MPL General Counsel Corner – Maybe I am forecasting and I don’t know it!
In my weekend reading, I came across the following quote from noted Economist John Kenneth Galbraith that I thought was appropriate given the current situation:
“We have two classes of forecasters: Those who don’t know – and those who don’t know they don’t know.”
As we progress through the current situation, I am sure you will agree that the forecasters have somewhat missed the mark as it relates to Covid infection rates, deaths, hospital utilization and so on. I am not making the statement to criticize their efforts, but merely to point out that you can only control what is right in front of you.
If you continue working on your business, talking with your personal Board of Directors and using your professional advisors, I would bet that you will come out the other side of this crisis in a much better position. Then again maybe I am forecasting and I don’t know it.
Keep moving forward, things will get back to normal.
As a reminder, if you are planning to return the PPP funds without any further obligations (i.e., as if you never received them), today is the last day to do it.
Also, for those that are approaching the end of your PPP initial 8 weeks, here is the loan forgiveness application. There are several PPP Loan Forgiveness webinars that are coming up. I have listed them in the bullet points below.
Here are some other things that may be important or relevant for you:
- Interim Final Rule – Treatment of Entities with Foreign Affiliates – This update essentially clarifies the employee count confusion that arose from the PPP FAQ update from 5/5. Under this rule, if you applied for the PPP before 5/5 and only used your US-based employees and were under the 500-employee count threshold, you will still be eligible for the PPP funds. However, if you applied after 5/5, then you must count all employees, both US and non-US based and meet the 500 or less employee count threshold to be eligible. Also, you must use the funds for US based employees in both scenarios.
- Upcoming Webinars and Helpful Resources
- Stambaugh Ness Town Hall (Tuesdays 2-4pm)
- Trout CPA: Understanding the NEW PPP Loan Forgiveness Application webinar (Wednesday, May 20th at 10 AM).
- NFIB: PPP Loan Forgiveness Explained and Other Questions Answered (5/20 @ 12pm).
- EisnerAmper – Insurance Recovery for Pandemic Losses: Issues and Options (5/20 @ 2:15pm)
- RKL Weekly Webinar Series (Fridays)