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CONGRESS EXTENDS PAYCHECK PROTECTION PROGRAM   Both houses of Congress have approved a bill making several material modifications to the popular Paycheck Protection Program (“PPP”). The President is expected to sign the bill into law very shortly. The 8-week “covered period” during which PPP funds can be spent can now be extended, at the borrower’s…

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THE PANDEMIC AND YOUR FINANCES Many of us have been financially impacted by the Coronavirus pandemic. There has been a lack of income due to loss of jobs, company layoffs and non-essential businesses being closed.  Rent and mortgages are due, monthly bills are stacking up, spending has increased, and credit cards have been maxed out….

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THE HEALTH EMERGENCY AND PERSONAL INJURY LITIGATION All aspects of the practice of law have been impacted by the Covid-19 pandemic. From suspects who must appear in front of judges by video rather than in open court, to law-mandated board meetings that must now take place by Zoom, to the signing of Wills remotely rather…

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PANDEMIC CHALLENGES FOR NONPROFITS Observers are predicting a challenging road ahead for many charitable nonprofits, especially those that rely on funding from state and local governments. Tax revenues are down and deficits are ballooning. It is widely expected that sooner or later, government funding of charitable nonprofits will be reduced or even eliminated. Private philanthropies…

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CHANGES TO THE BANKRUPTCY CODE PROVIDES TIMELY RELIEF TO SMALL BUSINESSES Small businesses are the driver behind the Hudson Valley economy, but many are struggling to survive during the current Covid-19 pandemic. A recent US Chamber of Commerce poll showed that half of small businesses only have enough cash on hand to survive for one…

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SMALL BUSINESS THREATENED It has always been a challenge for the small business person to develop and operate the business of their dreams.  Regulations, big box and on-line competition, demanding credit sources and long hours are the price entrepreneurs pay for independence. Now on top of those forces has come the Covid-19 plague and society’s…

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RE-OPEN MID-HUDSON VALLEY DURING COVID-19 With the decline in COVID-19 infection rates throughout New York State, attention has turned to safely re‑opening the economy. Governor Cuomo has outlined his plan to re-open the ten regions of New York. Our region is the Mid-Hudson Valley, which includes Orange, Sullivan, Ulster, Dutchess, Putnam, Rockland and Westchester counties….

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SUPPORTING THE NON-PROFITS SUPPORTING YOUR COMMUNITY The Poughkeepsie Journal recently published a very sobering article on the economic challenges facing so many non-profits in our area. The economic contraction caused by the COVID-19 pandemic , as well as the economic anxiety that we are all feeling, is resulting in a substantial decrease in funds available…

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DOMESTIC VIOLENCE DURING COVID-19 Domestic violence is always a concern, but with people isolated together during the Covid-19 crisis, facing financial difficulties and work-related stresses, there has been a marked uptick in reports of domestic violence. New York State Police have reported a 15% increase of domestic violence calls from this time last year. To…

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EXECUTIVE ORDER 202.22 IMPACTS REAL PROPERTY TAXATION ASSESSMENT AND GRIEVANCE PROCEDURES Taxpayers and municipalities statewide should be aware of potential changes to real property tax assessment and grievance procedures for 2020 in light of the current COVID-19 pandemic and social distancing requirements. On April 20, 2020, Governor Andrew M. Cuomo issued Executive Order 202.22, which…

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THINGS EMPLOYERS SHOULD CONSIDER IN DEALING WITH THE COVID-19 OUTBREAK On March 7, 2020, the State of New York declared a state of emergency in response to the outbreak of COVID-19 coronavirus in the state[1].  On March 11, 2020, the World Health Organization (WHO) declared the COVID-19 coronavirus outbreak as a pandemic[2] and on March…

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ORANGE COUNTY FUNDING CORPORATION LAUNCHES SMALL BUSINESS RESILIENCY LOAN The Orange County Funding Corporation, an entity affiliated with the Orange County Industrial Development Agency, has launched the Small Business Resiliency Loan program aimed at assisting small businesses located in Orange County, New York. Further information can be found here. A fund of $500,000 has been…

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GETTING MARRIED DURING CORONAVIRUS PANDEMIC?   Want to Get Married during the Coronavirus Pandemic?  Congratulations!  No need to go to the chapel or the clerk’s office. With public access to many town and city offices having been restricted due to the pandemic, couples seeking to get married this spring have had issues getting marriage licenses. …

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 SURVEY SHOWS AMERICANS LACK ESTATE PLAN A recent survey[1] showed that the number of Americans who have some form of estate plan in place has fallen by over 25% in the past three years. 42% of those surveyed had a Will or Trust in place in 2017, which fell to only 31% this year. With…

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BUSINESS INTERRUPTION INSURANCE DURING CORONAVIRUS PANDEMIC Are you concerned about business interruption and whether your insurance covers you? Here in the Hudson Valley, the coronavirus has spread rapidly. The state and local governments have responded with closure of non-essential businesses and “shelter in place” orders. Some businesses have fallen in the middle, open but restricted. This…

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Free Simple Will for Healthcare Workers Jacobowitz and Gubits, LLP, a full-service law firm, is extending a special offer for a free simple will to area healthcare workers during the month of May, 2020.  In appreciation of all of the healthcare workers in hospitals and nursing homes who are risking their health during this COVID-19…

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SBA ISSUES PAYCHECK PROTECTION PROGRAM GUIDANCE FOR THE SELF EMPLOYED The Small Business Administration issued long-awaited guidance on April 14, 2020, as to how people with self-employment income can apply for benefits under the Paycheck Protection Program. This applies to sole proprietors and independent contractors who report their income on Schedule C of IRS Form…

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NEW STATE BUDGET A MIXED BAG FOR LOCAL FILM INDUSTRY The State budget for 2021 that was signed into law by Governor Cuomo on April 3, 2020, maintains the annual amount of tax credit at $420 million, but made a number of substantial changes to the film tax credit. The news is mostly bad for…

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PAYCHECK PROTECTION PROGRAM UPDATES Sole Proprietors and Independent Contractors   The Paycheck Protection Program (PPP), the primary relief program for small businesses under the CARES Act, becomes available to sole proprietors and independent contractors on Friday, April 10. SBA lenders are supposed to begin accepting applications on that day. Until now, those lenders were only…

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TAPPING INTO YOUR 401(k) DURING COVID-19 The coronavirus pandemic has reduced income to millions of Americans. As part of the CARES Act, Congress enacted special rules pertaining to early withdrawals and loans from tax-favored savings vehicles like 401(k) and IRA accounts. Withdrawals Previously, an early withdrawal from a 401(k) or IRA was subject to a…

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