COVID 19 HELP RESOURCES

NYC Employee Retention Grant Program

The purpose of this grant is to cover 40% of payroll costs for two months to help retain employees. This grant is available is for businesses and non-profits that reside in the five boroughs of NYC, with four or less employees. To qualify for this grant, the business must be established for at least 6 months, and have no outstanding tax liens or legal judgements. The business will need to demonstrate that the COVID-19 crisis has caused at least a 25% decrease in revenue.

More info on this grant can be found at NYC Employee Retention Grant Program

Many credit card companies are helping out:

Apple and Barclays will allow you to skip March payments with no interest or late fee

Bank of America, if you call they will refund late fees and not report it as negative.

Citibank waiving fees to small businesses

Chase, USbank, Wells and Capital will extend deadlines if you call them.

AMEX also waiving fees if you contact them.

NEW JERSEY COMMUTER BENEFITS takes effect

New Jersey Commuter Benefits: Effective March 1, 2020, New Jersey employers with at least 20 employees will be required to offer a pre-tax transportation fringe benefit to employees who are not subject to a collective bargaining agreement. TaxFree commuter benefits can be structured as an employee-funded tax-free payroll deduction; as an employer-funded benefit; or the costs can be shared by the employer and employee. This transportation fringe benefit allows an employee to set aside funds from their paycheck on a pre-tax basis. The employee can then purchase eligible transportation services, including transit passes and commuter highway vehicle travel or for parking fees.
Currently an employee is allowed to use $270. for commuter benefits plus an additional 4270. for parking if the commuter uses both.