CPA NEWS
Email News - $1,200 Payment & PPP Worksheet v2.1, 3/31/20
 

Attached is the PPP Worksheet v2.1, and the following is about the $1,200 stimulus payment.

(Download the PPP Worksheet v2.1 - Sample)​

https://d1fecfae-7942-4d07-a676-3c7081231c1c.usrfiles.com/ugd/d1fecf_ec3831b66948458f9743064b86a1b993.xlsx

 

Economic impact payments:
What you need to know
Check IRS.gov for the latest information: No action needed by most people at this time

 

IR-2020-61, March 30, 2020

WASHINGTON – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.

The IRS has reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.

Email News - PPP Sample Worksheet v2, 3/31/20

As more interpretations are available, we have updated and attached our PPP Worksheet (Sample) v2 to calculate the potential forgivable loan amount.  Again, this is "free money" the government is willing to give to small businesses during this horrendous situation.  This PPP loan is a new loan program so you need to apply it anew.  However, it will take time for the government to work with the SBA and banks to fully implement the loan applications.

https://d1fecfae-7942-4d07-a676-3c7081231c1c.usrfiles.com/ugd/d1fecf_22a64aef8bf849f083028f3691b2dc5b.xlsx

 

Even though a small NYC bank, Savoy Bank, came up with a website for the PPP loan, they are also saying: "Details and requirements are changing rapidly. The content on this page will be updated regularly as Treasury Secretary and the SBA release more detailed information."  We believe it is better to work with your current bank (most banks offer SBA loans) as they know you already and have some information about your business.

 

The following are more financial aid packages from the CARES Act.

 

Employee Retention Tax Credit

The Act offers tax credits to employers that have seen their operations shuttered or partially shuttered because of COVID-19.

The credits can go as high as 50% of qualified wages paid to an employee between March 13, 2020, and the end of the year. These credits max out at $10,000 per employee. They also apply only to employment taxes, such as FICA, federal unemployment taxes, and Social Security taxes. And they cannot be taken alongside other coronavirus-related benefits, such as credits for paid leave under the FFCRA or Paycheck Protection loans.

To qualify for the credits, the employer must experience (a) a full or partial shutdown because of a government order related to COVID-19, or (b) a decline in revenues of 50% or more from the same period last year. Qualifying employers with 100 employees or fewer can take a credit for all qualifying wages. Larger companies with more than 100 employees can also take a credit, but only for wages paid to employees who are not working because of reasons (a) or (b).

Deferral of Payroll Taxes

The Act allows employers to defer Social Security taxes. Any deferred payment would need to be paid over the next two years, with half due by December 31, 2021, and the rest due by December 31, 2022.

Expanded Unemployment Insurance

The Act pumps $250 billion dollars into the unemployment insurance system. These new benefits are available to nearly every employee displaced by COVID-19—and even to some not considered employees at all.

The Act expands benefits by raising the maximum payment across the board by $600 per week. That expansion alone works out to $15 an hour for a 40-hour week. The Act also extends benefits for 13 weeks beyond what states already allow.

Any employee unable to work because of COVID-19 can apply for the benefits. Some self-employed workers and independent contractors can also apply. Worker cannot apply, however, if they have the ability to telework. Nor can the worker apply while receiving other coronavirus-related benefits, such as paid leave under the FFCRA.

Many questions remain about these provisions. For example, it is not yet clear who decides when an employee can telework. And some have already expressed concerns about the Act’s potential negative incentives. By disconnecting weekly benefits from an employee’s earnings, the Act may make it possible for employees to earn more in unemployment benefits than they earn by working.

 

Immediate Tax Credits for FFCRA Leave

The Act gives employers an immediate way to pay for leave under the FFCRA.

The FFCRA created two new paid-leave programs: (1) two weeks’ paid emergency sick leave, and (2) up to 12 weeks’ emergency family and medical leave, the first two weeks of which are unpaid, but as a practical matter, likely to be compensated by way of emergency paid sick leave. This leave is generally paid at the employee’s regular rate (or 2/3 of that rate for family leave), subject to certain dollar-value caps. The Act helps employers pay for those new benefits by providing an advance tax credit immediately, rather than recovering the money after paying.

Beyond that, it is not yet clear how the credits will be implemented. The Act gives the treasury secretary authority to implement the credits by regulation. More guidance is expected in the coming days.

