Small Business Resource Guide

Access to Capital

Economic Injury Disaster Loan Program

  • SBA Administrator Jovita Carranza has approved a statewide disaster declaration for NY. Eligible small businesses may now apply for SBA Economic Injury Disaster Loans (EIDL) online at https://disasterloan.sba.gov/ela.
  • Please review the fact sheet with important information about the declaration and EIDL requirement: Economic Disaster Loan fact sheet.
  • Businesses can take advantage of free assistance offered by SBA’s network of Resource Partners for help with preparing their loan applications. They may visit www.sba.gov/local-assistance to find local help.
  • The NYS Small Business Development Center network recommends submitting a request for assistance online at http://nyssbdc.org/appointment.html.
  • The Application Filing Deadline is December 21, 2020
  • For further information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

 

IRS Tax Filings

Treasury and IRS Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

  • Following President Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline.
  • Additional details on IRS tax deferment guidelines can be found at https://home.treasury.gov/news/press-releases/sm948

 

Qualified Leave Guidelines

Under the Families First Coronavirus Response Act, the following leave requirements will take effect on April 2, 2020 and expire on December 31, 2020:

Paid Sick Leave

Under the Families First Coronavirus Response Act, private employers with fewer than 500 employees must provide the following sick leave options:

  • 2 weeks paid sick leave at an employee’s regular rate of pay (capped at $511/day and $5,110 total) for a full-time employee who:
    • Is subject to a federal, state or local quarantine related to COVID-19.
    • Has been advised by a health provider to self-quarantine.
    • Is experiencing symptoms of COVID-19 and is seeking a medical diagnosis.
  • 2 weeks paid sick leave at 2/3 of an employee’s regular rate of pay (capped at $200/day and $2,000 total) for a full-time employee who:
    • Is caring for an individual who is subject to a qualifying quarantine or self- quarantine.
    • Is caring for a child whose school or care provider is unavailable due to COVID-19.
  • Employers offering these options will receive a 100% payroll tax credit (refundable as needed) for required sick leave wages, as well as qualifying health care expenses.
  • *For part-time employees, the duration of paid leave is based on the average number of hours worked by the employee each week.
  • *Exemptions are available for employers with less than 50 employees subject to rule-making by the Department of Labor.
  • For more information on Coronavirus-related paid leave for workers and tax credits for small and midsize businesses visit the IRS's website HERE.

Emergency Family and Medical Leave

Under the Families First Coronavirus Response Act, private employers with fewer than 500 employees must provide the following emergency family and medical leave option:

  • 10 weeks paid family and medical leave at 2/3 of an employee’s regular rate of pay (capped at $200/day and $10,000 total) for a full-time employee who is unable to work because their child’s school or child care provider is unavailable due to a public health emergency.
  • Employers offering this option will receive a 100% payroll tax credit (refundable as needed) for required emergency family and medical leave wages, as well as qualifying health care expenses.
  • *For part-time employees, the duration of paid leave is based on the average number of hours worked by the employee each week.
  • *Exemptions are available for employers with less than 50 employees subject to rule- making by the Department of Labor.

Workplace Guidance for Businesses and Employers

The President's Coronavirus Guidelines for America - 15 Days to Slow the Spread

The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). For updates from CDC, please see the following:

Below are recommended strategies for employers to use now. In-depth guidance is available on the CDC’s Guidance for Businesses and Employers web page:

  • Actively encourage sick employees to stay home
  • Separate sick employees
  • Emphasize staying home when sick, respiratory etiquette and hand hygiene by all employees
  • Perform routine environmental cleaning
  • Advise employees before traveling to take certain steps:
    • Check the CDC’s Traveler’s Health Notices for the latest guidance and recommendations for each country to which you will travel. Specific travel information for travelers going to and returning from designated countries with risk of community spread of Coronavirus, and information for aircrew, can be found on the CDC website.