On April 9, 2020, the Federal Reserve established the Main Street Lending Program (the “Program”) to support lending to small and medium-sized businesses that were in good financial condition before the onset of the COVID-19 pandemic.
Employers first became aware of COVID-19’s ultimately tragic arrival in New Jersey just before the start of Spring. And, as the leaves unfurled from the trees throughout late March and early April 2020, so unfurled a forest of new laws that governs the movements of individuals and the functions of businesses in a way most New Jerseyans have never seen before.
The Department of Education has released guidance1 for schools to conduct summer educational programing, including in-person instruction, which can begin on or after July 6, 2020.
On June 9, 2020, Governor Phil Murphy announced he would lift Executive Order 107 signed on March 21, 2020, which placed unprecedented restrictions on non-essential businesses in New Jersey because of the COVID 19 pandemic.
On June 9, 2020, Governor Murphy announced that the State of New Jersey would begin to lift the limitations on outdoor social gatherings. Effective immediately, outdoor gatherings may include up to 100 people.
On May 22, 2020, the Small Business Administration (“SBA”) released two interim rules regarding (i) the forgiveness process of the Paycheck Protection Program (“PPP”), and (ii) the SBA’s process for reviewing loan applications and loan forgiveness applications, as well as the responsibilities of borrowers and lenders (collectively, the “Interim Rules”).
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA). The PPPFA makes changes to the Paycheck Protection Program (PPP) established under the CARES Act (signed into law on March 27, 2020).
On June 8, 2020, New York City will enter “Phase 1” of the State of New York’s Reopening Plan, which could result in upwards of 400,000 individuals returning to work in the City. Similar reopening plans in New Jersey and Massachusetts have begun to hit the first of several criteria in their respective Reopening Plans.
On May 13, 2020, the New York State Department of Health issued a model plan and guidance for reopening and operating construction sites in New York State during the Covid-19 Emergency. There is also an overall guide from the State entitled: NY Forward Reopening Guide that contains more general information. The following are links to the Master Guide, the Short Guide, Model Plan and Reopening Guide all prepared by the State of New York.
On April 9, 2020, the Treasury Department and the Federal Reserve announced the Main Street Lending Program (“Program”) to expand upon emergency loans otherwise provided by the CARES Act and to provide additional funding opportunities for small to mid-size businesses.