Agencies like the Department of Labor, the Internal Revenue Service, and the Small Business Administration are working to provide guidance and procedures for many of these new programs.  Indeed, the information available about all these programs changes daily, if not hourly. Because the Act raises complex and novel questions about interpretation and compliance, employers should consult with legal counsel. For employers seeking loans under the Act’s various new programs, it is especially important that they understand the programs’ rules and requirements before committing.

Newsletter Disclaimer - We are distributing publicly available information on a pro bono basis so you can be abreast of the latest developments in this difficult situation.  The information is not advice and should not be treated as such.  You are responsible to ensure the information is ultimately correct and complete.  Thus, we accept no liability from any action you may take from the information provided.

Email News - PPP Sample Worksheet, 3/30/20

Since we are getting many inquiries about loan forgiveness and related forgivable expenses/payments, we have prepared a

worksheet for you to calculate them.

 

Some terms under the CARE Act are not so clear so we see some conflicting interpretations are coming out right now.  The worksheet

has been prepared based on what we learned so far.

 

Thus, we will fine-tune the terms and the worksheet as more interpretations are available.  The government will work with SBA & 

SBA loan administrating banks for loan applications during this week.

 

We also attached the CARES Act Key Points & FAQs.

https://d1fecfae-7942-4d07-a676-3c7081231c1c.usrfiles.com/ugd/d1fecf_f58155555187424b93a2b37ca056a347.pdf

PPP Sample Worksheet:

https://d1fecfae-7942-4d07-a676-3c7081231c1c.usrfiles.com/ugd/d1fecf_2d25709ba44845df885e6a416a25d349.xlsx

Email News - Loan Forgiveness (Part II), 3/29/20

We have received various inquiries about Loan Forgiveness under the Paycheck Protection Program (PPP) to help small businesses.  Again, you can obtain this loan to pay salaries, health insurance, rent, payroll taxes, utilities, mortgage payments, interest on the debt, etc. for 8 weeks (almost two months).  Small businesses also include sole proprietors, self-employed individuals and independent contractors.

 

Any fees for the loan forgiveness for 8 weeks and interest thereof would be free.  If you rehire any employees who are recently terminated, you are still qualified for loan forgiveness.  The government is trying to help small businesses to retain their employees and continue their business in this difficult time.  

 

Today, the government vows to start this emergency loan during the coming week (by Friday) as SBA administrating banks and agencies are not ready with new PPP loans.  For more information on PPP, review this summary: https://www.nohcpa.com/paycheck-protection-program-overvie The government is doing all they can to help small businesses to continue their operations so the U.S. economy would not face a crash.

Email News - Loan Forgiveness, 3/28/20
 

From our previous CPA News today on Loan Forgiveness, we have received several inquires.  In addition, we are now getting more information.  Visit the link below to learn more about the forgiveness of loans under the Paycheck Protection Program.  

 

The following expenses and payments are qualified for loan forgiveness:

 

o Employee salary or wages, cash tips, or equivalent payments

o Vacation, parental, family, medical, or sick leave payments (exclusive for which a tax credit is allowed under Section 7001 or 7003 of the Families First Coronavirus Response Act)

o Payment required for the provisions of group healthcare benefits, including insurance premiums

o Payment of any retirement benefit

o Payment of state or local tax assessed on the compensation of employees

o Mortgage payments, rent, and utility payments

o Interest on debt obligations previous to Feb. 15, 2020

 

https://www.rubio.senate.gov/public/_cache/files/ac3081f6-14ae-4e6f-9197-172ede28badd/71AB6CB05A08E369E0D488A80B3874A5.faqs---paycheck-protection-program-faqs-for-small-businesses.pdf 

 

https://eig.org/wp-content/uploads/2020/03/Understanding-the-Paycheck-Protection-Program.pdf 

 
Email News - Loan Forgiveness (in Korean), 3/28/20
 

Loan Forgiveness와 관련 정리된 사이트를 보내 드리오니 참고 하시고 보조금을 신청하는 절차를 검토해 보시기 바랍니다.

 

https://jobkoreausa.com/community/view.html?no=563&fbclid=IwAR07l_twCGwUrVikadm-BwrlmKIhEygBWwFQm0lthDKPOF0ZTp3N6HsEe2E&mc_cid=83ba9385de&mc_eid=8f45582bb3  

 
Email News - Coronavirus Aid, Relief and Economic Security (CARES) Act, 3/28/20

Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by the Senate on 3/25/20 and the House on 3/27/20, which was signed by the President on the same day.  Now, the detail of the Act is starting to come out.  See the link below to see the summary prepared by EY on 3/26/20.

