New York Attorney Summarizes State and Local Incentives for Employers Impacted by COVID-19
As the federal government offers national stimulus incentives, state and local governments are also providing businesses with a variety of programs to help avoid layoffs and keep payrolls open. New York attorney Lyndsey Bechtel has written an up-to-date Litchfield Alert, “State And Local Incentives For Employers Impacted By Covid-19,” wherein she identifies the various incentives New York, New Jersey and Connecticut are offering to business owners.
Lyndsey outlines two New York incentive plans, including the Shared Work Program that is being offered by New York State as an alternative to employee layoffs. This incentive enables employers the option to keep their trained staff, while also allowing them to take advantage of unemployment benefits. New York City’s Small Business Continuity Loan Fund offers no- or low-interest loans to small businesses that meet minimum employee criteria as well as a sales decrease threshold.
Lyndsey also provides information about the State of New Jersey’s loan program created through its Economic Development Authority. This state agency is offering emergency financial assistance for small businesses and nonprofits that meet certain employee count and revenue criteria. To qualify, however, the businesses must prove to have experienced a disruption in supply chain, reduction of staffing hours, interruption of business or complete closure.
Lyndsey also acknowledges that the State of Connecticut is formally pursuing the federal Small Business Administration loans be expedited to help support its local businesses.
Lyndsey Bechtel focuses her practice on defending a variety of claims, including bodily injury, malpractice, contract disputes, property damage, labor and employment related claims. Her clients include businesses, special interest groups, banks, credit unions, property owners, municipalities, manufacturers and professionals.