total amount owed over time instead of paying the full amount all at once. A payment plan will also prevent enforcement from occurring against a property.
DOF offers standard payment plans to owners of all properties. Standard payment plans require a down payment as low as zero dollars and can spread out the repayment of what is owed over a period that can be as long as ten years. While the payment plan is in effect, interest is charged on the outstanding balance and the property owner is required to pay newly occurring property taxes in full.
Property Tax and Interest Deferral program (PT AID)
Property owners who qualify for the Property Tax and Interest Deferral program can defer their property tax payments, or pay only a small percentage of their income, to ensure they stay in their home. The PT AID program defers property tax payments for a given length of time, depending on each applicant’s situation. Through the program, payment of property taxes can be deferred for a fixed length of time for a temporary hardship, or for a longer period due to a chronic hardship. The amount each property owner can defer paying is limited to a maximum of 25% of the owner equity of a one-, two-, or three-family home, or up to 50% of the equity of a condominium unit. The program is open to one-to three-family home and condominium owners who have fallen behind on their property tax payments.
Below are the three payment plan options:
• Extenuating Circumstances Income-Based (ECI) Plan
Homeowners experiencing extenuating circumstances can enter into a payment plan which limits their payments to a maximum 8% of their adjusted gross income while the hardship persists. The Department of Finance defines “extenuating circumstances” as involving the death or serious illness of a property’s owner or immediate family member, loss of income, or enrollment in the Department of Environmental Protection’s Water Debt Assistance Program.
Eligibility criteria:
o The property must be a one- to three-unit tax class 1 residential property, or a condominium.
o The property must have been the applicant’s primary residence for at least one year.
o Applicants must have a federal adjusted gross income (AGI) of $58,399 or less.
o Applicants must be able to document an extenuating circumstance such as the death or serious illness of a property’s owner or immediate family member, loss of income, or enrollment in the Department of Environmental Protection’s Water Debt Assistance Program.
• Low-Income Senior Plan Senior homeowners experiencing hardship can fully or partially defer payment of their delinquent and future property taxes for either a fixed or indefinite period of time. Property owners can choose to pay 0% (full deferral), 25%, 50%, or 75% of the delinquent and future property taxes.
Eligibility criteria:
o Property owner must be 65 or older.
o Property must be a one- to three-unit tax class 1 residential property, or a condominium.
o The applicant must have been using the property as their primary residence for at least one year.
o Applicants must have a federal adjusted gross income (AGI) of $58,399 or less.
• Fixed-Term Income-Based Plan
Property owners can enter into a payment plan which limits their payments to a maximum of 8% of their adjusted gross income. The plan may include only the delinquent amount or the delinquent amount plus charges projected to be due over the next year.
Eligibility criteria:
o The property must be a one- to three-unit tax class 1 residential property, or a condominium.
o The property must have been the applicant’s primary residence for at least one year.
o Applicants must have a federal adjusted gross income (AGI) of $58,399 or less. Applications and more information about property payment plan applications can be found here; information and the application for the PT AID program can be found here. Completed applications and supporting documentation for both standard payment plans and the PT AID program can be emailed to PTAID@finance.nyc.gov or mailed to:
Department of Finance
Payment Plans
59 Maiden Lane, 28th Floor
New York, NY 10038
In addition, the Department of Finance has an online payment plan calculator to help property owners estimate how much they would pay under the various potential terms of each plan. The tool uses applicants’ information about their property and income to help make the estimate.
New York City property taxes are administered by the NYC Department of Finance. Properties with assessed values less than $250,000 are billed quarterly, and the next payment is due on April 1. These property owners are entitled to a grace period allowing them to pay their balance free of interest until April 15. Properties with assessed values more than $250,000 are billed semi-annually and the next payment is due July 1. More information on property bills and payment dates can be found online HERE.
