PPP Eligibility Requirements for Borrowers to Receive a 2nd PPP Loan

Pursuant to Sec. 311, PPP Second Draw Loans, previous PPP loan borrowers can apply for an additional loan of up to $2 million, if they meet the following requirements:
• Have 300 or fewer employees
• Have used or will use all of the proceeds from their first PPP loan
• Had a 25% or greater reduction of “gross receipts” when comparing any quarter in 2020 to the same quarter in 2019
In addition, the following stipulations apply to this round of PPP loans:
• The PPP-2 loans cannot exceed $2 million
• The loan is based on 2.5 x average monthly payroll costs in 1-year prior to loan or calendar year 2019
• For Borrowers with NAICS codes starting with 72 (i.e., hotels and restaurants), the loan is based on 3.5 x average monthly payroll costs

Here's a breakdown of what's in the bill:
It would revive the supplemental federal unemployment insurance benefit, giving an extra $300 a week to those receiving state unemployment benefits.

The federal government would distribute another round of direct payment checks, $600 for individuals making up to $75,000 a year and $1,200 for couples making up to $150,000 per year, as well as a $600 payment for each dependent child.

Extend a program for self-employed and gig economy workers that provides additional weeks of unemployment insurance, and it includes an extra benefit of $100 a week for some workers who are both self-employed and have salaried jobs. Farmers and ranchers who have been affected by the pandemic would also get $13 billion in assistance.

$25 billion in rental assistance to help pay for past-due rent, future rent payments and utility bills

$284 billion for small business loans: more for first- and second-time loans through the Paycheck Protection Program (PPP)
expand the program to include nonprofits and local news organizations, and there is an additional $20 billion in grants for businesses in low-income communities.

Provide $15 billion for live entertainment venues, cultural institutions and independent movie theaters.

NY’s best networking event that always provides valuable information from hundreds of exhibitors & experts. This expo is designed to help startups, sole proprietors, entrepreneurs & small businesses meet with major corporations, foreign consulates, public officials as well as federal, state & city agencies to operate more profitably and efficiently.

Thank you to EMRG Media & Virtual Events and all our exhibitors and sponsors: Aces Laundry, Arbonne International Independent Consultant, Berkeley College, BusinessNewYork.Com, Center for the Women of New York (CWNY), Chatfield Green Roofing, City National Bank, ConnectmeVoice, Coorva, Darkside Enterprises, David Stern Veteran Entrepreneur,Delivery Healthy, Douglas Elliman, Everleagues Inc., Federal Trade Commission, Helix Systems, IRS, Jampro, Legalshield, Liberta Inc, McCoys Upholstery , Mercy College, Mid-Atlantic - Eurasia Business Council, NetElixir, New York City Department of Consumer Affairs , New York Veterans Chamber, NY State of Health, NYRX Card, NYS Workers’ Compensation Board, Office of General Services│MWBE, Red Sapiens, Republic Bank, SBA, Servpro, Site Solutions Worldwide, Skilla Productions, Small Biz Fundings, T-Mobile Work Perks, US Paratrooper Building Specialties, Waterfront Proforma, YVStudio

The Greater New York Chamber and the United States Veterans Chamber celebrated the New York Veterans Chamber of Commerce at the historic Soldier Sailors, Marines & Airmen Club in NYC on November 11th 2020. The Club was formed in 1919 to promote the general welfare of men and women of the Armed Forces of the United States and its Allies, and their families, by maintaining and offering club and lodging rooms.
The NY Veterans Chamber is a 501 C3 affiliate of the US Veterans Chamber offing educational seminars; developmental services, legal assistance , mentoring and networking to Veterans & Veteran owned businesses. They are currently working out of space donated by the Greater NY Chamber located at 20 W 44th Street in midtown Manhattan. For details visit www.NYVeteransChamber.org or call 212 840 VETS (8387)

Information for Employers on Paid Safe and Sick Leave
New Amendments to NYC’s Paid Safe and Sick Leave Law Will Take Effect in 2 Phases
(DCWP is in the process of updating and translating materials. Please continue to monitor nyc.gov/workers.)
Effective September 30, 2020, employers must:
• provide domestic workers with 40 hours of paid safe and sick leave;
• allow employees to use safe and sick leave as it is accrued;
• reimburse employees who must pay for required documentation after three consecutive workdays of leave;
• list on employees’ paystubs (or any document issued each pay period) the amounts of accrued and used leave and the total balance of accrued leave.
Note: For this requirement only, employers that could not operationalize the documentation requirement by September 30, 2020 but are working in good faith on implementation will have up to November 30, 2020 to ensure compliance without a penalty.
Effective January 1, 2021:
• Employers with 100 or more employees must provide up to 56 hours of paid leave.
• Employers with four or fewer employees and a net income of $1 million or more must provide PAID leave

The Greater New York Chamber hosts weekly online networking receptions to give businesses the opportunity to first of all have fun, meet no people and most off make new business connections. Since we cannot have "in person" networking - the importance to meet businesses is so much stronger. Join us at one of our upcoming receptions. We welcome everyone!

The international committee hosted their "social distanced" gala reception at Tudor City Steak House. International trading partners were recognized including Ontario, Pakistan, Jamaica and Poland. This event was sponsored by Commonwealth Title. The committee open nominations for the second annual Dr. Lucio Caputo Statesman Award.