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…
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…
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…
Guidance on Essential versus Non-Essential Businesses – Updated
Updated Guidance on Essential versus Non-Essential Businesses Governor Cuomo issued an Executive Order mandating that each employer in New York State shall reduce the in-person workforce at any work locations by 100% no later than March 22 at 8 p.m. The Executive Order provides that essential business or entities providing essential services or functions shall not be subject to the in-person restrictions. Furthermore, an entity providing essential services or functions whether to an essential business or a non-essential business shall not be subjected to the in-person work restriction, but may operate at the level necessary to provide such service or…
Families First Coronavirus Response Act: What you need to know
Families First Coronavirus Response Act What you need to know Congress’ new law, H.R. 6201, entitled the Families First Coronavirus Response Act, was signed by the President on March 18, 2020 and becomes effective on April 2, 2020. While the Act provides many important components including free coronavirus testing, this summary shall focus only on the expansion of the Family and Medical Leave Act and the Emergency Paid Sick Leave Act. Emergency Family and Medical Leave Expansion Act: Congress expanded the long-established Family and Medical Leave Act as follows: Family and Medical Leave Act is expanded by the Act to apply to any…
NYS Coronavirus Response Legislation: What you need to know
New York State Coronavirus Response Legislation: What you need to know On March 18, 2020, Governor Cuomo signed legislation making paid sick leave immediately available to New York State employees affected by COVID-19. The bill also provided amendments to the definition of “disability” and “family leave” pursuant to New York State law, making these benefits more accessible to New York State employees affected by COVID-19. Here is a summary of the legislation which became effective on March 18, 2020: Job-protected Paid Sick Leave: • Employers with 10 or fewer employees and a net income less than $1 million in the…
Growing Up Smart: Estate Planning for Millennials
With hitting the work force and starting families, Millennials have a lot on their minds. Estate planning may not even be on your radar. Besides, isn't estate planning just for older, richer folks? Do you as a Millennial even need an estate plan when you're young and poor? The short answer: estate planning is for everyone, including you. But what should your estate plan look like? What documents should you have? What things do you need to consider before deciding on an estate plan? Family is one of the most important factors to consider when developing an estate plan. So,…
Growing Up Smart: Estate Planning for Millennials Part Two: Married with no Children
Many young couples think that, if they don't have kids, they don't need an estate plan. After all, if you die, everything is going to your spouse anyway, right? Not always. If you are married with no kids, and you do not have an estate plan or prenuptial agreement providing otherwise, the law in New York says that everything you have goes to your spouse. However, your spouse must still go through probate before he or she can get your assets. This is the case even if you have a Last Will and Testament providing that your spouse gets everything.…
Growing Up Smart: Estate Planning for Millennials Part Three: Married with Children
When you have a kid, everything else usually takes a back seat. But what would happen to your child if you and your spouse suddenly died or became incapacitated? Who will take care of your child's medical needs and daily care? Who will manage your assets until your child reaches adulthood? A well-crafted estate plan can address these issues and more and ensure that your kids are taken care of after you are gone. While previous parts of this series have discussed the importance of having an estate plan, having children makes having an estate plan even more important. There…
