Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Small Business News Highlights for May 22:
- Businesses across the country open in time for Memorial Day weekend
- NYC announces more reopening and $100 million small business loan program
- IRS allowing mid-year changes to health plans amidst COVID-19 pandemic
Businesses open for Memorial Day weekend
“It may not be exactly what we’re used to, but it’s gonna be a summer on the Shore.”
In New Jersey and other places across the country, small business owners are pushing to reopen ahead of Memorial Day weekend. Customers can expect to see social distancing and sanitation measures in place, as well as possible road closures and recommendations for who should or should not participate in certain activities.
As infection rates trend downwards in many places, SBOs are urging local officials to allow them to reopen in order to be competitive with big box retailers who have been deemed “essential” and allowed to remain open throughout the public health crisis.
NY to offer loans to SMBs, NYC announces more reopenings
“We’re going to focus on true small businesses.”
Governor Andrew Cuomo announced today that the state of New York will partner with private banks to begin offering small businesses economic relief loans. The program will have $100 million in funds to provide flexible and affordable loans to New York businesses with fewer than 20 employees and yearly revenue less than $3 million.
The program is called “NY Forward” and comes on the heels of Governor Cuomo’s announcement that lock-down restrictions will be lifted on Long Island and the Mid-Hudson region as early as next week as the state continues to ramp up its test capacity.
IRS allowing mid-year changes to health plans amidst COVID-19 pandemic
The IRS announced that they are allowing employees to make certain mid-year changes to their employee-sponsored health plans, childcare savings accounts and healthcare Flexible Spending Accounts (FSA). The change is geared toward supporting workers whose incomes have been impacted by the COVID-19 pandemic, though employers must formally adopt the changes to the rules in order for employees to take advantage of them.