Preparation for Re-Opening Your Business in New York
This pandemic has challenged all of us in various degrees and forced us to face choices we never once contemplated. It has been more than 60 days since the New York stay at home order went into effect. Hundreds of thousands of people have been either furloughed or laid-off and struggle to find financial solutions.
The good news is that at the time of writing this, all 50 states have initiated some level of reopening their economies. Granted, some states are more restrictive than others with their openings for businesses such as barbershops and salons, it is still a glimpse of promise in this uncertain time.
At Quadrant, we want to make sure you are up to date with the information pertaining to New York. Whether you are a business owner or know someone with a business directly affected, we feel it is certainly important to share.
Governor Cuomo announced on May 22 that the New York Forward Loan Fund — a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90 percent of all businesses), nonprofits and small landlords that have seen a loss of rental income. The NYFLF is specifically timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.
Pre-application for the New York Forward Loan Fund will be open on May 26, 2020 at noon ET. Priority will be given to industries that have been reopened. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis as regions and industries reopen. It is important to note that businesses who have already received SBA funding through the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL) are not eligible.
While New York City is still on PAUSE until May 28, it’s not too early to prepare for the city’s eventual reopening.
Each business or entity, including those that have been designated as essential under Empire State Development's Essential Business Guidance, must develop a written safety plan outlining how its workplace will prevent the spread of COVID-19. A business may fill out this template to fulfill the requirement, or may develop its own safety plan.
This plan does not need to be submitted to a state agency for approval but must be retained on the premise of the business and made available to the New York State Department of Health (DOH) or local health or safety authorities in the event of an inspection.
To be clear, New York City has not entered Phase I yet and businesses are still required to follow the governor’s and mayor’s executive orders.
While we are still on PAUSE, check out the recently-released reopening toolkit to make sure you’re prepared.
Lastly, there are plenty of scams out there. The NYC Department of Consumer and Worker Protection released guidance on how to recognize and prevent COVID-19 related scams.
Scammers often take advantage of vulnerable people during times of crisis and distress. It is important that you be aware of any potential scams in order to protect yourself and your money. This publication provided by New York City describes common COVID-19-related scams and tips to stay safe. We encourage you to take a look and pass it along.
With Concern,
R. Chowdhury