Resources during COVID19: Finances & Work
Finances & Work
The coronavirus is upending the labor market and hundreds of thousands of New Yorkers have lost their jobs as a result. Those who still have jobs are understandably fearful of what may happen if they are forced to self-quarantine. I will continue to push for justice policies like universal cash payments to all New Yorkers and a bill to codify utility debt forgiveness for those who will not be able to pay those bills for lost income. In the meantime, here are the resources and information we’re aware of
Workforce The Governor has issued a “Stay At Home” Executive Order mandating that all non-essential businesses implement work-from-home policies. Exempted essential services include food, pharmacies, healthcare, shipping, supplies, bicycle repair.
Debt Collection and Mortgages NYS will temporarily halt the collection of medical and student debt owed to the State of New York and referred to the Office of the Attorney General for collection for at least a 30-day period in response to the spread of COVID-19. No application necessary.
Individuals or businesses that owe non-medical and non-student debts to the State of New York that have been referred to the Office of the Attorney General for collection and litigation may complete and submit an application to be considered for certain forms of relief, including relief from collection activity, interest accrual, and the assessment of collection fees.
Banks in New York will waive mortgage payments for 90 days and suspend foreclosures for those with financial hardship as well as fees related to deposits and withdrawals. The 90 days constitute a grace period - those who participate in the program will still owe their payments but be allowed to pay them at a later date. Credit scores will not be impacted by nonpayment of mortgages. Unemployment Insurance
● Unemployment relief: New York State has waived the seven day waiting period for workers to claim unemployment insurance https://www.governor.ny.gov/news/after-weeks-demanding-approval-governor... nnounces-fda-gives-new-york-state-authority Banks & Loans The New York State Department of Financial Services has instructed State-chartered banks to waive ATM fees, late fees, overdraft fees and fees for credit cards to help reduce the financial hardship of the COVID-19 pandemic on New Yorkers. Check with your individual financial service providers for additional information. The Coronavirus Financial Impact Loan Program provides interest-free loans of $2,000-$5,000 to residents of New York City’s five boroughs, Westchester or Long Island who are facing financial challenges caused by the Coronavirus outbreak.
Social Security Social Security offices are now closed to the public. Their secure online services remain available. If you cannot complete your Social Security business online, please call them at 1.800.772.1213 (TTY 1.800.325.0778).
Income Tax The Federal tax filing and payment deadlines have moved to July 15 (from April 15). California and New York State have confirmed to follow these Federal deadlines and other states will most likely follow. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline. Corporations can defer up to $10 million in payments for 90 days. During this 90-day period, the IRS will not charge interest or penalties. New York State has not yet announced plans for state filings.
Paid Leave NYC Paid Sick Leave Policy New York State has passed a new paid leave law for coronavirus: Businesses with 10 or fewer employees as of January 1, 2020, and a net income under $1 million last fiscal year, will have the full cost of employee’s leave provided by New York State insurance programs, capped at benefits coverage equal to annual salaries of $150,000. Businesses who have 11-99 employees as of January 1, 2020, and businesses who have 10 or fewer employees but a net income greater than $1 million last fiscal year, will be required to provide 5 days of paid leave to their employees, and the rest of the required quarantine or isolation days provided by New York State insurance programs, capped at benefits coverage equal to annual salaries of $150,000.
Businesses who have 100 or more employees, and all government institutions, will be required to cover at least 14 days of paid leave. Resources by Profession Freelance Artist Resources & COVID-19 Bartender Emergency Assistance Program NYC Office of Nightlife Mayor Ariel Palitz wants to assess how this shutdown is affecting income and figure out a way to help out with this Survey for Nightlife Workers, Freelancers, and Businesses Impacted by COVID-19 (From Manhattan Borough President Gale Brewer’s Office) Musicians and performers are especially at risk with the cancellation/postponement of public performances.
The National Endowment for the Arts has posted this page for both artists and organizations. Corona Relief Fund from Equal Sound Musicians Foundation Emergency Relief Aid Grant Program
MusicCares Coronavirus Relief Fund Restaurant/Hospitality Workers: Restaurant Workers
● One Fair Wage Emergency Fund:
● ROC United Restaurant Disaster Relief Fund: Here Domestic Workers: Coronavirus Care Fund: Here Small Businesses NYC will provide relief for small businesses across the city that are experiencing a reduction in revenue due to the COVID-19 outbreak. If your business has fewer than 100 employees, and has seen a decrease in sales of 25% or more, you will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit. The City will also offer a grant for those businesses with less than 5 employees to cover 40% of payroll costs. Assistance & guidance for businesses impacted by novel coronavirus, including information about possible financial assistance for your business.
General NYC guidance for businesses and non-healthcare settings Guidance for small business owners from New York City’s Small Business Services: The Pace University Small Business Development Center has no-cost virtual meetings/calls with a Pace SBDC Business Advisor. Email email@example.com for an appointment and check their website for updates on available small business resources.