 

One very helpful aid is the following loan forgiveness in the summary:

 

Loan Forgiveness. This establishes that borrowers will be eligible for loan forgiveness equal to the amount spent by the borrower for the portion of the loan used to cover payroll and payments on pre-existing debt incurred prior to 15 February 2020. Loan forgiveness is conditional upon a borrower retaining their employees and payroll levels during the covered period. Forgiveness will be proportionally reduced by the number of layoffs and reductions in wages over 25%.   

 

https://assets.ey.com/content/dam/ey-sites/ey-com/en_us/topics/public-policy/ey-opp-cares-act-overview.pdf  

Essential businesses defined by NY, NJ and CT

 

https://1010wins.radio.com/articles/whats-an-essential-business-the-ny-nj-orders-explained  

 

Newsletter Disclaimer - We are distributing publicly available information on a pro bono basis so you can be abreast of the latest developments in this difficult situation.  The information is not advice and should not be treated as such.  You are responsible to ensure the information is ultimately correct and complete.  Thus, we accept no liability from any action you may take from the information provided.

Email News - Family First Coronavirus Response Act, 3/27/20  

 

President Trump signed the Families First Coronavirus Response Act (Act) on March 18, 2020, to provide financial aids for small businesses with fewer than 500 employees.
 
1. If an employee is quarantined or tested positive for the coronavirus, he/she can receive 100% of the salary for up to two weeks (80 hours) (Paid Sick Leave). The amount to be paid is his/her salary or $511 per day ($5,110 for 10 days), whichever is less.

2. If an employee cares for a quarantined individual or if his/her child's school is closed due to this incident and a child care institution is not available, the employee can receive two-thirds (2/3) of his/her salary for up to two weeks (80 hours) (Paid Sick Leave). The amount to be paid is 2/3 of his/her salary or $200 per day ($2,000 for 10 days), whichever is less.

 

For small businesses with fewer than 50 employees, this provision related to caring for a child is exempt if the viability of the business is threatened.
 

3. In the case of #2 above, the employee can receive an additional maximum of 10 weeks' pay (Paid Expanded Family and Medical Leave). Employees must have been working for at least 30 days. The amount to be provided is 2/3 of his/her salary or $200 per day ($10,000 for 50 days), whichever is less.


Employers can reduce their current payroll taxes due to the IRS for salaries provided under this Act. If the amount paid is more than the payroll taxes, then either the excess amount could be used to reduce the future payroll taxes or request for a quick refund by sending an application to the IRS.

Health insurance premiums can be included in the above salary calculations, and self-employed individuals can benefit just like employees. This subsidy is an emergency aid provided by the U.S. government, so you should take the benefits if you have affected employees or self-employers.

 

Refer to the following sites for more information:

 

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus  

 

Dept. of Labor on Families First Coronavirus Response Act

 

The U.S. Dept. of Labor has provided the first round of published guidance.

 

https://www.njcpa.org/stayinformed/explore/topics/full-article/2020/03/25/dol-provides-guidance-on-the-families-first-coronavirus-response-act

Email News - Family First Coronavirus Response Act (in Korean), 3/27/20

대통령이 3월 18일자로 Families First Coronavirus Response Act  라는 법에 서명함에 따라, 직원수가 500명 미만의 중소기업에 대한 재정 구호 대책으로 제공 됩니다.

 

1. 직원이 자가 격리하거나 확진자일 경우 급여 100%를 최대 이주동안 (80 시간) 받을수 있습니다 (Paid Sick Leave). 제공할 금액은 본인이 받던 급여나 아니면 하루에 $511 (10일에 $5,110), 두 금액중 적은 금액.

 

2. 직원이 격리자를 돌보거나 자녀 학교가 이번 사태로 문을 닫거나 보육 기관을 이용할 수 없는 경우 본인 급여의 2/3 을 최대 이주동안 (80 시간) 받을수 있습니다 (Paid Sick Leave). 제공할 금액은 본인 받던 2/3의 급여나 아니면 하루에 $200 (10일에 $2,000), 두 금액중 적은 금액.

 

50명 미만의 소기업에 한하여 사업채가 제정적 힘든 상황에 처해있다면 자녀를 돌보기 위한 Paid Sick Leave 관련 조항은 면제가 가능합니다.  

 

3. 위에 2번일경우, 추가로 최대 10주까지 급여을 받을수 있습니다 (Paid Expanded Family and Medical Leave). 직원은 일한지 적어도 30일 이상이 되어야 함. 제공할 금액은 본인 받던 2/3의 급여나 아니면 하루에 $200 (50일에 $10,000), 두 금액중 적은 금액.   

