Tag: small businesses

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AABANY Hosts Fundraising Event on May 21 to Support Welcome to Chinatown’s Longevity Fund

On May 21, in observance of Asian American and Pacific Islander (AAPI) Heritage Month, AABANY’s Legal Referral and Information Service (LRIS) hosted an event titled “A Brief History of Anti-Asian Racism in America and Call to Action” to raise funds for Welcome to Chinatown’s Longevity Fund. Welcome to Chinatown is a grassroots initiative working to preserve New York City’s Chinatown by supporting small businesses and amplifying community voices. In 2020, they launched The Longevity Fund, a small business relief program, to support small businesses where cultural and socioeconomic barriers have prevented them from applying for assistance programs.

The first part of the fundraising event consisted of a presentation from Chris Kwok, AABANY Board Director, Asia Practice Committee Co-Chair, and Issues Committee Chair, on the history of anti-Asian racism in America. He provided an overview of the history of sinophobia and anti-Asian violence in the United States, highlighting the passage of laws including the Naturalization Act of 1790, the Page Act of 1875, and the Chinese Exclusion Act of 1882. Chris also shared the common themes of how Asian Americans have been perceived throughout history and are still seen today as “forever foreign.”

The presentation was followed by an informal Q&A session between Moderator Tiffany Miao, and William Ng, AABANY President-Elect and LRIS Panel Member, on the importance of AAPI representation in the legal profession and how AAPI lawyers can play a role in preserving Asian cultures and communities for future generations. After listening to Chris’ presentation, William spoke about how the history of sinophobia in the U.S. was never taught in school and how it is important to push towards adding it to school curriculums. Chris added that it’s critical for individuals to understand how race works with Asian Americans—although there’s similarity with how African Americans and Jews experience race, there are still differences and nuances. As for how AAPI lawyers can support AAPI communities, William stated, “While it’s a good career opportunity to do meaningful work, this time in particular, Asian Americans have an opportunity to do more, push certain initiatives.” In addition to representing Asian American clients at work, AAPI lawyers can donate to organizations such as Welcome to Chinatown, and join AABANY’s LRIS to provide legal assistance to the Asian American community.

To join AABANY’s LRIS, please email [email protected] for an application. To learn more about Welcome to Chinatown, please visit welcometochinatown.com and check out their Instagram account @welcome.to.chinatown

At the conclusion of the fundraiser, AABANY was able to raise $2000 for The Longevity Fund. Thank you to everyone who joined us for the event, and thanks especially to all the donors for their support.

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Fall Conference 2020: COVID-19 and Global Financial Distress: Where do We Go From Here?

On September 26, 2020, as part of AABANY’s 11th Annual Fall Conference, the AABANY Commercial Bankruptcy and Restructuring Committee hosted a panel discussion entitled “COVID-19 and Global Financial Distress: Where do We Go From Here?” The panel included: 

  • Courina Yulisa, Bankruptcy and Restructuring Associate at Dorsey & Whitney LLP (Moderator)
  • William Hao, Counsel in Alston & Bird’s Financial Restructuring & Reorganization Group
  • Vijar Kohli, Co-founder of Golden Door Asset Management
  • Vincent Roldan, Partner at Mandelbaum Salsburg’s Bankruptcy and Creditors Rights, and Banking and Financial Services groups

The panelists observed a general increase in commercial bankruptcy filings accompanied by a decrease in individual Chapter 11 filings compared to last year. As the opening panelist, William Hao remarked that the phenomenon was partly due to court closures during the pandemic, which made it harder to complete filings. New York City in particular, as Vijar Kohli and Vincent Roldan explained, has been suffering from a significant reduction in traffic, negatively affecting traffic-dependent industries such as hotels and has led to a domino effect on retailers, landlords and suppliers. The absence of employees entering and leaving office buildings signaled the slow reopening of businesses. The panelists also discussed the increased accessibility of Subchapter 5 under the CARES Act to small businesses in addition to larger corporations to speed up the recovery process. And while there has been heightened pressure on landlords since the pandemic began, Vijar suggested that tenants pay attention to details such as rent payment deadlines in existing contracts and openly negotiate with landlords to lessen the COVID-imposed financial impact. 

Regarding corporate strategies to preserve and increase liquidity, Vijar noted that the most significant move has been to preserve cash by increasing sales or reducing expenses. Since the protracted business recovery has added more uncertainty to the long-term trajectory of their business profitability, the lack of capital is still unfortunately a difficult problem to resolve. Vincent described the recent changes in the restaurant industry, where establishments have been transitioning to providing delivery-only services to cut production costs. Despite these challenges, William mentioned that the Paycheck Protection Program (PPP) can be helpful in getting capital temporarily, and again stressed that strategic negotiations with landlords can be particularly instrumental in preserving capital. 

