The Optima Team is SO glad to have April and May quarantine over. It's starting to feel slightly back to normal, and we are excited to be helping clients move forward.
We know that things will never completely go back to pre-COVID ways, but good things have come out of this. So much has happened these past few months and the team continues to stay positive.
The entire management team at Optima stands strong in our convictions and we are committed to rebuilding and making a better community. One that provides equal protections and security for everyone, especially those who have been discriminated against.
Below please find our bi-weekly compilation of the best information we have come across over the last two weeks.
As a reminder, you can stay up to date with all the latest news, including PPP and other CARES act information and important HR updates here: https://news.optimaoffice.com/
Paycheck Protection Program Flexibility Act passed by both House and Senate significantly relaxes requirements to meet forgiveness on your PPP Loan. Here some highlights
- The ‘covered period’ to use funds has been extended from 8 weeks to 24 weeks.
- The amount that must be spent on payroll items decreased from 75% to 60% but now represents a cliff. If you don’t spend at least 60% on payroll none of the loan will be forgiven.
- Borrowers have until 12/31/20 to restore workforce levels for full forgiveness instead of the previous deadline of 6/30/20.
- The legislation includes two new exceptions allowing borrowers to achieve full PPP loan forgiveness even if they don’t fully restore their workforce. This bill allows borrowers to adjust because they could not find qualified employees or be unable to restore business operations levels due to COVID-19 related operating restrictions.
- Borrowers now have 5 years to repay the loan instead of two.
Quick (and important) Links:
As with all business reopening in the County of San Diego, salons and barbershops will need to follow social distancing protocols and complete and post the County’s Safe Reopening Plan. Guidance for salon reopening can be found here.
Mayor Faulconer Proposes Additional Funding for Small Business Relief Fund Resources made available to San Diego small businesses will now top $20 million following the Mayor’s decision to direct $13 million in federal CARES Act funding to help small businesses get back on their feet.
Donate to charities in 2020 for a WIN-WIN https://wealthlegacygroup.com/heres-why-2020-could-be-the-year-to-make-a-large-charitable-contribution/
Here are some things to read and watch. Enjoy!
The BBB has an impressive webinar schedule- check their website here: https://www.bbb.org/local-bbb/bbb-serving-the-pacific-southwest/events The BBB also had a recent webinar which was presented by Inside-Out Learning on the 3 Key Leadership Tools You Must Learn.
Join this webinar on June 10th, 10-11 am from San Diego Grantmakers: Hear directly from experts including the Honorable Alex Padilla and learn about the proposed changes and how California and community organizations are beginning to prepare.
Guardia Medical - One of our client's bright Ideas has added PPE products to their business model and has started an online store that offers PPE to the general public. If you are interested, please feel free to visit www.guardiamedical.com.
JLL Trends and Insights - https://www.us.jll.com/en/trends-and-insights/research/Despite-the-pandemic-US-economy-may-be-reawakening
Leadership Book - Here is the link to a new leadership book that our friend Azim Khamisa wrote-Leadership for the greater good. Paperback: https://www.amazon.com/dp/1949001067
COVID-19 and San Diego Economy by Alan Nevin - https://www.xperagroup.com/blog/covid-19-impact-san-diego-economy-real-estate
Bike sales are surging around the country as people shun public transportation and look for new ways to exercise. In April, bicycle sales soared by 30% and have jumped 60% so far in May.
How COVID has impacted construction https://proconnect.intuit.com/taxprocenter/practice-management/how-has-covid-19-affected-the-construction-industry/?cid=DR_em_47056_001_Text5_US_QBOA
Accepting Digital payments during COVID https://quickbooks.intuit.com/r/coronavirus/accept-digital-payments/?cid=DR_em_47056_001_Text12_US_QBOA/
Here are a couple of podcasts about the stimulus:
https://www.pacificadvisors.com/stimulus
https://livelifeliberated.blubrry.net/2020/05/29/episode-9-cares-act-considerations-for-business-owners-and-ultra-high-net-worth-individuals-with-ken-van-damme-of-ernst-young/
Intuit has improved QB Online. https://www.firmofthefuture.com/content/quickbooks-online-new-features-and-improvements-may-2020/?cid=DR_EM_44365_001_CO-US_ASG
You can trust our team of accounting experts to perform your QB or other accounting software maintenance for you. And we want you to use your time wisely! Let us help!
PARENTS- This is great news, see below:
If you are looking for healthy outdoor adventures for your kids this summer, one of our clients is pivoting some of their service offerings and is now doing a KIDS SUMMER CAMP! They are following all CDC and ACA guidelines for ensuring a fun and safe camp experience for all campers and camp counselors. Registration is on the website below:
For parents that have been looking for an amazing product for a snack on the go, one of our clients has the solution:
Here are some publicly traded companies with interesting info:
Depot (HD) reported sales figures that beat Wall Street estimates and also said that the average customer transaction size rose by 11%. However, the company also announced that additional costs weighed down its bottom line, which caused shares to sink. Its competitor, Lowe’s Companies (LOW) reports its latest figures today. As the coronavirus spread.
Walmart (WMT) became a lifeline for millions of Americans. The world's largest retailer reported a 74% increase in online revenue and 10% jump in same-store sales in the first quarter. At the same time, it's costs soared. The company will no longer issue guidance for the year, and also decided to pull the plug on Jet.com, which it acquired in 2016 for $3 billion.
The Financial Times reported on Thursday that Google(GOOGL) is thinking about investing in Vodafone's (VOD) Indian business, which has been struggling lately. The process is at an early stage but is notable given Facebook (FB) and Private Equity firms' recent investments in Jio, which competes with Vodafone in the Indian telecom market.
Amazon (AMZN) said it is planning to retain roughly 70% of its US workforce that was brought on to meet the surge in demand during the pandemic.
DoorDash is launching a service to help restaurants build their own websites for online ordering. This will allow local establishments to bypass the marketing commissions that are normally collected by food delivery companies like DoorDash, Uber Eats (UBER), and Grubhub (GRUB).
EasyJet (SYJY) announced on Tuesday that hackers stole thousands of credit card numbers and data on nine million customers. Similar to other airlines, the budget carrier grounded all 334 of its planes in Europe in March and has only been operating rescue flights to help repatriate citizens.
SoftBank (SFTBY), which is a Sofi investor, announced it will launch a $100 million fund that "will only invest in companies led by founders and entrepreneurs of color."
Links we are “still” using currently to track COVID-19:
And as always, stay positive, be kind to each other and be ready for what is next.
The Optima Team ????