 

고용주는 위에 지급된 금액을 국세청에 봉급과 관련 현재 낼 세금을 줄일수 있으며 지급된 금액이 세금낼 금액보다 많으면 앞으로의 세금을 더 줄이던지 아니면 자금 필요할경우 신청서을 작성하여 보내면 지급 받을수 있습니다.

 

위에 급여 계산에 건강보험료를 포함할수 있으며 또한 자영사업자 (Self-Employed Individual) 들도 직원처럼 혜택을 받을수 있습니다. 이 보조금은 국세청에서 제공하는 긴급 부양책으로서 해당되는 직원이나 자영사업자들께서는 신청하시기 바랍니다.

 

자세한 사항은 아래의 웹사이트들을 참조하십시요.

 

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus  

 

Dept. of Labor on Families First Coronavirus Response Act

 

The U.S. Dept. of Labor has provided the first round of published guidance.

 

https://www.njcpa.org/stayinformed/explore/topics/full-article/2020/03/25/dol-provides-guidance-on-the-families-first-coronavirus-response-act

Email News - Extended Federal & States Filing Deadlines, 3/26/20

Here is the information about the extended filing due dates of tax returns:

 

IRS Answers Filing and Payment Deadline Questions

 

The IRS has published answers to frequently asked questions about filing and payment deadlines.

 

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers  

 

Status of State Tax Filing Deadlines

 

Get an update on tax filing extensions in NJ, NY, PA and other states.

 

https://www.njcpa.org/stayinformed/explore/topics/full-article/2020/03/24/status-of-new-jersey-new-york-and-pennsylvania-tax-filing-deadlines

Email News - Massive Stimulus Pakage, 3/25/20

U. S. lawmakers and members of the Trump administration early Wednesday came to an agreement on a massive stimulus measure ($2 trillion) to try to keep Americans whole as the economy shuts down due to the coronavirus.

 

The package includes direct deposits for all Americans (most adults would receive direct payments of $1,200, while children would see $500 checks.), $367 billion for loans to small businesses, and an unprecedented program that will allocate $500 billion to the Treasury Department. 

 

Some of that money will be used to guarantee a Federal Reserve loan program for small and medium-sized businesses. The director of the White House’s National Economic Council said the funds could be leveraged into $4 trillion of lending through the Fed.

 

Hospitals would receive some $150 billion under the deal and small businesses would get $367 billion in aid.  The measure also includes a major boost to unemployment insurance, allowing workers who are furloughed but not laid off to be paid their regular salaries for up to four months.

 

For the $367 billion in loans for small businesses, if the companies don’t make any changes to payroll then these loans will be forgiven.  

 

Speaker of the House Nancy Pelosi said the House could pass the bill quickly by unanimous consent. There is a risk that any member could object, which could lead to the need for a regular roll-call vote.

 

There will be more detailed information after the bill is passed.

Email News - Coronavirus Economic Bill, 3/23/20

The coronavirus economic bill did not pass as Democrats claim it is too favorable to Wall Street than Main Street (general working people).  Both parties agreed to keep negotiating.

For your information, the U.S. Small Business Administration offers an Economic Injury Disaster Loan Program to small business owners in all U.S. states and territories affected by the coronavirus.

 

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

 

​If you are a business owner (sole proprietorship, ​S corp. LLC-non corporation or partnership) who is on the payroll (receiving W-2), you can claim the state unemployment benefits.

 

Visit your state unemployment insurance online site to apply for an application.  For example, type "NY Unemployment Insurance" and

you will see the following site:

 

https://labor.ny.gov/unemploymentassistance.shtm  

 

​​Wishing everybody to stay healthy and in a good spirit.

 

 

Email News - Coronavirus Economic Bill, 3/22/20

The coronavirus economic relief bill being finalized by the U.S. Congress will include a one-time $3,000 payment for families and allow the Federal Reserve to leverage up to $4 trillion of liquidity to support the nation’s economy, U.S. Treasury Secretary Steven Mnuchin said today.

  

Mnuchin said the additional liquidity measures would allow the U.S. central bank to help a broad base of businesses to get through the next 90 to 120 days.

Trump administration officials hoped to finalize the legislation on Sunday and see a vote on Monday, Mnuchin said, adding that further steps could be taken if the crisis did not abate in 10 to 12 weeks.

Email News - Coronavirus Economic Bill, 3/21/20

NY and NJ Governors ordered non-essential businesses, not specifically defined but likely not related to grocery stores, delivery, and pharmacies, to shut down due to the coronavirus outbreak.

