COVID-19 Update June 8, 2020

June 8, 2020

Stop filling out your PPP loan forgiveness application. Everything has changed for the PPP forgiveness with the new law, including a new application for forgiveness coming soon.

The big news from the SBA today is that the forgiveness percentage is still available if you don’t reach 60% of your PPP loan on Payroll costs. The original interpretation of the new law was that if you did not reach 60% then none of your loan was forgiven. Fortunately, this is no longer the case.

There are still lots of questions to be answered from the powers that be with no timetable. The one thing we know is that whatever you have prepared for your forgiveness application was a good test run. The real application for forgiveness is going to change from the current version.

Today’s downloads:

  • Contact Tracing for Employers – This is a great article by SHRM about how to retrace the steps if an employee gets COVID-19. Remember to keep the sick employee status confidential.
  • Partial PPP Loan Forgiveness Remains – Borrowers under the Paycheck Protection Program (PPP) can qualify for partial loan forgiveness if less than 60% of the PPP loan is used for payroll.
  • PPP: What to Do if Your Rehire Offer Is Rejected – This article outlines the 5 steps needed to avoid having your loan forgiveness reduced if employees refuse to return after you offer them their job back.
  • PPP Flexibility Act – A great FAQ on the new law released by EY.
  • Employers’ Response to Racial Unrest – Employers may face a myriad of challenges
    in handling internal complaints and external conduct by their employees. This is a well-written document on how to deal with the racial tension of today’s world in your organization.

Delta is a Minority-owned business and has always prided itself on diversity and inclusion. This is a very difficult subject that brings up some very raw emotions. We, as an HR company, are here to help your organization deal with these issues. If you or anyone you know needs help on Diversity Training, please let us know.

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