The impact of COVID-19 is beginning to be felt across industries. As customer behavioral habits shift, businesses may be taking a financial loss. As of March 8, 2020, Mayor Bill DeBlasio announced plans of assistance to small businesses. According to this announcement, businesses may qualify for low-interest loans and employee retention grants.
- Businesses with fewer than 100 employees, seeing a decrease in sales up to 25% or more will be eligible for zero interest loans up to $75,000 to help mitigate losses in profit.
- The City is also offering eligible small businesses with fewer than five employees a grant to cover 40% of payroll costs for two months to help retain employees.
Eligible owners who would like to learn more about these programs should call 311 for assistance.
As a reminder, under the NYC Paid Safe and Sick Leave Law, employers with five or more employees who work more than 80 hours per calendar year in New York City must provide paid safe and sick leave to employees. Employers with fewer than five employees must provide unpaid safe and sick leave. Covered employees have the right to use safe and sick leave for the care and treatment of themselves or a family member.
For cases of business interruption, expenses incurred, or liability, owners are urged to contact their insurance companies to determine if they are covered.
We are closely monitoring this rapidly developing situation to best serve the needs of our clients. Employers are encouraged to contact Sinayskaya Yuniver P.C with specific legal questions regarding COVID-19. We will continue to provide developments via our website, email updates, and on our social media platforms.