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COVID-19 and its Impact on Your Business

22May 20

COVID-19 Update May 22, 2020

Normally, I only enclose articles and attach them as PDFs; however, today I’m sharing a forgiveness calculator in the form of an Excel spreadsheet. This AICPA spreadsheet is updated as the rules change, and you can go to their website to get the latest version. This version is as of yesterday. It’s very well done and we suggest you look at it to compare to whatever you are currently doing for your forgiveness calculations. Hoping you are not spending your…

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21May 20

COVID-19 Update May 21, 2020

Today we have some new releases from the CDC, IRS, and the DOL. It looks like everyone is getting back to work! The information shared yesterday about Congress looking to make changes to the PPP forgiveness parameters looks to be gaining strength in both parties. Don’t look for anything new on this until after June 1. It looks like the Senate will be on recess from this Friday until June 1st, but you never know these days. Today’s downloads: CDC…

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20May 20

COVID-19 Update May 20, 2020

I’ve attended several more webinars this week about forgiveness of the PPP loans. Unfortunately, everyone has the same talking points with no answers to specific questions. If you are in the middle of your forgiveness application, don’t push the Submit button just yet. Changes are coming. In our weekly NAPEO Federal Government Affairs Committee meeting this afternoon, we discussed the new bill that Nancy Pelosi and Marco Rubio are writing and trying to get passed in the House next week.…

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19May 20

COVID-19 Update May 19, 2020

We’ve been doing a ton of research into PPP Forgiveness to help provide you with appropriate guidance. We’ve included a couple of articles, each containing different talking points around the forgiveness equation. These are well-written articles and give great advice; however, there are still many unanswered questions. One of the interesting items about the PPP Forgiveness application, itself, is that if you go to the Owners Payroll Expense part of the application (Schedule A, line 9), you’ll note that there…

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18May 20

COVID-19 Update May 18, 2020

Well, I am sure you have seen the updated PPP loan forgiveness information released by the SBA this past Friday. If not, you can access it here. You’re going to also want to check out this summary of the PPP loan which outlines costs eligible for forgiveness, as well as a host of other things. This afternoon, we sat through a 2-hour webinar put on by NAPEO about applying for PPP loan forgiveness. The webinar slides are included here, but…

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15May 20

COVID-19 Update May 15, 2020

Today, we received new guidelines from the State of Louisiana as well as FEMA to help you work through your reopening process. There are other return-to-work items that I thought worth sharing. Today’s downloads: CDC Guidelines for Reopening Workplaces – a set of checklists to help leaders of businesses, schools, child care programs, mass transit, and others decide when and how to reopen. LA State Open Safely Guidelines – The Office of State Fire Marshal has created a detailed set…

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14May 20

COVID-19 Update May 14, 2020

Lots of info today about benefits and changes going on with various plans. Lots of info today about benefits and changes going on with various plans. Please take a minute to fill this out, we are looking forward to sharing responses. Here is the link if you have not participated yet. Also, more interesting developments on the Workers' Compensation front. If you have been keeping up, many states have passed executive orders or legislation that state that if an…

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13May 20

COVID-19 Update May 13, 2020

Great news today for small businesses that took advantage of the PPP loan! When applying for the PPP loan, you might recall that you had to certify that you needed the money because the COVID-19 shutdown created economic hardship for your company. If the SBA felt at any point that you did not, in fact, suffer economic hardship, then you would not qualify for forgiveness. The only safe harbor granted at that point was if you paid the loan back…

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