Volume 23 I Monday, June 8, 2020
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Summary of New PPP Provisions That Are Now Law
PPP loan periods have been extended from the original 8 weeks to 24 weeks – or December 31, 2020 – whichever comes first. This gives you more time to spend the money to achieve the forgiveness criteria. For instance, spending the money on payroll will be easier because you have a lot more time, which will offset reduced payroll expenses due headcount.
- Now, only 60% of the PPP loan has to be spent on payroll, rather than the original 75%, in order to be forgiven.
- Consequently, 40% of the PPP loan can be spent on non-payroll expenses such as rent, mortgage interest and utilities.
- There will not be proportional forgiveness if the 60% payroll figure is not met because companies have a longer period in which to spend the money on payroll.
- Headcount for full-time equivalent employees, which previously had to be restored by June 30, is now is extended to December 31, 2020.
- If a company is unable to hire back an employee or someone who is similarly qualified, OR the company cannot achieve the same business activity from February 15, 2020 or earlier, then the company will be excused for not achieving the restored full-time equivalent headcount. The forgiveness of the loan will not be affected.
- Previously, the loans had a six-month deferral before the first repayment installment, and the note was repaid over a two-year period at 1% interest. Now, the first payment for the loans are not due until ten months after the close of the loan period, and payment of the loan will be made over a five-year period. The interest rate is unchanged at 1%.
- Companies may still defer payroll taxes. Previously, the deferment was until the lender let companies know how much of the PPP loan was to be forgiven. Now, the payroll taxes are automatically deferred through the end of 2020, no matter when companies are informed of the forgiven amount.
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4 Programs to Help You Retain Your Customers
There are key areas that contribute to increased revenue. Each of these customer-focused areas are important for business growth and need to be developed when creating and implementing a solid marketing strategy.
The three areas are:
- Customer retention, keeping those customers that you worked so hard to acquire
- Customer growth, expanding the products and services that your customer buys from you
- Customer acquisition, growing market share by expanding your customer base
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What Does your Client Need To Restart?
Helping a client grow and improve their own business is always a much greater differentiator Swill always get preferential treatment when the time comes for a purchase decision
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Check out the latest from "The Great Restart".
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Ask The Experts:
HR Strategies for Navigating a Crisis
Monday, June 8 I 11am-12pm I Free To Members
Everything changed when COVID-19 struck. As we emerge from the initial pandemic era, the workforce situation has shifted. Human resources professionals have an integral role in supporting their company’s workforce during challenging times. Join Adriane Harrison as she shares how to refine your HR strategy as you navigate your business through the current COVID-19 situation.
In this 60-minute webinar, you’ll gain insights on:
- Getting through the legislative and regulatory minefield
- Implementing policies and procedures in a post-pandemic world
- Rebuilding your culture
- Other pandemic-related issues
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If you can’t attend the webinar today, you can still register and have access to the recording and files!
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Prudential Overall Supply Now Offering 3-Ply Disposable Facemask at reduced rates!
(You can also order quantities as low as 50 pieces!)
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COVID-19 Resource Channel
In these unprecedented and uncertain times, PRINTING United Alliance, the PIA Affiliates, and NAPCO Media are committed to providing the printing and visual communications industries with the most up-to-date resources on the ongoing COVID-19 situation. The staff is here to help you as we all weather this storm together.
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In these unprecedented and uncertain times, PIA San Diego is committed to providing the printing and graphic arts community with the most up-to-date resources on the ongoing COVID-19 situation.
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