COVID-19 Update April 24, 2020

Hope everyone is ready for a relaxing weekend in quarantine, LOL.

I thought to myself early this morning how blessed we are to have an essential business; I get to come to my office every day if I want to. Unfortunately, I can’t seem to get away from it.

My thoughts were for the people that are stuck in their small apartments and are not allowed to leave. That is when I truly felt blessed for not only being able to go to work, but we are making a difference in people’s lives every day.

Even though this is an unprecedented time, please remember how fortunate you are. We live in a great country! There are lots of people that complain about the way things are, but please know that we have the freedom to complain. Don’t ever take that for granted. Teresa Lawrence grew up in Cuba, where they had no freedom. The stories she shared with me are so far from what we as Americans take for granted every day.

Ok, I will get off my soapbox…….

The CARES Act Part 2 has been signed by the President, and the SBA announced this morning that they will start accepting applications again either today or Monday. This time I am telling you if you plan to get any SBA loans, you better get them in NOW. I have heard a rumor that there are already more applications in for these loans than new money available.

There is already a 4th bill for COVID-19 being floated through Congress. The biggest item that we are aware of is that there will be some sort of subsidy for anyone that is on COBRA due to losing their job from this pandemic. No word on if there will be any more funding for PPP.

Just issued about an hour ago was the SBA’s latest FAQ about the PPP loans (attached). If your business receives revenue from gaming, you’ll find it interesting. If you receive revenue from legal gaming, you are eligible. I don’t have to tell you what happens if you receive revenue from illegal gaming, do I?

Here is the link to our new source for high quality, low-cost PPE, in addition to the other 2 sources we have presented to you. You can buy directly from the Quality Face Wear site, or if you prefer you can order through us. This is through a 20-year Delta client, and they’re offering exceptionally low pricing on bulk or large orders of cloth face masks as well as protective face shields. The site is QualityFaceWear.com, and they were kind enough to offer a 5% discount for DAS clients and friends.

To get the discount, make sure when you check to use the coupon code DELTA5 to get your 5% discount as a client or friend of ours.

This Coupon is good through the end of May 2020.

Today’s downloads:

• FH Ready to Reopen – this article has some good legal and practical insights for businesses trying to reopen soon.
• Interim Final Rule – this is the latest FAQ from the SBA, as mentioned above.
• CARES Act PPP Loan Forgiveness webinar slide deck – I sat through this webinar and have included the slide show. It attempts to simplify or at least make the forgiveness portion more understandable.
• Ten Things We need to know about PPP Loan Forgiveness – another article that has good information on the PPP loan forgiveness provision.

One last item worth sharing: In every webinar or conference call I have participated, the host or keynote speaker always starts off by reminding every business that the PPP program is a Loan Program, not a Grant Program.

Everyone that participates in this program will owe money back to the government at some point in time.

The 100% forgiveness is a misnomer. There are some payroll costs that are not forgiven, like Federal Employment Taxes. Please know that this program is not free money and to get forgiveness is complicated. The good news is the interest rate is incredibly low and you don’t owe anything for at least 6 months.

Have a GREAT weekend!