Our local Congressional representative is sponsoring a forum on “How to Access EIDL & the Paycheck Protection Program for Small Businesses & Nonprofits” tomorrow from 7–8 pm. Sign up at https://www.mobilize.us/ocasiocortez/event/266225/
For small businesses interested in being connected to SBA 7A lenders to assist in facilitating applications for the Paycheck Protection Program – a forgivable loan fund created by the CARES Act – 2020: use the form found HERE.
This
information will be used to assist the Bronx Chamber of Commerce in partnership
with Bronx business improvement districts in gathering initial information from
small businesses so we are prepared to assist in packaging your forgivable loan
application over the next 2-3 weeks.
Alternate Side Parking
(ASP) citywide will be suspended for an additional two weeks through
Tuesday, April 14th. Any New Yorker under isolation who has
received a ticket can appeal to the Department of Finance and should
provide medical documentation or testimony, which will be taken into
consideration when their case is reviewed. For additional questions call 311.
Enforcing Closure of
Non-Essential Construction Work
Following new State
restrictions temporarily halting all non-essential construction, the Department
of Buildings formulated specific guidance and agency operating protocols to
implement these new emergency orders. Moving forward, only emergency
construction work, essential facilities construction work, and work that is
performed by a sole worker on a job site is permitted in New York City until
further notice.
Emergency Construction
Work includes the following:
Projects necessary to protect
the health and safety of a building’s occupants
Any emergency work ordered by
the Department
Restoration work for essential
services such as heat, hot water, or electricity
Work necessary to repair a
condition that severely affects life, health, safety or property
Any work where it would cause
an unsafe condition to halt the project before it is finished
Essential Facilities
Construction includes:
Roads, bridges and transit
facilities
Utility work
Hospitals or Health Care
Facilities
Transitional or Homeless
Shelters
Affordable Housing
Other essential facilities as
directed by the Department
All other work
regulated by DOB, and not covered by the above, is required to suspend
operations until further notice. In addition, DOB will be rescinding all
previously issued After Hours Variance (AHV) permits. Going forward AHV permits,
required to perform any work at night or on the weekend, will only be issued
for approved essential or emergency work. Non-essential construction sites must
submit a request to continue work and be approved by DOB. Requests can be
submitted at www.nyc.gov/dobnow.
Department of
Buildings inspectors will be regularly inspecting construction sites citywide
to ensure that they are complying with the emergency order; that non-essential
construction operations have been suspended where required, and proper safety
measures have been implemented. All sites, essential or non-essential must
maintain appropriate social distancing measures, including for elevators, meals
and entry and exit. Violations of social distancing or non-essential
construction work will lead to enforcement actions from the Department, and
subject to fines of up to $10,000 starting on Tuesday, March 31.
Any construction site
that has been halted due to this emergency order must be properly secured and
maintained at all times in order to safeguard the public throughout the
duration of time while operations at the site are suspended. The owner of the
site is legally responsible to ensure the sites are kept safe. See below some
of the requirements for suspended construction sites in the city:
Weekly safety inspections of
the site by the owner, or an individual designated by the owner
Accurate logs of each of these
required safety inspections must be kept at the site at all times
All public sidewalk and
walkways adjacent to the sites must be maintained in a safe condition
All garbage, debris, and
standing water must be removed from the site
Helping NYC’s Small
Businesses
The Department of
Small Business Services started the NYC Employee Retention Grant program as an
immediate response to the economic setbacks small businesses were facing
because of the coronavirus outbreak. The City moved swiftly to provide service
to businesses that have up to 4 employees with this grant and has been
successful in serving over 1,200 businesses with the allotted $10 million for
the grant program, an average of $7,800 for each grant. This grant program will
officially close to applicants on Friday at 5pm, and the City will
continue to serve small businesses through the Small Business Continuity Fund,
which is also first come first serve. This loan gives up to $75,000 to
businesses with up to 99 employees. Businesses can use this loan to supplement
their payroll costs, for working capital, inventory, and other investments.
