COVID-19 Update April 22, 2020

  • News

Yesterday afternoon, the Senate passed the CARES Act 2 legislation, and we are waiting for the House to pass it and send it to the President for his signature. The SBA has not commented (at least that I am aware of) on when they will start taking the applications again.

Stay in touch with your banker, so they can resubmit your loan docs as soon as the portal reopens.

I was on lots of calls all day discussing how you can max out on the forgiveness portion of the loan if and when you get yours in place.

We have talked to many CPA firms and the response is varied about one specific item: If you hire new employees to replace the ones you can’t rehire for any reason, will their payroll count toward the forgiveness portion of the PPP loan?

We do know that the new employees will count toward the headcount goal, but are waiting on the SBA to clarify this issue. We are of the opinion that you should be allowed to hire replacement workers, and it says so in the SBA regulations; however, it does not clarify if the new employees’ payroll count toward forgiveness.

We hope for clarification by Friday, anything we receive will be passed on to you guys!

Both the CDC and OSHA have come out with required posters in other languages. We are attaching one in Spanish from both the CDC and OSHA as samples, but there are many more available in different languages. Please reach out to if you have a need for any of these.

Today’s downloads:

  1. Infographic CDC Spanish – this is a sample form from the CDC that is in Spanish if needed.
  2. OSHAa3995 – this is a Sample form from OSHA in Spanish if needed.
  3. Regulators and Lawmakers – this is an article about the workers compensation conversations that are going on around the country about how COVID-19 cases might be moved to a work comp claim.
  4. WCIRB Cost Evaluation – this is the study in California that I wrote about yesterday showing the potential cost for pushing COVID-19 claims into the workers compensation system.
  5. If You Have Animals – this is a flyer from the CDC about the potential risks of COVID-19 spreading through pets.

I was honored today by being asked to be the guest speaker for Delgado 10KSB webinar next Wednesday. I will be reviewing the new Leave Laws and what we know about PPP up to that point. I am not sure if it will be open to the public, but if it is, we will share the link next week.

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