We hope you are doing well and were able to get some good information from our last message 2 weeks ago. We have been getting a lot of positive feedback from our clients about how proactive we have been in supporting them. The plan is to send you helpful tools and hand-selected information in summary form, every two weeks.
Here is a link to our last client message from 3/24/2020 https://optimaoffice.com/message-to-our-valuable-clients/
You can also access relevant and timely COVID-19 Accounting and HR Q & A here: https://news.optimaoffice.com/
The Optimal HR & SBA Task Force – We launched the Task Force last week to help advise businesses on the different SBA programs and HR Compliance due to COVID-19. To learn more please go here: https://optimaoffice.com/the-optimal-hr-sba-task-force-teams/
Here are the latest helpful links we recommend:
How do you comply with the social distancing standard at your office? Fillable form here: https://www.sandiegocounty.gov/content/dam/sdc/hhsa/programs/phs/Epidemiology/covid19/SOCIAL_DISTANCING_AND_SANITATION_PROTOCOL_04022020_V1.pdf
This document must be posted near the entrance at all businesses that are open to the public and must be distributed to all employees that work at a facility regardless if it is open to the public or not.
Resource for funding and support for Non-Profit Organizations
https://www.sdfoundation.org/programs/programs-and-funds/san-diego-covid-19-community-response-fund/
Interesting/useful articles:
1) https://www.wsj.com/articles/fed-preparing-to-purchase-new-small-business-payroll-loans-11586194588?mod=djemalertNEWS
2) https://www.linkedin.com/pulse/how-deliver-zoom-presentations-like-pro-richard-mulholland/
3) https://www.inc.com/entrepreneurs-organization/how-to-use-unexpected-downtime-to-benefit-your-business.html?icid=landermore
4) https://timesofsandiego.com/opinion/2020/04/07/opinion-amid-coronavirus-businesses-must-rethink-their-fundamentals/
Be careful of Zoom bombing!
https://www.nbcsandiego.com/news/local/zoom-bombing-is-real-and-could-happen-to-you-fbi/2297247/
*Helpful hint: protect your Zoom meetings by requiring a password, never share your meeting ID and use waiting rooms so you only admit intended participants.
For face-covering guidance (i.e. masks)
https://www.cdph.ca.gov/Programs/CID/DCDC/Pages/Face-Coverings-Guidance.aspx
A great link to track COVID:
https://www.nbcsandiego.com/news/local/san-diego-county-coronavirus-cases-by-zip-code/2297177/
COVID-19 Economic Injury Disaster Loan Application:
https://Covid19relief.sba.gov/#/
https://www.sba.gov/funding-programs/disaster-assistance
Details on the “Paycheck Protection Program” Loan
Allowable uses include:
- Payroll support (including paid sick or medical leave)
- Employee salaries
- Mortgage, rent and utility payments
- Insurance premiums
- Other debt obligations
Loan Forgiveness will be equal to the amount spent during an eight-week period after the origination date:
- Payroll costs; Eligible payroll costs do not include compensation above $100,000
- Interest payment on any mortgage incurred before Feb. 15, 2020
- Rent on any lease in force before Feb. 15, 2020
- Utilities for which service began before Feb. 15, 2020
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. This loan has a maturity of 2 years and an interest rate of 1%.
What you’ll need for the PPP
- Detailed monthly/annual payroll data and reports for all 12 months of 2019. (If you use a payroll processor contact them to obtain a report detailing these payroll costs).
- Copies of payroll tax reports filed with the IRS for the entire year of 2019 and the first quarter of 2020 (if it’s available). Specifically, you’ll need your Form 941’s.
- Documentation reflecting health insurance premiums paid by your business under a group health plan.
- Documentation of retirement plan funding paid by your business for the past 12 months.
A Look Around the World
- Singapore has developed an app to closely monitor the spread of the virus while keeping schools and businesses open.
- Hong Kong has employed bracelets linked to smartphones via Bluetooth to keep track of people in quarantine and visitors to the country.
- South Korea created an app to enforce self-isolation for people who could spread the virus. Citizens who do not follow restrictions could pay an $8,400 fine or spend up to a year in prison.
- Israel recently passed emergency legislation that allows the government to track the phones of people who have been infected.
- Poland has introduced an app to keep an estimated 80,000 people quarantined.
- Italy has implemented drones to monitor people’s movement and is working on a non-mandatory app.
- The US government has no plans to track identifiable individuals with mobile phone data but has been working with tech giants like Google (GOOG) and Facebook (FB) to compile aggregated location data and help stop the spread of the virus.
Entertainment! By making a minimum donation of $30 to the San Diego International Film Festival, Starting April 1 through May 6 you will have access to independent films have a laugh, be entertained and see the world from a fresh perspective...something we all need right now.
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.
