May has started off decent. Beaches and trails were opened and now Newsom announced his plans for Phase two of reopening. Although we all must remain cautiously optimistic, it’s nice to know that we are just one step closer to determining what the new reality is going to be. What will forever change as a result of COVID-19?
Stage 2 includes lower-risk businesses and workplaces that are adapted for social distancing. https://twitter.com/GavinNewsom/ for more detail.
Below, we have hand-selected from hundreds of emails to give you the most succinct and relevant information as possible. This newsletter is slightly longer than the last, but scroll until you find something you are interested in.
As per the norm lately, we have added more helpful Business Accounting and HR Q&As at https://news.optimaoffice.com/.
And as always, stay positive, kind, and ready for what is next.
Here are some things to read and watch. Enjoy!
Find a free testing site for COVID: https://www.arcgis.com/apps/Nearby/index.html?appid=43118dc0d5d348d8ab20a81967a15401
Track the status of your stimulus payment, enter your banking information to ensure the payment is direct deposited, and update your mailing address: https://www.irs.gov/coronavirus/get-my-payment
Two great podcasts about the stimulus:
Aussie COVID-Surfing experiment: https://www.surfline.com/surf-news/special-report-part-1-covid-19-aussie-experiment/83782
BBB Main Street Matters page: https://www.bbb.org/pacific-southwest/main-st.-matters-landing-page/
How to Zoom!? Lots of info here: https://www.youtube.com/playlist?list=PLKpRxBfeD1kEM_I1lId3N_Xl77fKDzSXe
Simon Sinek-These are not unprecedented times!? https://www.youtube.com/watch?v=6spNnsD-XOY&ck_subscriber_id=595969794
Support from Intuit:
LinkedIn Learning:
Getting back to work:
There are several issues that all of us must consider before we can welcome employees back. Key questions impacting return to work plans from an employee perspective include:
- Do you have the right physical protection measures in place for your employees and clients who may be visiting your office?
- How can you properly implement changes such as social distancing, flexible or staggered work hours, and so forth?
- What changes are needed to your existing human resource policies?
- What resources and advice will you provide to employees to help protect them?
- How can you prepare your managers and other firm leaders to properly communicate about the new protocols?
PARENTS! Cut yourself some slack! https://www.cnn.com/2020/04/09/opinions/parenting-burnout-and-covid-19-wellness-smith/?ck_subscriber_id=595969794
Activities to do at home with your kids: https://blogs.alphagraphics.com/blog/2020/04/24/7-activities-to-do-with-your-kids-while-at-home/
There is a new portal available at covid19.ca.gov/childcare and enables parents to enter their location and the type of care they need, instantly receiving a list of local center-based and family child care programs. The list of open, licensed childcare programs will include health and safety information, age of children accepted, capacity, availability, hours, and contact information for the program.
Here are some ways consumer behavior is predicted to change because of COVID-19:
- Online Channels- Isolation has amplified our reliance on online channels. The need for online presence has never been greater.
- Remote Workforce- We will have finally answered the burning question of "do we really need to be in the office 5 days a week?". The impact of remote workers will dramatically impact our processes, as well as the foot traffic in stores.
- Social Purpose- 20 years from now, we will remember and repay those who put the community first and will look for this quality in brands even more so in the future. Optima is looking forward to continuing to support those in need.
- Patience-Through this process, we have learned to be more patient and flexible. We have learned the difference of want vs. need. We don't know if this trend will last, but hope that self-regulation and empathy will linger on.
- Survival vs. Sanity Products- We have been left to ask ourselves "is it really essential" and reflect on the merits of products we truly need.
Links we are “still” using currently to track COVID-19:
https://www.sandiegocounty.gov/coronavirus/
https://www.bing.com/covid?ref=share
And a whole bunch on info on PPP if you want to keep reading:
Round 1 PPP
- $349B lasted 13 days ending on April 16th
- Of the 30M qualified businesses only 1.6M received PPP loans
- Many customers complained about poor communication from their Bank and were left in the dark
- Rushed legislation forced many Banks to delay accepting applications until they could full interpret and there are still areas that remain vague
- PPP loans as a % of eligible payroll varied greatly among states CA was dead last at 38% while 29 states received amounts of 60% or higher
- Many large companies and publicly traded received funds and were later shamed into giving the $$ back – Shake Shack $10M
Round 2 PPP
- $310B of which $60B carved out for small banks and credit unions to ensure small companies not, crowded out
- The SBA's processing site, E-Tran, reportedly experienced problems shortly after it opened back up at around 10:30 a.m. ET on Monday
- SBA notified lenders yesterday that the pacing of applications into the E-Tran system would occur, meaning all lenders would be able to submit at the same rate per hour. The pacing mechanism prevents anyone lender from submitting thousands of loans an hour into the E-Tran system
- What does that mean – a small bank with a smaller pipeline will probably get your loan through faster than through a larger bank
- There is a lot of guessing about who will fare better in round 2 and it is a little too early to tell. Optima moved clients through small banks and approx. 80% of our Round 2 were approved by end of day on Tuesday
- Bottom Line get an application in today as funds will likely go faster than round 1
Other Funding Options
- The Federal Reserve’s “Main Street Lending” program opened on 4/16 and will support $600B in loans these will be more traditional in nature and not contain any forgiveness provisions as in PPP
- The SBA is unable to accept new applications currently for COVID-19 Economic Injury Disaster Loan-related assistance. As of 5/4 SBA is only processing new EIDL loans from agricultural businesses.
- Facebook is giving away $100M in grants to up to 30,000 eligible businesses across 30 countries where they operate. The grant can be used for payroll, pay rent and cover other operational costs.
- Have between 2 and 50 employees
- Have been in business for over a year
- Have experienced challenges from COVID-19
- Be in or near a location where Facebook operates
- All eligible cities in the US are now able to submit their application, but San Diego is currently not an eligible city,
Jennifer & The Optima Team ????
DISCLAIMER – Due to the daily changing environment and guidelines being provided by the government, this information could be outdated. Please contact our office for the latest updates and guidelines. Optima Office is not responsible for any actions taken due to the information provided. The information provided here is for instructional purposes and does not represent legal advice being given by Optima Office.