Eligible owners who would like to learn more about the loan program should
call 311 or
visit nyc.gov/covid19biz. The City is also working to
connect small businesses to the programs and loans offered by the United States
Small Business Administration. SBS will be offering technical assistance to
ensure that NYC small businesses are best prepared to fully access business
assistance programs funded by the federal stimulus.
Postponing Annual Tax
Lien Sale Until August
The City will postpone
its annual tax lien sale until August, as residents continue to cope with the
COVID-19 outbreak.
Property owners who
are facing hardships making their property tax payments can take advantage of
several existing Department Of Finance programs. These include exemption
programs to lower the amount of taxes owed, standard payment plans, or a new
Property Tax and Interest Deferral (PT AID) program, for those who qualify.
More information on those programs can be found on the agency’s website.
Stay Informed
Nearly 800,000 New
Yorkers have signed up for the City’s COVID text notification system to get
regular updates on the latest developments with coronavirus in New York City
text COVID to 692-692. New Yorkers can text COVIDESP to 692-692 for
updates in Spanish. You will receive regular SMS texts with the latest news and
developments. If you have any questions on finding medical care call 311.
Important Deadline: The NYC Employee Retention Grant Program will officially stop accepting applications on Friday, April 3, 2020, at 5 p.m. Please visit nyc.gov/covid19biz to apply and for more information about this program.
The NYC Employee Grant Program is an immediate response to small businesses affected by the COVID-19 outbreak and was put in place to provide services for businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000. Who Can Apply?Businesses, including non-profits, must:Be located within the five boroughs of New York CityDemonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenueEmploy 1-4 employees in total across all locationsHave been in operation for at least 6 monthsHave no outstanding tax liens or legal judgementHave not received an insurance reimbursement for the same payroll costs ———————————————————————————————-
The Greater New York Chamber is open and here to assist your business! Questions? email helana@chamber.nyc or call 212-686-7220 or 212-CHAMBER
For more information on the Greater New York Chamber of Commerce e mail helana@chamber.nyc or call 212-686-7220
CBDOs – Apply for Avenue NYC Commercial Revitalization Grants!
Avenue NYCCommercial Revitalization grants fund community-based
development organizations to carry out programs targeting commercial
districts in low- and moderate-income communities.
In City Fiscal Year
2021 (FY21), the program will include:
Grants
of up to $100,000 per year over three years; maximum possible award of
$300,000Dedicated
funding for a full-time program managerAssistance
for grantees to complete a Commercial District Needs AssessmentIn-depth
group trainings and capacity building support
The program will
help grantees to assess neighborhood needs and implement impactful,
data-driven projects. Read the
Avenue NYC Commercial Revitalization Program Guidelines.Applications are due
on April 5, 2020.
Citywide Nonprofit Management Technical Assistance Providers –
Apply for Avenue NYC Organizational Development Grants!
Avenue NYCOrganizational Development Grants are specifically intended to
fund nonprofit organizations to provide services and technical assistance
to enhance the project and fiscal management, program execution,
legal compliance, leadership and strategic capabilities of
community-based development organizations (CBDOs) implementing commercial
revitalization activities benefiting low- to moderate-income communities across
the five boroughs.
Grantees will be
awarded up to $100,000 per year for a period of one
year. Read the
Avenue NYC Organizational Development Program Guidelines.Applications are due
on April 5, 2020.
Help for New York Nonprofits: the NYC COVID-19 Response &
Impact Fund
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, because New York is the cultural capital of the nation.
Check out resources
for the nonprofit community by Candid to advance your work during the
COVID-19 crisis.
Free tips and videos
organized by topic:
Fundraising
with individual donorsFundraising
for specific projects/causesFighting
burnoutStorytelling
and communicationsGovernance
and talent managementCollaborationGrow
as a leader and/or fundraiserRacial
equity
Visit Candid’s Websitehttps://blog.candid.org/post/candid-resources-to-advance-your-work-during-the-coronavirus-crisis/
Attend our upcoming webinar!