 

To work at home, you can use the following "free" software to connect to your company server if you do not already have the connection.

1) TeamViewer https://www.teamviewer.com/en-us/

2) Goggle Chrome Remote Desktop https://remotedesktop.google.com/

 

President Trump has already signed into law a $100 billion-plus bill to boost testing for the coronavirus and guarantee paid leave for millions of workers affected by it.

Email News - Latest Updates, 3/20/20

Here are the latest updates and useful information.

 

Federal Tax Filing Deadline Extended to July 15

Treasury Secretary Mnuchin announced today that the U.S. tax filing deadline will be extended to July 15. 

There is still no definitive word about the New Jersey tax filing deadline. We are hopeful the New Jersey Division of Taxation and other states will follow the IRS’ lead as many have done in the past. 

 

Benefits from State Unemployment Insurance  

 

Employees of businesses that are closed voluntarily or ordered due to COVID 19, they can claim the unemployment insurance benefits.  Thus, visit the state unemployment insurance site or visit the following U.S. Dept. of Labor site, which explains and directs to the state sites.  For your information, we have attached the NJ benefits available chart among unemployment insurance, earned sick leave, temporary disability/family leave insurance and workers' compensation under the coronavirus scenarios.

 

https://www.dol.gov/general/topic/unemployment-insurance  

 

Earned Sick Leave Law    

 

Beginning from February 26, 2019, NJ employees can take earned sick leave up to 40 hours per year to care for themselves or a family member. Employees can earn one hour of paid sick time for every 30 hours of work.  Employers can offset their paid time off, including paid vacation, to this requirement.  For more information, see the attached NJ Employee FAQs Earned Sick or visit state sites covering the earned sick leave law (i.e., search NY earned sick leave law).

 

 

Tax Credits for Employers   

 

The coronavirus relief bill signed by President Trump contains several tax credits for employers who provide paid sick leave or family or medical leave for their employees who miss working for various coronavirus related reasons.  Visit the following link for more information:

 

https://www.journalofaccountancy.com/news/2020/mar/coronavirus-relief-bill-tax-credits-for-employers-23225.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=20Mar2020

Email News - 3/19/20

Here is the latest development for Bergen County.

 

The planned retail shutdown in Bergen County is canceled at the governor's order. The original order was set to go into effect on Saturday morning but it was withdrawn at the request of the governor.

 

Bergen's malls will remain closed. The governor issued an order on Tuesday that largely shut them down. 

Email News - 3/18/20

Here are the latest developments as of 2:30 PM today.

 

Federal
Treasury Secretary Mnuchin announced on March 17 a series of tax relief measures designed to assist taxpayers and tax preparers during the coronavirus pandemic. During the press conference, he announced that individuals and corporations can delay their tax payments for 90 days from the April 15 deadline: Individuals can defer up to $1 million in payments and corporations can defer up to $10 million in payments. During that time, the IRS will not charge interest or penalties. Mnuchin’s announcement did not delay the April 15 filing deadline.  

 

 

New Jersey
There is no definitive word yet on tax relief or extensions in New Jersey. Often, New Jersey follows federal guidelines. On March 16, the New Jersey Assembly passed a package of bills to address the fallout from the coronavirus outbreak, including A-3841, which would extend the time to file gross income tax or corporation business tax return by one month. The bills still have to be passed by the Senate and signed by Governor Murphy.
 

 

Bergen County
The Bergen County Executive has issued an order requiring almost all businesses in the county to close starting Saturday morning. Only law firms are exempted.

Email News - 3/17/20

It is a terrible time that we are facing at the moment from the coronavirus situation affecting adversely to everyone. We received a few phone calls about their business operations and possible stoppage of customers.

To share with you the latest developments over the potential financial difficulties, White House is seeking an $850 billion economic stimulus package, sending cash payments (at the moment $1,000 per person) to Americans over the next two weeks and delay tax payments for 90 days without interest and penalties.

 

The $850 billion package would come in addition to another $100 billion-plus package passed by the House that aims to provide paid sick leave, unemployment insurance and other benefits for impacted workers.  

This $850 billion package will include aid to small businesses with an easy process of loan application at a low-interest rate. All these proposals are subject to congressional approvals, which we will know shortly.

 

Lastly, NYC is getting ready with its own financial assistance for businesses impacted by COVID-19.  Please visit the following site for more information.

 

https://www1.nyc.gov/site/sbs/businesses/covid19-business-financial-assistance.page