COVID-19 Update May 8, 2020

May 8, 2020

As a recipient of our own PPP loan, today, our bank sent us an interesting email recommending that we hire a CPA, Tax Attorney, or both to make sure we have the correct documentation for the repayment of the PPP loan. They also attached a link to the CARES ACT and suggested we read it thoroughly – including Section 1106, the various SBA documents, as well as Interim Final Rules and FAQs.

We recommend you do the same.

As mentioned earlier this week, it may be a battle for anyone with larger PPP loans to get to 100% forgiveness. The scrutiny seems to be on the larger companies that qualified for these loans.

It’s an automatic formal audit of all PPP documentation if your loan is over $2 million.

Get ready for reopening- The US Chamber of Commerce put out an interactive Map showing state-by-state reopening guidelines.

Today’s downloads:

OSHA guidance for Construction workers

OSHA Guidance for Restaurants & Beverage Vendors Offering Takeout or Curbside

HR 748 – this is a downloadable PDF of the entire CARES act

SAFER framework – A framework put out by the National Safety Council for employers to use as guidance as they navigate the new COVID-19 world.

State by State Business Reopening Guidance– A guide released by the US Chamber of Commerce.

Paycheck Protection Program Updates – Produced by FordHarrison Global HR Lawyers, this is a well-written update on the latest guidelines for PPP forgiveness.

Have a wonderful weekend and make sure you take care of your mother on her special day!

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