In the current climate, there is no such thing as too much information. We’ve pulled together a checklist of Handy Resources sorts for you to make sure you’re maximizing the resources available to help you keep your business afloat in the current environment.
EIP Economic Impact Payments are automatically going out to qualified taxpayers that will be interesting. Meanwhile, if you need a little help along the way, the CARES ACT, EIDL, and Paycheck Protection Act are designed to help keep your business whole so look into your options will help you weather this storm and keep your valuable employees!
The SBA Small Business Administration Disaster Relief loans which can all be done online: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
Current SBA recipients can get loan relief and breathe: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
EIDL: Fast forgivable loans of $10K which will arrive in a matter of days not weeks. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
PPP: Keep 80% of your employees paid for 8 weeks and you could reap loan forgiveness, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
Your Bank – Be sure to call your banker if you need to renegotiate terms of an existing loan or seek deferral on repayments. Unless your loan holder has reached out to say you have relief you don’t unless you qualify and submit proper paperwork.
Your Financial Planner– Be sure to call your financial planner to discuss strategies and options such as investing more while the market is down and any low interest loans you may be able to take advantage of.
Insurance Brokers– Contact both your commercial and group health benefit broker to see how your situation affects coverage. Does the pandemic trigger any sort of coverage in your policy that may provide relief? What are your requirements and opportunities on group health benefits?
Payroll Provider– Contact your payroll provider to set up pay codes for the emergency FFCRA, FMLA and delayed payroll taxes benefits that are effective.
CPA– Talk to your CPA about tax credits as well as how to manage cashflow as Federal SS and Medicare Payroll taxes can now be deferred https://www.aalrr.com/newsroom-alerts-3663
Commercial Real Estate Brokers– Ask about rent abatement or other assistance, if you need it.
The DOL (www.dol.gov) has issued guidance on the FFCRA with new Q&A.
EEOC (ADA) and DFEH– review the Handy Resources guidelines regarding permissible questions when someone is sick. Employee privacy rules are observed differently during in a pandemic for the safety of all.
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