Solutions for Loss of Income

I hope you and your families are well and safe from COVID-19.  These are uncertain times, but we will persevere.  Social distancing during the holidays were rough, but video conferencing, texting and even that old fashioned device – the telephone – keeps us connected through it all.

As promised, I’ll keep you up to date on programs as I am comfortable with providing you the information.  The Federal government and the states are working to help you financially through this pandemic.  The news does provide us with information, but sometimes, the details are sparse or even misleading.

I’ve been attending webinars and gathering my own research to assist you in determining the recourse you may have and an overview of what each program may provide.

Economic Injury Disaster Loan (EIDL)


The Federal government through the Small Business Administration (SBA) provides advance loans up to $10,000 for economic relief for businesses experiencing loss of revenue.

Note:  Not everyone will receive $10,000.  And just like any loan, there is an application process, terms for paying back the loan, if accepted.  This is a low interest loan.  The ADVANCE does not need to be repaid, as it is a grant.

Paycheck Protection Program (PPP)


The program is designed for employers to keep their employees on the payroll.  This may be a low interest loan with loan forgiveness IF you comply with the terms.

The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.  I would equate this as business insurance, for those businesses that do not have business insurance, to keep their businesses afloat during dire times.

You can apply directly through the SBA website or through other providers offering SBA loans.

Unemployment Insurance

If you are unemployed, or are eligible to receive unemployment through new guidelines, APPLY.

Self employed and independent contractors are now eligible to receive unemployment benefits.

The maximum amount of unemployment benefits varies from state to state.  In New York, the maximum benefit you could receive based on your previous income is $504 per week.  The Federal government, if the states waive the waiting period (many have), will provide an additional $600 per week.  So the maximum you could receive in NYS is $1,104 per week.  In New Jersey, the maximum benefit is $713 per week.  A recipient would then receive $1,313 per week.

In New York:

In New Jersey:

Which is best for you?

These are hard times.  If you’re like me, I have been watching the news, news feeds come into my tablet and I feel that I am  connected 24/7 while trying to make sense of it all.  And there are a lot of good people doing great things in their community, for which I am thankful.

We need to decompress.

Many of you have reached out to me – wondering what to do.  Without knowing how these programs might impact you, there is no blanket solution.  But there are solutions.

We were very unprepared for this pandemic.  While we are juggling our work life balance from home – dealing with home schooling, keeping the children occupied while working from home, becoming tech experts so we can all do our respective jobs and dealing with our new “normal” now is the time to focus our attention to the future and position our lives so that another crisis will not inflict as much pain and disruption to our lives as COVID-19 has.

What do you want from your life?  Are you satisfied with your job, commute, salary, and overall quality of life?  What would you do differently if you could?  And what do you absolutely love about your life?

What if life could be as you imagined?  What if you wouldn’t have to worry as much if you lost your job, how to keep paying your bills if you fell ill, while protecting your family?

How would you feel if you had peace of mind?

What if YOU were in control?

Let’s find YOUR solution –  together.  It does take a village.

Call me – 845- 942-4194.

May you and your loved ones be safe and healthy – always.


Liz Simeone, EA, MBA

NTPI Fellow(r)