ARTICLES

NY Forward Loan Fund

Economic Relief Loans for New York Small Businesses, Nonprofits and Landlords:  The New York Forward Loan Fund   New York has established the New York Forward Loan Fund (NYFLF) to assist small businesses, nonprofits, and small landlords as they reopen after the COVID-19 outbreak and New York on PAUSE.  This is a $100 million loan program that specifically targets small businesses with 20 or less full-time equivalent (FTE) employees, which accounts for 90% of all businesses, nonprofits, and small landlords that have seen a loss of rental income. The NYFLF was created to provide working capital loans to support these…

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Changes to the PPP Loan Certification Requirements

On April 21, 2020, Congress passed the Paycheck Protection Program and Health Care Enhancement Act which, among other things, added more funding to the Paycheck Protection Program (“PPP loans”). Then, on April 23, 2020, the Small Business Administration (“SBA”) released answers to frequently asked questions regarding the PPP loans, and in particular, released Question 31 regarding the necessity requirement of the PPP loan for businesses. Question 31 and its Answer issued by the SBA are as follows: Question: Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?…

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JUST IN TIME! CONGRESS MAKES IT EASIER FOR SMALL BUSINESSES TO RESTRUCTURE THEIR DEBT

In August, 2019, Congress enacted the Small Business Reorganization Act (“SBRA”). Congress delayed the start date of SBRA for six months, but on February 19, 2020, SBRA became effective. The purpose of SBRA is to make it easier for smaller businesses to use Chapter 11 of the Bankruptcy Code to reorganize their debts, and continue operating. This new statute was necessary because the existing bankruptcy laws did not adequately accommodate the interests of smaller corporations and limited liability companies that needed to reorganize their debt and continue operating. Under Chapter 13 of the Bankruptcy Code, an individual can restructure and…

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Virtually Connecting You to Legal Services

The COVID-19 pandemic has left many of us to question, how and when do we get back to normal? The answer in many situations is not when we get back to normal but rather how to create a new normal. The legal community has had to close down its physical operations at offices in light of the Governor’s executive orders, but the attorneys of Melvin & Melvin, PLLC are working hard each day to provide the highest level of legal services. The attorneys of Melvin & Melvin, PLLC are accessible via the typical lines of communication including telephone and email…

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Executing Estate Docs During Quarantine

April 7, 2020 Executive Order impact on Executing Estate Documents A new order from Governor Andrew Cuomo now allows for the execution of Wills, Powers of Attorney, Health Care Proxies and other Estate Planning documents using audio-video technology. This allows the easy creation and execution of these documents while everyone remains in quarantine or self-isolation in order to prevent the spread of COVID-19. The relevant text of the Executive Order is as follows: “For the purposes of Estates Powers and Trusts Law (EPTL)  3-2.1(a)(2), EPTL 3-2.1(a)(4), Public Health Law 2981(2)(a), Public Health Law 4201(3), Article 9 of the Real Property…

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Non-Essential Construction Projects Ordered Closed

On March 18, 2020, Governor Andrew Cuomo issued Executive Order 202.6 reducing the in-person workforce of any non-essential businesses in the State of New York.  That Order deemed construction to be an essential function.  However, in an effort to further flatten the curve, on March 30, 2020, Governor Cuomo issued Executive Order 202.13, modifying the projections relating to construction that were contained in Executive Order 202.6.  Executive Order 202.13 states:    Executive Order 202.6 is hereby modified to clarify that construction which was an essential service not subject to the in-person work restrictions is modified to provide only certain construction is considered…

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Power of Attorney: in Quarantine

Power of Attorney: A way to have help managing your money while quarantining  As millions of Americans are being told to stay at home and while thousands of others are being quarantined due to the spread of the Coronavirus, having a fully executed Power of Attorney is one way in which you can have someone else manage your money while you are forced to isolate yourself.    A power of attorney is a useful document because of the possibility that you could be put out of commission for weeks if you fall ill and are unable to take care of your financial affairs. The power…

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Paycheck Protection Program under the CARES Act

Here is a brief summary regarding the proposed Paycheck Protection Program under the CARES Act : The Keeping Workers Paid and Employed Act was created to prevent workers from losing their jobs and to prevent small businesses from going under due to economic losses caused by COVID-19. The Act is proposed to provide cash assistance through one-hundred percent federally guaranteed loans to employers who certify that they will maintain their payroll during the course of the present emergency. Under the Act, if employers maintain their payroll, the loans would be forgiven. This will assist to help workers remain employed and…

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Relief for Workers Affected by Coronavirus Act

Relief for Workers Affected by Coronavirus Act: Congress has expanded unemployment insurance to assist those Americans who are out of work as a result of COVID-19. The legislation provides significant expansions to State unemployment insurance laws including an additional 13 weeks of benefits and an additional weekly wage of $600. These benefits may even be available to individuals who would not typically qualify for “regular unemployment insurance.” Who is Covered by the Relief for Workers Affected by Coronavirus Act? COVERED INDIVIDUAL: An individual who: Is not eligible for regular compensation or extended benefits under State or Federal law or pandemic…

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Amendments to Federal Paid Leave

This is a brief summary of the amendments to the Families First Coronavirus Response Act passed last week as are proposed in the new Coronavirus Aid, Relief and Economic Security Act (CARES): Amendment to Family Medical Leave Act of 1993 as amended by the Family and Medical Leave Expansion Act: Amended such that an employer shall not be required to pay more than $200 per day and $10,000 in the aggregate for paid leave under this section (this is the 12 weeks of paid leave if the employee has to stay home and cannot work from home because their child's…

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