COVID-19 Update April 2, 2020

Teresa and I are proud to have been asked to be the key presenters for a webinar (voice only) hosted by the Hispanic Chamber of Louisiana today. This recording is accessible here for anyone that is brave enough to hear our voices.

Hopefully, we were insightful and give good information. The feedback has been positive.

The SBA has announced that banks are supposed to start accepting the PPP loans on April 3rd!

We know for a fact that Chase has reported they are not ready to accept PPP loan applications, yet. Chase is one of the largest Banks in the country. They are hesitant, because there are not enough details in some of these programs for them to fully understand the liability on their side or to give appropriate guidance to borrowers.

Banks are on the hook if they issue loans that are not properly prepared. Our opinion is sometimes it’s not best to be first. Make sure you have the proper guidance to get all your documentation done correctly the first time, then go for your loan.

In addition, if you plan to apply for the EIDL SBA loan, then you must apply for it first, then you can apply for the PPP loan. Once you apply for the PPP loan, you cannot apply for the EIDL loan program.

Effective today, all 2019 tax filings we will be making on our client’s behalf have been uploaded into the Client Documents section of our HRIS portal. If you are a client and you are the owner of the business, you now have authorization to access these documents. If you need anyone else in your organization to have access to these tax files, please email with the name and email address of the user you would like added.

Please remember these files have all your employees’ payroll and tax data for the whole year. If you are a PEO client of ours, you will have state tax documents only, because the 941s are issued as a group for all our clients. This information will suffice for payroll tax records.

For your payroll history, you will soon have access to a report where you can select the appropriate date range you want to provide to the SBA. The date range can vary based on your loan package. The report will have everything needed to provide accurate info to the SBA for the PPP loan. If you would like these reports before the report generation capability is available, please email and we will provide anything you need.

Today’s documents are as follows:

  • FFCRA Poster – this is the updated version of the poster released last week for all employers to post at each location for your company.
  • Reducing or Suspending Contributions – 401k based information for any company that wants to make changes to their 401k, reminder the PPP Loan Program allows for reimbursements for the employer matches in your 401k plan.
  • DAS Covid-19 Paid Sick Leave – this is a guideline for how to manage your sick leave requests as a company.
  • DAS CDC Return-to-Work Standards – here are the CDC guidelines on return-to-work for people that missed time due to Covid-19.

We are here and available to anyone that needs information. We are a community-based organization and are here to help. We are all in this together!!

Have a great evening.

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