| The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed Wednesday, March 26, 2020. The programs and initiatives in the CARES Act that was passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers. |
| The Paycheck Protection Program (PPP) is apart of the CARES Act. The Paycheck Protection Program (PPP) provides $349 billion of loan funds to support small businesses and other eligible entities impacted by COVID-19This loan is intended to cover the following expenses:payment of employees,interest on mortgage obligations, rent, insurance,paid sick or medical leave, utilities,payroll related costs incurred from February 15, 2020 – June 30, 2020. Eligible applicants:can apply for a PPP loan, up to a maximum of $10 million, from participating lenders. Criteria:Up to eight weeks of eligible expenses during the covered period can be forgiven from the loan principal as long as the employer maintains previous payroll counts during this emergency.PPP loan repayments will be deferred for six months. Lenders can elect to defer the loan for a total of twelve months.Interest rates associated with PPP loans will be at a maximum 4% per annum.There will be no fees for borrowers to apply.There are not collateral requirements or personal guarantees for the loan.SBA credit elsewhere test does not apply to this loan. All PPP loans are federally guaranteed by the SBA 100%, and the loan amounts are based on previous payroll and covered cost amounts. Additional details of PPP will be provided as the SBA regulations, which the CARES Act requires to occur within 15 days of March 27, 2020. |
| NYC Department of Education (DOE) Regional Enrichment Centers (RECs) Beginning March 27th 2020, the NYC Department of Education (DOE) Regional Enrichment Centers (RECs) will now also serve grocery, food and pharmacy workers. RECs are open and operate from 7:30am to 6:00pm (Monday-Friday), and will ensure that students have access to remote learning as well as various art, music, and other activities. If your child is a New York City resident and you would like to enroll in one of these centers, please complete this REC Enrollment Form. Please complete this form for each child you are seeking to enroll. You will then receive an email confirming your child’s center assignment. |
