Staying in Business and Planning for Post-Coronavirus Operations April 7, 2020

Cuddy & McCarthy, LLP can work with you, your accountant and financial institutions to navigate recent programs aimed at helping our clients stay in business. Government-mandated business closures and restrictions are straining the ability of many business to continue operations, pay employees and other obligations, and plan for the future. In the face of these unprecedented challenges, federal, state and local governments as well as private entities are offering relief to qualifying businesses and individuals. Initial efforts are focused on assisting with short-term obligations, maintaining payroll, and preparing for post-closure recovery. Certain programs offer debt forgiveness, including the recently enacted Small Business Administration Paycheck Protection Program. These are critical tools in maintaining the viability of our small businesses.

Measures to date include:

• Expanded Paid Emergency Family and Medical Leave (FMLA)
• Emergency Paid Sick Leave
• Paid Leave Tax Credits for Employers
• Paycheck Protection Program, Economic Injury Disaster Relief Loans and Advances, and other Low-Cost Loans, Debt Forgiveness and Grants
• Tax Filing and Payment Deferrals
• Payment Deferrals on Mortgage Loan (for Single-Family or Multi-Family properties), Student Loan, and other types of debt
• Increased Unemployment Benefits and Coverage
• Foreclosure and Eviction Suspensions
• Industry-specific programs, such as New Mexico Film

Unlike programs offered in the past, independent contractors, sole proprietors, self-employed individuals and ‘gig’ workers are also eligible for financial assistance.

If you have questions, please contact the partner with whom you normally work or Heather Boone (505-988-4476 or hboone@cuddymccarthy.com).