[Upcoming Webinar]
Good Governance: New York State and New York City’s Employment Laws
New York City and
New York State regulations aimed at protecting employees, and sometimes
even individuals who are not employees, have proliferated over the past few
years. This webinar will help make sense of them all, from criminal
background checks to sick leave to new rules for independent contractors,
not to mention employment protections for interns. The webinar will also
cover the latest updates on laws to combat sexual and other harassment.
Date: Thursday, April 23
Time: 12:00 – 1:00 p.m.
Webinar dial-in info
will be shared once you RSVP.
The
Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350
billion to help small businesses keep workers employed amid the pandemic and
economic downturn. Known as the Paycheck Protection Program, the initiative
provides 100% federally guaranteed loans to small businesses.
Importantly, these loans
may be forgiven if borrowers maintain their payrolls during the crisis or
restore their payrolls afterward.
The administration soon
will release more details including the list of lenders offering loans under
the program. In the meantime, the U.S. Chamber of Commerce has issued this
guide to help small businesses and self-employed individuals prepare to file
for a loan.
Here are the questions you may be asking— and what
you need to know.
Am I ELIGIBLE?
status.
You are eligible if you are:
• A small business with fewer
than 500 employees
• A small
business that otherwise meets the SBA’s size standard
• A
501(c)(3) with fewer than 500 employees
• An
individual who operates as a sole proprietor
• An
individual who operates as an independent contractor
• An
individual who is self-employed who regularly carries on any trade or business
• A
Tribal business concern that meets the SBA size standard
• A
501(c)(19) Veterans Organization that meets the SBA size standard
In
addition, some special rules may make you eligible:
• If you
are in the accommodation and food services sector (NAICS 72), the 500-employee
rule is applied on a per physical location basis
• If you
are operating as a franchise or receive financial assistance from an approved
Small Business Investment Company the normal affiliation rules do not apply
REMEMBER: The 500-employee threshold includes all employees: full-time,
part-time, and any other status.
In
evaluating eligibility, lenders are directed to consider whether the borrower
was in operation before February 15, 2020 and had employees for whom they paid
salaries and payroll taxes or paid independent contractors.
Lenders
will also ask you for a good faith certification that:
1. The
uncertainty of current economic conditions makes the loan request
necessary to support ongoing operations
2. The borrower will use the loan proceeds to
retain workers and maintain payroll or make mortgage, lease, and utility
payments
3. Borrower does not have an
application pending for a loan duplicative of the purpose and
amounts applied for here
4. From Feb. 15, 2020 to Dec. 31, 2020, the
borrower has not received a loan duplicative of the purpose and
amounts applied for here (Note: There is an opportunity to fold emergency loans
made between Jan. 31, 2020 and the date this loan program becomes available
into a new loan) If you are an independent contractor, sole proprietor, or
self-employed individual, lenders will also be looking for certain documents
(final requirements will be announced by the government) such as payroll tax
filings, Forms 1099-MISC, and income and expenses from the sole proprietorship.
What
will lenders be LOOKING FOR?
In
evaluating eligibility, lenders are directed to consider whether
the
borrower was in operation before February 15, 2020 and had
employees
for whom they paid salaries and payroll taxes or paid
independent
contractors.
Lenders
will also ask you for a good faith certification that:
1.
The uncertainty of current economic conditions makes the loan
request
necessary to support ongoing operations
2.
The borrower will use the loan proceeds to retain workers and
maintain
payroll or make mortgage, lease, and utility payments
3.
Borrower does not have an application pending for a loan
duplicative
of the purpose and amounts applied for here
4.
From Feb. 15, 2020 to Dec. 31, 2020, the borrower has not
received
a loan duplicative of the purpose and amounts applied
for
here (Note: There is an opportunity to fold emergency loans
made
between Jan. 31, 2020 and the date this loan program
becomes
available into a new loan)
If
you are an independent contractor, sole proprietor, or self-employed
individual,
lenders will also be looking for certain documents
(final
requirements will be announced by the government) such as
payroll
tax filings, Forms 1099-MISC, and income and expenses from
the
sole proprietorship.
