MPL General Counsel Corner – …and they are off and running
The Kentucky Derby was originally scheduled for this Saturday, but we will have to wait until September. In the interim the best race we can watch is part 2 of the PPP. As of 10:30am today, SBA lenders are off and running trying to get as many PPP applicants put into the SBA portal as they can. Reviewing the Dept. of Treasury website, there are a few additions that I think are important to understand and review if you are still pulling together documents.
- How to calculate loan amounts: This details the appropriate documents to calculate your loan amount request for self-employed, 1099 Schedule F (i.e. Self Employed Farmers), Partnerships, S-Corps, LLC owners and non-profits.
- What about seasonal employers?: Seasonal employers can now choose a 12-week period using either the previously approved measurement period or a from 5/1/2019-9/15/2019. Also, a seasonal business that was dormant as of 2/15/2020 is eligible to apply if it had to have been in operation for at least 8 weeks from 5/1/2019-9/15/2019.
Here are some other things that may be important or relevant for you:
- State by State reopening plans are a mixed bag:
- Governor Wolf provided additional details for the reopening of PA. Essentially, if fewer than 50 new cases per 100,000 people in a county are reported over the prior 14 days, than they will consider reopening that county. Let’s hope the testing is accurate and the term “consider reopening” becomes “reopen”.
- NJ Stay at Home Order is extended indefinitely.
- Other States are reopening.
- Upcoming Webinars and Helpful Resources
- Stambaugh Ness Town Hall (Tuesdays 2-4pm)
- US Chamber of Commerce Webinars
- Workshop Wednesday (4/29 @ 10:30am): Protecting Your Small Business From Cyberthreats.
- National Small Business Townhall (Friday 5/1 @ 12pm)
- NFIB Coronavirus Small Business Update (4/29 @ 12pm)
- RKL Weekly Webinar Series (Every Friday). To be added to the subscription list, please click here.
Please see all of our prior updates at the this link.