COVID-19 Update March 31, 2020

So big news for today, the SBA has released its requirements for the PPP loan (see download below). Still, lots of questions to answer, and we are working with various sources to get the details so you can determine the best course of action for your company and the best way to fill out the information on the application.

Remember the new Families First Act goes into effect tomorrow, April 1st, 2020!!!

Here are today’s downloads and the details of what’s in each document

1. Care Act BKS – this information was released by our 401k advisory group and discusses how the new law affects 401(k) plans for both employees and employers.
2. Families First Coronavirus Response Act FAQs – this document was issued by the US Department of Labor as a response to questions about the Sick Leave and the FMLA leave. This applies specifically to businesses with fewer than 500 employees that are required to participate effective April 1st 2020 (originally shared on March 24th).
3. PPP Borrower Info Fact Sheet – this is the basic info about what you will need to participate in the SBA PPP loan forgiveness program.
4. PPP Lender Info Fact Sheet – this sheet is about the lenders themselves and who you can go to for help with the application process.
5. SBA Lenders in LA – this is a list of approved lenders in Louisiana for the SBA PPP loan program. For a full list outside of Louisiana please refer to the SBA website directly.
6. CISA Guidance – the Department of Homeland Security has issued a second version of who is considered an essential business, and these are the latest guidelines.
7. Paycheck Protection Program Application – this is the new application released today by the SBA for the PPP Loan program.

Delta will be hosting a webinar early next week to have a quick review on the Families First Coronavirus Response Act along with a how-to session on how we can track the time in our system.

The only way we can get you the credit on the payroll taxes is if we pay the leave correctly.

The information we cover in this webinar will be extremely important for whoever if your organization is responsible for timekeeping. Please make sure they attend!!

During the webinar, we will also be reviewing some of the new technology that we will be using to take certain paper-based functions and move them online.

Our team has been reviewing virtually every webinar and/or conference call available to us both locally and nationally. When we get together to share information we gather during these meetings and calls, we continue to get contrasting opinions on the details of the new PPP loan program.

Because of the lack of specific clarity on many issues, we are not sharing any specific guidelines in this mailout. I am happy to talk specifics with anyone about your situation and share our opinion. The SBA will soon be putting out information we all need for clarification, and this will be shared immediately upon our access.

Teresa and I have been asked to be the featured speakers for the Hispanic Chamber of Louisiana webinar this Thursday afternoon. We will be reviewing the basics for both the Cares Act and the Families First Act, and we will be available for questions and answers.

If you would be interested in attending this webinar, let us know so we can send you the link to sign up (trust me it will be in English!!).

We promised a webinar for the new CARES act and will be setting this up as soon as the SBA releases more information. We are waiting for specific requirements about payroll and payroll tax issues that will affect your company. As soon as we get them, we’ll schedule the webinar.

Thanks for reading, and please don’t hesitate to reach out if you have any needs or questions.