The Paycheck Protection Program (PPP) was created in 2020 to provide financial assistance to businesses affected by the pandemic. The loans do not have to be paid back if a business complies with the program’s rules.
Several recent changes to the PPP loan program are intended to help small businesses qualify for these loans:
PPP applications limited to small businesses and sole proprietors for two weeks. From February 24th to March 9th, banks may only accept and process PPP loan applications from businesses with 20 or fewer employees. This change is intended to allow lenders to focus on smaller businesses needing a loan. If your business did not receive a PPP loan in 2020, you can apply for your first PPP loan now. If your business did receive a PPP loan last year, you can apply for a second PPP loan, but you must show that your business had a 25% reduction in gross receipts from 2019 to 2020. Contact your bank to apply for a PPP loan –most banks are requiring that you have a business account already established with them before they will work with you on a PPP loan. To find a lender in your area, you can use the Small Business Administration’s tool to find lenders in your area by clicking here.
New loan formula for a sole proprietor/self-employed/independent contractor. The amount these businesses were eligible for previously was based on their annual profit, which severely limited the amount of their loan. But the new criteria will focus on gross income before expenses are deducted to help increase the amount of the loan these businesses are eligible to receive.
Expanded eligibility to apply for a loan. Non-citizen business owners who are lawful U.S. residents may now apply for a PPP loan using their Individual Tax Identification Number (ITIN). Also, business owners with felony convictions and delinquent federal student loans may apply. Businesses with more than 20 employees will be able to resume applying for a PPP loan after March 10th until the PPP loan program ends on March 31st.
Click here for more information. We will continue to share information as it becomes available and keep you informed.
Ryan Schmidt is a Client Advisor and Partner with Gulfshore Insurance. Ryan specializes in working with commercial clients. Comments and questions are welcome at rschmidt@gulfshoreinsurance.com.
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
In response to one of many executive orders signed by President Biden, OSHA recently issued new COVID-19 workplace guidelines to keep employees safe during the pandemic. Find out what HR teams should know about this incoming set of regulations.
How Does the Occupational Safety and Health Administration (OSHA) Protect Workers? The Occupational Safety and Health Administration (OSHA) is an agency of the U.S. government under the Department of Labor (DOL). OSHA’s mission is to aid in the prevention of work-related injuries, illnesses, and deaths. Employers are required to adhere to certain OSHA regulations that ensure compliance with these goals, including record-keeping for on-the-job injuries and illnesses and providing a hazard-free workplace.
These objectives have been put to the test during the coronavirus pandemic. Between providing personal protective equipment (PPE), working remotely, and enforcing social distancing measures, many employers have struggled to keep up with the guidelines that help keep employees safe from COVID-19. As a result, pandemic-related lawsuits against American employers are on the rise.
OSHA Issues New COVID-19 Guidance in 2021 On Jan. 21, 2021, President Biden signed an executive order that directs OSHA to provide more COVID-19 safety guidelines. On Jan. 29, 2021, OSHA released these new regulation guidelines on its website.
Many of the components of this guidance remain consistent with previously released recommendations:
Making a COVID-19 Vaccine/Vaccine Series Available at No Cost to All Eligible Employees: Including providing information and training about the safety and benefits of vaccinations.
Maintaining Safety Standards Despite Employee Vaccination Status: Workers who are vaccinated should still follow protective measures like mask-wearing until more evidence about post-vaccination transmission is available.
Providing Masks to Employees: Face coverings should be provided at no cost to the employee, among other recommended guidelines.
Continue Offering FFCRA Leave: While still available through March 31, 2021, FFCRA leave is no longer mandatory. With this said, employers that do offer voluntary FFCRA leave are eligible for a tax credit to cover costs related to employee time off.
Providing Guidance About Screening and Testing: Employers should follow state or local guidance and priorities for screening and testing in workplaces. Workplace testing can be arranged through the employer’s health provider or in coordination with the local or state health department.
OSHA Considering Emergency Temporary COVID-19 Standards for 2021 The executive order also mandates OSHA to determine the necessity of new emergency temporary safety standards for the workplace and implement and enforce these measures if applicable. New emergency standards are required to be issued by March 15, 2021.
There is a difference between OSHA guidance and emergency temporary standards. The former constitutes a set of recommended guidelines for employers while the latter includes rules that must be followed by employers—and is enforceable by OSHA. While not yet released, temporary, enforceable directives could include:
Requiring mask-wearing in the workplace; and
Making short-, medium-, and long-term changes to better protect employees on the job and ensure equity in enforcement.
