Serving Los Angeles, Orange, Riverside, San Bernardino, San Luis Obispo, Kern, Ventura & Clark Counties
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The Ever-Changing Guidance Regarding PPP Loan Forgiveness
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They say that the only thing constant is change. This especially seems to be the case with all of the new programs enacted in response to the COVID-19 crisis, including the Paycheck Protection Program (PPP) loan program. On June 5 the Paycheck Protection Program Flexibility Act, which aims to add some flexibility to the Paycheck Protection Program, was signed into law.
To help PIASC members understand what this entails, Chris Falco, Founding Partner of CPA firm Falco Sult (
www.falcosult.com
), recently presented the latest webinar in our COVID-19 series, “PPP Loan Forgiveness Guidance: Part 2.” In case you missed it, the following provides an overview of that webinar, the recording for which can be found
here
.
The following provides a summary of the key points made in this presentation…
The “covered period” has been extended from 8 weeks to 24 weeks
While you can still choose to use the 8-week period, this change gives you more time to spend the money on forgivable expenses, which can increase the amount of loan forgiveness for which you will qualify.
Loan terms have been extended
Loans for which the Small Business Administration (SBA) assigned a loan number on June 5 or later are now automatically 5-year loans. Loans made prior to that still have a 2-year maturity date, although borrowers and lenders can agree to change this to five years.
Loan deferral period has been extended
You now have 10 months (not just six) from the end of the covered period to submit your application for loan forgiveness. Your payments will be deferred until after the SBA lets the lender know what portion of your loan is being forgiven.
Amount of loan that must be used for payroll costs has been reduced
Instead of having to spend 75% of the loan on payroll costs, now you only have to spend 60% on payroll costs and up to 40% on payments for interest, rent or utilities. Plus, you can get partial forgiveness even if you spend less than 60% on payroll costs.
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The Impact of COVID-19 on Paper Business
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As anyone reading this knows, the impact of COVID-19 on our economy has been severe and the graphics industry is certainly no exception. While there are pockets of print that are quite active, much of the advertising and marketing that normally supports commercial printing virtually stopped during the shutdowns. This is especially true amongst many sectors that traditionally spend a great deal of their marketing budget on print, such as travel, entertainment and events. With the decline in advertising during the shutdown, print demand was estimated to be down 40 to 60%.
Demand for graphic paper, which of course is dependent on demand for print, fell off a cliff in April and stayed there in May.
Uncoated paper
Overall, demand for uncoated paper dropped 37% in April versus April last year.
In the copy paper subset of the uncoated paper market the drop was even more dramatic. Between schools being closed and most office workers working from home, demand for copy paper plummeted 55% in April 2020 versus April 2019.
As a result of this, the uncoated mills idled their machines for a period of time to allow things to start to recover. While some are now bringing their machines back up, operating rates are still quite low.
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Is Your Company Prepared?
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Is your state requiring your company to have a documented COVID-19 Preparedness and Response Plan for reopening? Are you ready to adequately answer questions from your staff members on each step of the re-opening phase as it pertains to recommended health and workplace safety with your own operations?
PRINTING United Alliance has developed a comprehensive “plug & play” toolkit that provides companies with policies, procedures and guidelines to implement best practices in your workplace to address COVID-19 exposure.
The COVID-19 Preparedness and Response Plan includes:
- Step-by-step company action plan
- Guides on how to sanitize, ventilate and reduce employee interaction to minimize exposure risks
- OSHA [not Cal/OSHA, which is somewhat different] recordkeeping requirements
- A complete safe operations checklist
- Templates for communicating with employees, customers and vendors
- Visitor questionnaire and privacy notice
- Guide on how to perform contact tracing, and more.
This Plan is available for free for PIASC Members.
Save countless hours of researching and creating policies and procedures by downloading this easily-executed and comprehensive COVID-19 Preparedness and Response Plan today to safely get back to business!
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Login is required for download. Contact Kristy Villanueva at
kristy@piasc.org
or 323.728.9500, Ext. 215 if having problems logging in.
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Stormwater Reports Due July 15, 2020
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The California State Water Resource Board’s storm water permit program is a complicated program that affects all printers in California.
As we’ve written about before
, most printers qualify for the less-onerous “No Exposure Certification” (NEC), which basically certifies that 100% of your operations are indoors and therefore will never come into contact with precipitation. However, if your facility does not qualify for an NEC you must obtain a “Notice of Intent (NOI),” which involves much more effort and cost.
If you have a Notice of Intent, the deadline to submit the Annual Report is July 15. You can find a guide for doing so
HERE
. If you need assistance filing this Report, contact California stormwater consultants and PIASC Preferred Partner Frog Environmental, at
frogenv.com
.
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How to Encourage Employees to Share Your LinkedIn Content: 4 Tips
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Why Encourage Employees to Share Company Content on Your LinkedIn Page?
Getting your colleagues involved with your LinkedIn marketing, often known as
employee advocacy
, can deliver huge rewards for employees and company alike. As a marketing tactic, encouraging employees to share brand values and messages is a strategic and sustainable way to expand reach and engagement with customers, prospects, and other key stakeholders on LinkedIn.
There’s a fundamental rule that people do business with people they know, like, and trust. So on LinkedIn, it’s all about using personal profiles rather than focusing efforts on the company page.
- People are 3 times more likely to trust content shared by people they know than content shared by brands.
- People are 8 times more likely to engage with content shared by employees than content shared by brands.
- People are 24 times more likely to reshare content shared by employees than content shared by brands.
- Leads generated by employees convert 7 times more frequently than any other kind of lead.
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"Don't fill life with struggles, fill life with joy. A flower always struggles to survive, but it never forgets to bloom with joy."
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PRINTING United Alliance Membership Minute:
Week of July 1, 2020
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