Statement by Secretary Mnuchin and Administrator Carranza on the Paycheck Protection Program and Economic Injury Disaster Loan Program

WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza issued the following statement regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program:

“The SBA has processed more than 14 years’ worth of loans in less than 14 days.  The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time.  The EIDL program is also providing much-needed relief to people and businesses.

“By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.

“We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.

“The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible.  We want every eligible small business to participate and get the resources they need.”

IMPORTANT UPDATES

  • A $400,000 grant competition has been launched for small businesses who can produce N95 masks or ventilators. Applications are due Friday at 4PM. For more information, or to apply for the grant, click CLICK HERE.
  • The SBA will host a number of webinars that will explain the five different programs the SBA has to help businesses and non-profits through COVID-19. To see the dates of the webinars and register, click CLICK HERE.
  • Empire State Development has begun promoting Business Mentor NY as a way to help small businesses by connecting them with an online business mentor. ESD has partnered with business leaders to create a dedicated group of volunteers across different NYS industries – from law firms to financial professionals – to assist business owners with questions related to the impact of COVID-19 and to provide guidance on the SBA loan applications. To qualify you must be a NY business or non-profit with less than 500 employees. For more information, CLICK HERE.
  • IMPORTANT FOR THOSE CLAIMING UNEMPLOYMENT INSURANCE: If you have selected the call back feature while applying for UI, the number that calls you has a high chance of simply being listed as “Private.” If you are expecting a call regarding your benefits, be sure to pick up any calls that are listed as such.
  • The U.S. Department of Labor has released interim guidance for enforcing OSHA’s record-keeping requirement in regards to COVID-19. To view the interim guidance, CLICK HERE.

News from the Business Council of New York State

What You Need to Know

Wage Reduction Requires Written Notification
Employers are using a variety of strategies to adapt to closed businesses or dramatic reductions in revenue. (layoffs, reduction in hours, reducing pay, etc.). One thing to remember – if you need to reduce an employee’s pay during the crisis you would be required to provide that employee a new Wage Acknowledgement Form.
The law requires employers to give written notice of wage rates to each new hire.

CLICK HERE for guidance

New Mandate: Essential Employers Must Provide Face Coverings
Governor Cuomo signed Executive Order 202.16 with the key provision for business being the requirement that “face coverings” be worn by employees working at essential businesses who have direct contact with customers or the general public, effective Wednesday, April 15 at 8:00 PM.

Questions? Contact Frank Kerbein 518-527-0656.

CLICK HERE for an Executive Order Summary

CLICK HERE for the Full Executive Order

Latest In New York-Coronavirus Cases
As of the evening of April 14 there were 202,208 confirmed cases in New York State with 110,465 confirmed cases in New York City.

CLICK HERE for county by county breakdown of confirmed cases