Federal Assistance for Families and Businesses
Tools to Receive Federal Support
Under the CARES Act, workers (including traditional workers, workers who are self-employed, part time workers, independent contractors, or individuals with a limited work history) who apply for unemployment insurance because of the coronavirus are now entitled to an additional $600 weekly as part of their benefits.
- Unemployment benefits have also been extended to a total of four months per worker until December 31, 2020.
- There is no waiting period. The previous seven-day waiting period has been waived to ensure that workers are receiving their benefits as soon as possible.
- New York State is aware of the processing delays and is working hard to fix them. Rest assured, any eligible claim will be backdated to the date the individual became unemployed. If you are eligible, you will be paid for all benefits due.
- New Yorkers can visit New York State’s Department of Labor website for more information.
Economic Impact Payments to Individuals and Their Families
- Individuals making up to $75,000 ($150,000 for married workers) will receive payments of $1,200 with an additional $500 payment per minor child. The payments decrease ratably and stop altogether for single workers making more than $99,000 ($198,000 for married workers and $218,000 for a family of four.)
- These rebates will be issued by the IRS via direct deposit and will be based on 2019 or 2018 tax return or 2019 Social Security statement.
- If someone has not filed a tax return in 2018 or 2019 and does not receive Social Security benefits, the IRS recommends filing a 2018 return to receive payment.
- Social Security beneficiaries and others who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Click here for more information.
NOTE: Some Americans will need to take action to ensure they receive the payment. Treasury developed a web-based portal for individuals to provide their banking information to the IRS online so that individuals can receive payments immediately as opposed to checks in the mail. Please visit IRS.gov for the most recent information.
Business and Labor
Paid Sick Leave
For guidance on paid sick leave and expanded family and medical leave, please visit the U.S. Department of Labor website.
Small Business Assistance
Congress enacted unprecedented levels of funding for the U.S. Small Business Administration (SBA) to assist small businesses throughout New York State and the entire country with Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) Loans in the CARES Act. Both PPP loans and EIDL provide critical support to our small business and nonprofit community.
The deadline for applications for Paycheck Protection Program (PPP) loans is August 8. Small businesses and nonprofits can apply for these loans from banks and other lending institutions. There is still money available through the PPP, which helps small businesses with their payroll as well as other expenses.
Congress made several recent changes in the PPP to give businesses more flexibility in how these loans can be used so that they can be forgiven later. These changes include extending the period in which they must be used from 8 weeks to 24 weeks and raising the percentage that can be spent on non-payroll expenses from 25% to 40%. The maximum size for a PPP loan is 2.5 times the average payroll cost for the business, up to $10 million. In addition, the application for full forgiveness of the loans has been revised to make it easier to use.
Find out more about the PPP here.
Small businesses affected by the pandemic can obtain loans with an interest rate of 3.75% for businesses and 2.75% for nonprofits, with up to a 30-year term.
Find out more about EIDL here.
You can find answers to Frequently Asked Questions about PPP and EIDL here.