WHAT WILL LENDERS NOT BE
LOOKING FOR?
• That the borrower sought and was unable to obtain
credit elsewhere.
• A personal guarantee is not required for the loan.
• No
collateral is required for the loan.
How
much can I BORROW?
Loans can be up to 2.5 x the borrower’s
average monthly payroll costs, not to
exceed $10
million.
How
do I calculate my average monthly PAYROLL COSTS?
sum of
INCLUDED
payroll costs
+
sum of
EXCLUDED
payroll costs
=
PAYROLL
COSTS
Act
INCLUDED
Payroll Cost:
1. For Employers: The sum of payments of any compensation
with
respect to employees that is a:
• salary, wage, commission, or similar compensation;
• payment of cash tip or equivalent;
• payment for vacation, parental, family, medical, or
sick leave
• allowance for dismissal or separation
• payment required for the provisions of group health
care benefits,
including insurance premiums
• payment of any retirement benefit
• payment of state or local tax assessed on the
compensation
of the employee
2. For Sole Proprietors, Independent Contractors, and
Self-Employed
Individuals: The sum of payments of any compensation to
or
income of a sole proprietor or independent contractor
that is a
wage, commission, income, net earnings from
self-employment, or
similar compensation and that is in an amount that is not
more than
$100,000 in one year, as pro-rated for the covered
period.
EXCLUDED
Payroll Cost:
1. Compensation of an individual employee in excess of an
annual salary
of $100,000, as prorated for the period February 15, to
June 30, 2020
2. Payroll taxes, railroad retirement taxes, and income
taxes
3. Any compensation of an employee whose principal place
of
residence is outside of the United States
4. Qualified sick leave wages for which a credit is
allowed under section
7001 of the Families First Coronavirus Response Act
(Public Law 116–
5 127); or qualified family leave wages for which a
credit is allowed
under section 7003 of the Families First Coronavirus
Response Act.
NON
SEASONAL EMPLOYERS:
Maximum loan =
2.5 x Average total monthly
payroll costs incurred during
the year prior to the loan date
For businesses not
operational in 2019:
2.5 x Average total monthly
payroll costs incurred for
January and February 2020
SEASONAL
EMPLOYERS:
Maximum loan =
2.5 x Average total monthly
payments for payroll costs for
the 12-week period beginning
February 15, 2019 or March 1,
2019 (decided by the loan
recipient) and ending
June 30, 2019
Will
this loan be FORGIVEN?
Borrowers are eligible to have their loans forgiven.
How
Much?
A borrower is eligible for loan forgiveness equal to the
amount the
borrower spent on the following items during the 8-week
period
beginning on the date of the origination of the loan:
• Payroll costs (using the same definition of payroll
costs used to
determine loan eligibility)
• Interest on the mortgage obligation incurred in the
ordinary
course of business
• Rent on a leasing agreement
• Payments on utilities (electricity, gas, water, transportation,
telephone, or internet)
• For borrowers with tipped employees, additional wages
paid to those employees
The loan forgiveness cannot exceed the principal.
How
could the forgiveness be reduced?
The amount of loan forgiveness calculated above is reduced
if there
is a reduction in the number of employees or a reduction
of greater
than 25% in wages paid to employees. Specifically:
Reduction based on reduction of number of employees
Reduction based on reduction in salaries
What
if I bring back employees or restore wages?
Reductions in employment or wages that occur during the
period
beginning on February 15, 2020, and ending 30 days after
enactment
of the CARES Act, (as compared to February 15, 2020)
shall not reduce
the amount of loan forgiveness IF by June 30, 2020 the
borrower
eliminates the reduction in employees or reduction in wages.
WHAT’S
NEXT?
Look out for more information about eligible lenders and
additional guidance from the SBA soon.
For more guidance and resources for small businesses,
visit uschamber.com/co
The new Cares act is a massive new law designed to provide assistance to businesses and individuals during the Covid-19 crisis. For an excellent summary of its provisions, click here and here.