The panelists foresaw a slow recovery timeline for small businesses and that real estate businesses, in particular, may take up to two to three years—also depending on the vaccine distribution timeline—to bounce back to a normal level of business operations. No major changes are likely in the next three months, since the next stimulus plans would not include much for businesses and thus it is up to businesses to ensure their own survival right now. Vincent stated that companies need to pay attention to signs of economic distress to plan their next moves and contact bankruptcy lawyers to know their rights. And unlike the 2008 financial crisis, Vijar explained that this year’s economic downturns have also been accompanied by high rates of unemployment and the replacement of local, small businesses with new technology companies. 

Thank you to Courina, William, Vijar, and Vincent, for this insightful panel discussion. And thank you to the AABANY Commercial Bankruptcy and Restructuring Committee, co-chaired by William and Vincent, for organizing this event. To view a recording of the panel, click here or on the image above.

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Pro Bono Committee & AABANY Volunteers Promote New Remote Pro Bono Legal Clinic in Chinatown and Koreatown

On Friday, July 3, 2020, the Pro Bono and Community Service Committee of the Asian American Bar Association of New York (AABANY) launched a flyering campaign to promote the new Remote Pro Bono Legal Clinic in Chinatown and Koreatown. The event was organized by William Lee, Associate at Alston & Bird and an active member of the Pro Bono Committee. The goal of the campaign was to ensure that Asian American small businesses had access to the Pro Bono Clinic’s various resources during this time of great need. Many law students from local APALSAs, including Fordham, Cardozo, and Columbia, volunteered at the start of the 4th of July holiday weekend to assist in distributing the flyers to local businesses.

The Chinatown volunteers were led by Dianna Lam and May Wong, frequent volunteers for the Pro Bono Clinic, and those in Koreatown were led by Will Lee. Both campaigns were very successful, and Dianna Lam and May Wong were even interviewed for the “Around the Boroughs” segment of Spectrum News NY1. Dianna and May emphasized the importance of the Remote Pro Bono Legal Clinic, especially for smaller businesses impacted by COVID-19. Both groups ended the day with a volunteer appreciation lunch at the West New Malaysian Restaurant on Bowery Street. The group was able to sit at tables set up outside the restaurant, spaced out so that they could maintain a social distance.

We thank the Pro Bono Committee members, including Will Lee, Dianna Lam, and May Wong, for their leadership during this campaign. We also thank the students and volunteers who took the time to help the Remote Clinic reach more individuals and businesses in need of legal information. The Pro Bono Committee will be organizing similar campaigns in Flushing, Queens and Bay Ridge, so if you are interested in volunteering, please add your name to this document. Read AABANY’s press release about the Remote Pro Bono Clinic here. For more information on the Pro Bono Committee, see https://www.aabany.org/page/117. To find out more about AABANY’s pro bono resources, visit aabany.org/probono.

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AABANY Co-Hosts Webinar on Employment, Labor, and Safety Issues Related to Returning to Work During COVID-19

On May 27, 2020, the Labor & Employment Law Committee of the Asian American Bar Association of New York (AABANY) co-sponsored an event with Littler and Alston & Bird–Silver-level sponsors of AABANY–addressing safety guidelines for returning to work during the pandemic. The presentation highlighted a variety of topics including re-opening guidelines for different industries, Paycheck Protection Program (PPP) loans, and various sick leave laws.

The webinar featured panelists Yoojin Deniro, Co-Chair of the Labor & Employment Committee of AABANY and Counsel at Advance Publications Inc., and William Ng, a Shareholder at Littler and founding Co-Chair of the Labor & Employment Law Committee. The event was moderated by William Lee, an Associate at Alston & Bird and AABANY member.

To begin, Yoojin Deniro explained that prior to re-opening, businesses must submit a Business Affirmation online and develop and post a Business Safety Plan, which must be retained on the premises and made available to the New York State Department of Health in the event of an inspection. The Business Safety Plan requires guidelines for physical distancing, protective measures (e.g.. providing face coverings to employees at no cost), hygiene and cleaning, communication, and health screenings. 

Next, William Ng discussed how individuals and businesses can make the most of PPP loans. The Paycheck Protection Program Flexibility Act, which is still pending before the Senate, is a bipartisan effort to fix problems with the PPP. If passed, the Act will allow forgiveness for expenses beyond the eight-week covered period; eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds; remove limitations that constrain loan terms to two years; ensure full access to payroll tax deferment for businesses that take PPP loans; and extend the rehiring deadline to offset the effect of enhanced unemployment insurance.

In order to maintain a safe place to work, the panelists recommended that employers safely conduct temperature checks, which are permitted under the Americans with Disabilities Act’s (ADA) “direct threat” exemption. Temperature checks should be conducted by a trained and authorized individual with proper PPE, and symptomatic employees should be sent home in accordance with ADA confidentiality requirements. Employers are also urged to adopt other health screening protocols, including COVID-19 testing and creating health questionnaires. Moreover, employers must provide employees PPE at no cost, and offer necessary accommodations for employees with disabilities. Finally, individuals must continue to practice social distancing in the workplace and develop a comprehensive exposure control plan. Under the Occupational Safety and Health Act (OSHA) of 1970, any confirmed cases of COVID-19 or other illnesses and injuries must be recorded.

