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Tag: CARES Act

Apr 1, 2020

The Application and Guidance for Paycheck Protection Loans and Grants Is Available

blocks that read update

To follow up on our prior message to you yesterday, this is to inform you that the U.S. Treasury Department has now issued the application form and guidance for Paycheck Protection Program loans and grants.   The program allows loans of up to 2.5X the monthly payroll, which may then be forgiven if the loan proceeds are used for qualifying purposes.   There is nothing in the guidance or application form that would change our advice that cooperative and condominium buildings should be eligible to participate.   For those buildings that have staff, this may be a source of needed funding during this… Read more

Apr 1, 2020

Response by the New York Federal & State Courts to COVID-19

NY Court House

New York Federal Courts OVERVIEW The response by the federal courts of New York to COVID-19 has been less drastic than the response by the New York State (“NYS”) courts. For example, in NYS court, pursuant to the Administrative Order of Chief Administrative Judge Lawrence Marks, all non-essential proceedings are halted. That means no filing of any kind – electronic or hard copy – is permitted. And pursuant to the Executive Order signed by Governor Cuomo, as of March 20, all time limits prescribed by New York procedural law, and all statues of limitations, are tolled until April 19, 2020…. Read more

Mar 31, 2020

COVID-19 Related Assistance for Cooperatives and Condominiums Under the Federal CARES Act

SBA Loan

Significant benefits may be afforded cooperatives and condominiums through the Paycheck Protection Program contained in the CARES Act passed by Congress and signed into law on March 27th.   The Program is intended to ameliorate the impact of the COVID-19 pandemic on employers of fewer than 500 persons.  Details as to the benefits available under the Program cannot be confirmed until the Small Business Administration publishes implementing regulations, which the Act requires in 15 days, or the government issues other guidance, but  cooperatives and condominiums, and their managing agents and accountants should be aware of the possibility in assessing the impact… Read more