The past few weeks have brought action by both the federal and New York state governments to assist employers and employees suffering from income loss related to the COVID-19 pandemic. The following is a summary of new legislation on both the federal level and New York state level.
New York State Paid Sick Leave Law
New York State acted swiftly – on March 18, 2020 – to immediately implement paid sick leave for persons affected by COVID-19. Eligibility requires a mandatory or precautionary order of quarantine or isolation issued by a government Department of Health—these are actual written documents given to those under such an order. The law provides job protection for persons under such an order even once the paid portion of the leave is completed, until the order is lifted.
On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides certain economic relief to businesses, organization and employees impacted by the rapidly expanding COVID-19 pandemic.
Among other things, the CARES Act creates a new loan program guaranteed by the U.S. Small Business Administration (the “SBA”) for the purpose of funding forgivable loans to eligible businesses and organization to assist them in continuing to pay payroll expenses and certain other eligible business expenses. Like many other SBA loan programs, loans may be made to eligible applicants by lenders participating in the SBA’s loan program. Below is a brief summary of the new loan program that may be of particular interest to businesses and organizations contending with the economic fallout from the pandemic.
In the past several weeks the impact of the COVID-19 pandemic has forced businesses throughout the world to drastically change the way they conduct business to ensure the safety of their workforce and to comply with the rapidly evolving laws that govern them. We appreciate the uncertainty of this moment. Our firm’s lawyers remain working and dedicated to help our clients navigate the complexity of the ever evolving and unprecedented business climate and legal landscape the current pandemic presents.
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