NYSRA Update: COVID-19 Outbreak | March 23, 2020
- NYS Tax and Finance issued guidance today on the previously announced waiver of fees and penalties on sales tax payments due March 20. However, this guidance states that the waiver only applies to quarterly and annual payments, but not monthly. It further states that to be eligible for the waiver, you must apply online. As the guidance was issued today, and the announcement was made Friday, we are asking for clarification for all of those who pay monthly and why a distinction like this was made. We will share the response as soon as we get it. Read guidance HERE. Link to apply for the waiver is here: https://www.tax.ny.gov/press/alerts/sales-tax-relief-for-covid-19.htm
- At his daily briefing on the coronavirus outbreak, Governor Cuomo mentioned that he is tasking staff with how to get businesses to recover quickly once things get back to normal. He is calling this program New York Forward. The Governor also mentioned today that they are looking at ways to possibly get different demographics back to work more quickly if they are immune or at less risk if they were to contract the virus. The Governor did not provide any specifics on this point, but this is the first time he has mentioned this idea.
- The Governor’s most recent Executive Order from Saturday can be found HERE.
- We received information today from the NYS Insurance Fund (NYSIF) about our Workers’ Compensation Safety Group 505. The letter stated that they will be working with all policyholders to ensure coverage during this unprecedent time. Read full letter HERE.
- Visit https://www.epa.gov/pesticide-registration/list-n-disinfectants-use-against-sars-cov-2 to find the current list of products that meet EPA’s criteria for use against SARS-CoV-2, the cause of COVID-19.
- After hitting a wall last night, Congress continues to negotiate a stimulus bill that is expected to have a vote sometime this week.
- The Public Affairs team of the National Restaurant Association has provided an assessment of what is in the GOP plan of the Phase III CARES ACT (COVID Bill) in Congress. It is attached with the enormous caveat that it is a draft plan, and anything could be subsequently added or removed that impacts the restaurant industry. But the text does reflect some of the restaurant-specific things we have been pressing to see included. Here is the high-level takeaway:
- Creation of a $349B fund for small businesses (500 or fewer employees) through SBA loans. Max loan is 2.5 times your monthly payroll for the preceding year or $10M, whichever is lower.
- Loans are forgiven for the amount you use them for payroll for February 15 through June 30, 2020.
- Loans go through SBA, but the "credit elsewhere" test is removed.
- No collateral required