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New Jersey Executive Order 123 Provides Grace Period for Insurance Premium Payments

In Personal Resources by Porzio

On April 9, 2020, New Jersey Governor Phil Murphy issued Executive Order 123 to provide immediate relief to insureds by prohibiting all New Jersey property and casualty insurance companies, life insurance companies, insurance premium finance companies, health insurance companies, health maintenance organizations, health service corporations and other entities issuing health or dental plans from cancelling policies or contracts for non-payment of premiums over a 60-90 day grace period.

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Newark Police Issue Summonses to Manufacturers for Violating Governor Murphy’s Executive Orders 104, 107, and 108

In Corporate Resources, Uncategorized by Porzio

Despite the EOs, the Newark Police Department has issued summonses to Newark-based manufacturers and their employees for having too many employees on the floor and at the work place. During one visit, the police told the manufacturer the company could not have over 50 employees on the warehouse floor. At another manufacturer, the manufacturer was told it could not have over 10 employees working at one time. Both times the Newark Police incorrectly interpreted and applied Executive Orders 104, 107, and 108. Other companies and their employees have been fined. These summonses violate the EOs because Governor Murphy has deemed manufacturing companies as essential to the public and supply chain, and stated that they can remain open during the COVID-19 pandemic provided manufacturers reduce staff to the minimum staff required to perform essential functions. Porzio has been working with the manufacturers to address the issues they are facing.

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SBA – Paycheck Protection Program Guidance

In Corporate Resources, Employer Resources by Porzio

The Small Business Administration (SBA) has published guidance for the $349 billion Paycheck Protection Program (PPP) contained in The CARES Act. The PPP is designed to help small and mid-sized businesses offset the economic impact of the COVID-19 pandemic. Beginning April 3, 2020, small businesses, including nonprofits and sole proprietorships, can apply for and receive loans to cover their payroll and certain other expenses through existing SBA lenders.

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New Jersey Expands Leave and Insurance Benefits To Employees Impacted by COVID-19

In Employer Resources, Personal Resources by Porzio

On March 25, 2020, New Jersey passed another law to help ease the burden faced by employees who must miss work due to COVID-19. The new law allows employees affected by COVID-19 to utilize New Jersey’s Earned Sick Leave Act, Family Leave Act, Temporary Disability Insurance, or Family Leave Insurance. The most significant change to these laws is that it provides benefits to employees who must be quarantined or care for a family member who must be quarantined.

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Challenges for New Jersey Employers Facing COVID-19 Related Workforce Reductions

In Employer Resources by Porzio

Employers operating in New Jersey who find themselves needing to reduce their workforces for reasons related to COVID-19 should seek guidance from counsel with regard to the application of obligations set forth in New Jersey’s WARN Act (“NJ WARN”). In addition to the federal law, New Jersey’s version, which is considered one of the nation’s most stringent, requires employers to provide employees with notice of a mass layoff, termination, or transfer of operations, affecting 500 or more full-time employees, or 50 or more full-time employees if such represents one-third or more of the employees at the business establishment. Presently, the law requires employers to provide at least 60 days’ notice, and requires that employers pay certain severance in the event that they do not fully comply with the notice requirement.

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Tax Filing and Payment Information

In Personal Resources by Porzio

The Internal Revenue Service has extended the time to file your 2019 Federal Form 1040 from April 15, 2020 to July 15, 2020. The rule extends the time to pay any tax due with the filing of your 2019 Federal Form 1040. The first quarter Federal estimated tax payment typically due on April 15, 2020 has also been extended to July 15, 2020. However, the second quarter Federal estimated tax payment due on June 15, 2020 has not been extended. The total amount of tax that can be deferred is $1 million.