On September 28, 2020, Mayor de Blasio signed into law amendments to New York City’s Earned Safe and Sick Time Act (the “Act”). The amendments, which went into effect on September 30, 2020, generally align the Act with New York’s recently enacted statewide sick leave law that also went into effect on September 30, 2020.
On August 28, 2020, the Internal Revenue Service issued Notice 2020-65 (the “Notice”) to provide guidance on implementing the employee payroll tax deferral contained in President Trump’s Presidential Memorandum of August 8, 2020. The Notice authorizes, but does not require, employers to defer withholding and payment of the 6.2% employee-paid Social Security tax on wages
Selling a business involves significant risk and is something that most owners do only once in their lifetime. A seller must “do it right the first time” and avoid pitfalls that can result in a reduced number of interested buyers, a reduced sale price, unfavorable payment terms, a large at-risk escrow amount, or a deal
The U.S. Senate yesterday unanimously passed the House of Representative’s Paycheck Protection Program Flexibility Act (H.R. 7010), which now goes to President Trump for his expected signature. The Act’s significant amendments to the Paycheck Protection Program (“PPP”) loan program include the following: Borrowers have until December 31, 2020 to spend PPP funds. Borrowers can have
Last year the New York City Council by a vote of 40-4 enacted Int. 1445-A (the “Law”), which amends the New York City Human Rights Law to prohibit employers and staffing firms from pre- employment drug testing for marijuana and THC (the active ingredient in marijuana). The Law will go into effect on May 10,
In response to the COVID-19 pandemic, Governor Cuomo signed into law on March 18, 2020 the New York COVID-19 Sick Leave Law, S. 8901 (the “Law”). The Law, which was effective immediately, requires employers regardless of size to provide sick leave to their eligible employees who physically work in New York State. The sick leave
