In this time of uncertainty, businesses face massive challenges and uncertainty, with the landscape seeming to shift on a daily basis. Many are feeling information overload. On May 15, for our COVID-19 Business Readiness series, we welcomed back law firm Bousquet Holstein PLLC who provided an open forum for our members to get answers to some of their most pressing questions on a variety of issues, including in the following areas:
Employment – e.g., navigating decisions to layoff or furlough employees, complying with leave requirements under the Families First Coronavirus Response Act (FFCRA), New York’s sick leave law for quarantine or isolation due to COVID-19, considerations for PPP loan recipients, and other state and federal laws affecting employment.
Tax – e.g., taking advantage of employment tax-related credits offered by the CARES Act and the FFCRA, using tax return filings and amended returns to access quickie refunds for current operational needs; keeping an eye on new differences between Federal tax issues and New York tax issues; meeting investment deadlines for opportunity funds; and interaction of tax benefits with PPP loans and other COVID-19 relief measures.
SBA loan programs – e.g., PPP and Economic Injury Disaster Advance Loans, permitted expenditures of PPP loan proceeds and loan forgiveness requirements, and EIDL program requirements.
Commercial contracts – e.g., force majeure and other excuses for non-performance; enforcement of contracts.
Landlord/tenant – e.g., lease performance issues during the COVID-19 pandemic, including typical negotiation terms and proposals, potential lease enforcement issues, lease breaches, and evictions under pandemic-related stays and deadlines; negotiations with lenders on mortgage term flexibility, including statutory requirements under CARES Act.
Insurance coverage – e.g., business interruption and other potentially applicable insurance.
The format of the webinar will be a 15 minute introduction followed by a 45 minute Q&A.
Please feel free to visit the Chamber’s COVID-19 Business Resources page where you will find up to date information and tools to help you, your business/organization, and your employees.