As we approach the new year, it's crucial to stay informed about the latest developments…
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 by May 14, 2020.
This latest FAQ grants a safe harbor to businesses that took out loans smaller than $2 million. The SBA reasoned that a safe harbor was appropriate because businesses with loans below this threshold are generally less likely to have had access to adequate sources of liquidity.
We suggest you review the new FAQ issued by the SBA, as well as this article that explains the new SBA guidance.
Our safety and HR teams are standing by and ready to assist your reopening plan, whether it’s to review your policies, assist you in writing these policies, or ensure PPE is both offered and available to your employees and customers. Please send a note to firstname.lastname@example.org for any assistance or guidelines.
Our benefits team is trying to think outside the box when it comes to determining what employees need to live and work through the new COVID-19 environment. We are asking everyone to please spend 2 minutes filling out this quick, 3-question survey to help us determine what you need in these changing times.
What You Can do if You are at Higher Risk – A flyer you can post to help those who are in the high-risk categories.
Cleaning & Disinfecting Building – A flyer to help you stay on top of keeping your work environment safe.
New FSA Notices from the IRS – The IRS came out with rulings that affect anyone that utilizes a Flexible Spending Account, FSA. These relate to the carryover. Rules as well as the provision of relief for health and dependent care.
New Orleans Mayor’s plan for reopening the city – Mayor Cantrell’s announcement for the Phase One reopening, which is different from the rest of the state.
SBA PPP FAQ – This is the FAQ that was released today, May 13, 2020, with the new Safe Harbor rules mentioned above.
PPP Safe Harbor – This is a summation of the new SBA Safe Harbor notice prepared by the law firm of Ford Harrison.
Please take a minute to fill out our survey, and reach out to our team if you need any guidance on the reopening procedures or policies.