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Unpacking Covid-19 Relief

04/23/2020 2:29 PM | Anonymous

4.23.2020 - UNPACKING COVID-19 RELIEF 

A fourth federal aid package was passed in Congress and signed by the President.  NYSSMMT will provide updates to this page as soon as we can review the necessary details.  Please check this page later in the week for an update.

NYSSMMT Board of Directors understands NY LMTs of all phases of employment are concerned about connecting to federal and state sources of sustainability.  This page will be updated to simplify those resources.  NYSSMMT members-only programs will be communicated by email or become a NYSSMMT member today for only $93 to take advantage of additional support. Below is our best attempt to highlight all three recently passed legislation as a fourth relief package is about to be drafted.


Q: Is it true or false that I can file for unemployment insurance even though I'm 1099 or self employed? UPDATED 3.31.2020

TRUE.  Yes, In an unprecedented move by Congress, legislation was passed to include 1099/self-employed/sole proprietorship so go file for unemployment in the state you reside to see if you qualify.  Visit these two links:

https://labor.ny.gov/ui/pdfs/pandemic-unemployment-assistance.pdf

https://www.labor.ny.gov/pressreleases/2020/march-17-2020-1.shtm


Q:  Will I need my taxes to apply? Which tax year?

It's likely that any  COVID-19 relief or support programs are going to require your 2018 or 2019 taxes so make sure you are not delinquent on 2018 taxes.  For some federal programs, there may be advantages in having 2019 taxes completed with direct deposit to timely expedition the relief.  Check with your accountant as your first start to securing any COVID-19 relief since IRS extended the tax deadline to July 15 AND eased many rules, especially on payments in progress.  https://www.irs.gov/coronavirus


Q:  What is the "Paycheck Protection Program"? Is it for sole proprietorship and/or small businesses?

Under the Small Business Administration (SBA), The Paycheck Protection Program is for sole proprietorships and for small business to keep employees on payroll.  There is protection for small business contractors and debt relief for small businesses.   A great FAQ article from the US Chamber of Commerce is a must read .


Q:  Is there anything else from the Small Business Administration (SBA) for disrupted small businesses?

The SBA has various loan programs for small businesses, nonprofits and individuals through its 7(a) loan program.  Programs for loan forgiveness and disaster loans can be researched on this page.


Q:  What are other relief options should I be aware of?

Whether you are a business or individual, work with your Accountant and Financial Adviser to understand the pending one-time tax rebate, the rules being relaxed by the IRS on filing, payments and retirement.  Check the IRS page to prepare for your conversation with your Accountant and Financial Advisor,  https://www.irs.gov/coronavirus


For additional information, here is a great COVID-19 Relief FAQ Article by the NY Times


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