The panelists also reviewed various sick leave laws, including the Families First Coronavirus Response Act (FFCRA), which provides Emergency Paid Sick Leave (EPSL) and Emergency Family Medical Leave Act (FMLA) benefits for employees unable to work due to quarantine or isolation orders related to COVID-19. The FFCRA also offers exemptions for small businesses with fewer than 50 employees. New York State has also instituted Paid Family Leave, which grants paid leave for employees who must provide care for a minor dependent subject to a quarantine order. New York City offers Paid Safe and Sick Leave for employers whose business closed due to a public health emergency or who must care for a child whose school or child care provider closed due to a public health emergency. Lawmakers are also in the process of passing statewide New York Paid Sick Leave, which will apply to all employers and vary depending on the size and net income of the employer. Furthermore, in accordance with the ADA, employees can leave or request remote work if they engage in “cooperative dialogue” with their healthcare provider. Employer-specific policies also include Paid Time Off (PTO), sick leave, and personal or unpaid leave. 

We thank our colleagues at Alston & Bird and Littler for co-sponsoring and organizing this informative event with the Labor & Employment Law Committee of AABANY. We also thank the presenters, Yoojin Deniro and William Ng, and the moderator, William Lee, for their time. For more information on the Labor & Employment Law Committee, see https://www.aabany.org/page/398. If you are interested in volunteering with AABANY to assist with small businesses that have been adversely affected by COVID-19, please contact [email protected].

To watch a recording of the presentation, see the video above.

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PRESS RELEASE: MENG, VELÁZQUEZ, CHU BILL WOULD ASSIST SMALL BUSINESSES HARMED BY CORONAVIRUS

SBA Disaster Loans Would be Made Available for Virus-Impacted Firms

WASHINGTON, D.C. – Rep. Grace Meng (D-NY), the First Vice Chair of the Congressional Asian Pacific American Caucus (CAPAC), Rep. Nydia M. Velázquez (D-NY), the Chairwoman of the House Small Business Committee, and Rep. Judy Chu (D-CA), the Chairwoman of CAPAC, have introduced legislation aimed at assisting small businesses that suffer economic harm from the coronavirus outbreak. 

“Small businesses are the backbone of our economy in Queens and throughout New York City,” said Meng. “They enhance our neighborhoods, bring investment and innovation to local communities, and provide jobs to area residents. But concerns about the coronavirus have hit many small businesses hard. In fact, I have heard from many Asian American-owned small business owners in my district that they are severely struggling. We cannot let them suffer. Government must be a strong partner in helping small businesses succeed and we must not abandon them in their time of need. I call on all my colleagues to immediately pass this legislation so that our entrepreneurs and small businesses can get back on track. When small businesses succeed, America succeeds!”

“Small businesses around the country and in New York City are beginning to feel the economic effects of the coronavirus,” said Velázquez. “Many of our Asian-owned businesses in New York have already experienced a decline in sales due to misinformation, fear and stigma associated with the virus. The bill we’ve authored will help businesses access federal loans if they suffer losses related to the outbreak.”  

“The spread of COVID-19 has nothing to do with race or ethnicity, but that has not stopped dangerous misinformation and xenophobia from spreading faster than the disease itself,” said Chu. “In my district, some Asian-owned businesses are reporting a 50% drop in customers, and that’s the case elsewhere around the country as well. For instance, in New York City, before there was even a single case of COVID-19, some restaurants saw as much as an 80% decline in customers. We have even seen instances of illegal, fraudulent letters that baselessly urge people to avoid Asian-owned businesses. These are serious losses that can have long-lasting impacts on our local economies. We cannot let misinformation and fear ruin communities and businesses. This bill would help by providing necessary assistance to help our Asian-owned businesses continue to operate in the face of a disaster they had no control over.”

Economists recently lowered the global forecasts for major economies from 2.6 percent to 2.4 percent. Much of the recent slowing of the economy is linked to the coronavirus, which has weakened demand in travel and tourism. Besides the decline in foot traffic for many retailers and restaurants, particularly those in Chinese communities, small firms have experienced challenges related to their supply chains. Companies sourcing products and services from China have had delays or complete cancellations of orders, resulting in lower profits for the company. Besides these challenges, small firms must start the process of preparing their companies for the potential to have employees become infected and remain home or telework. In many instances, a small employer may be unable to absorb the additional workforce reductions without a coinciding loss in productivity.

Under the bill, the “Small Business Relief from Communicable Disease Induced Economic Hardship Act,” small businesses would be able to access Economic Injury Disaster Loans of up $2 million to help meet financial obligations and operating expenses, which would otherwise have been met if it were not for the virus’ spread. The bill specifies that the loans would be interest free. Companies that are major employers could be potentially eligible for larger loans.

“Properly preparing for the impact of the coronavirus requires a multi-front strategy and that includes being ready to address the very real economic fallout we may see,” Velázquez added. “This legislation would be a good first step to help our small firms in New York and around the nation who sustain economic injury from COVID-19. I look forward to working with my colleagues to advance this measure.”

A copy of the bill is online here and a bill summary is available here.

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