What Else Should HR Know About New OSHA Requirements for Employers? The same executive order stated that it will launch a new national program to focus OSHA coronavirus enforcement efforts on violations that put the largest number of employees at serious risk. While little is known about the program at this time, the refocused enforcement initiative is likely to impact larger employers and industries on the frontline of the pandemic, including healthcare workers, food supply workers, and more.
HR professionals should stay on top of the two deadlines set by the Biden administration and adjust practices accordingly. As a reminder, these dates include:
New OSHA Guidance: Issued on Friday, Jan. 29, 2021
New Emergency Temporary Standards: By Monday, March 15, 2021
We will continue to share information as it becomes available and keep you informed.
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
Jeff Sanders, works with associations and companies throughout the state of Florida to meet their insurance and risk management service needs. Jeff and his team have a proactive style and hands on approach to providing insurance services to their clients. Not only is Jeff a commercial property and casualty specialist, he also holds a TRIP designation, is a member of the Community Association Institute (CAI), Hospitality Financial & Tech Professionals (HFTP) association, and Community Owners – Managers – Associates (COMA). Jeff is also a certified Continuing Education instructor for the community management and construction industries. Comments and questions are welcome at jsanders@gulfshoreinsurance.com
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
On Sunday, Dec. 27, 2020, President Donald Trump signed into law an emergency stimulus package designed to deliver approximately $900 billion in COVID-19-related aid. This bill was passed by Congress after months of negotiation, and was attached to a $1.4 trillion spending package that will keep the government open for the fiscal year. Notably, this bill provides funding for unemployment benefits, small businesses, direct economic payments to individuals, vaccine distribution and rental assistance.
Unemployment Benefits Funding and Extension The bill includes funding for unemployment benefits for out-of-work Americans. Specifically, this bill allows unemployed Americans to receive $300 per week in federal funding in addition to the existing unemployment aid they may be collecting from their state, if those state-level benefits have not already run out. The additional unemployment benefits and extensions included within this bill would provide aid for 11 weeks from their expiration at the end of December 2020 through at least March 14, 2021.
Initial COVID-19 relief for unemployment benefits was introduced by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was enacted on March 27, 2020. The CARES Act provided funding for states to waive any waiting week requirements for unemployment income (UI) benefits during the COVID-19 pandemic and to provide an additional $600 per week to all individuals receiving UI benefits for weeks of unemployment ending before July 31, 2020. President Trump signed a memorandum to extend a portion of unemployment wages after the initial $600 per week expired.
Additionally, the bill includes an extension of Pandemic Unemployment Assistance (PUA). PUA is a program that allows workers who are not traditionally eligible to receive unemployment benefits, including self-employed and gig workers, to do so. An 11-week extension in base benefits through this program is also included within the bill.
Aid for Businesses The bill includes approximately $325 billion in funding to the Small Business Administration (SBA) to assist U.S. businesses that have been affected by the COVID-19 pandemic.
Specifically, the bill allocates $284 billion in funding to replenish the Paycheck Protection Program (PPP), which provides forgivable small business loans to eligible applicants. Under the bill, certain firms that had already applied for, received and exhausted PPP funds will be eligible to apply for another PPP loan. To be eligible for a second PPP loan, a small business must have less than 300 employees and have sustained at least a 25% loss in revenue during any quarter of 2020 when compared to the same quarter in 2019. Additionally, small 501(c)(6) organizations with 150 or fewer employees that are not lobbying organizations would be eligible for a PPP loan with this round of funding.
The bill also provides the following with regard to the PPP:
Expansion of expenses eligible for loan forgiveness to include supplier costs and investment costs related to modifying facilities and obtaining personal protective equipment for safety
Simplified loan forgiveness process for businesses that have borrowed $150,000 or less in PPP loans
Confirmation that business expenses paid for with PPP loan funds are tax deductible
Businesses interested in applying for a PPP loan should contact their lender for more information.
The bill also directs $15 billion in funding for independent live-venue operators affected by COVID-19 and another $20 billion for small business grants.
Direct Economic Impact Payments The bill includes another round of economic impact payments—commonly referred to as stimulus checks. The CARES Act provided the first round of stimulus checks for eligible Americans. Under the CARES Act, tax filers with an adjusted gross income of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns were eligible to receive the full payment of $1,200 per individual or $2,400 per married couple. Parents were also eligible to receive $500 for each qualifying child.
The bill follows the same eligibility guidelines as the CARES Act, but the amount of the stimulus check is less this time around. Instead of being eligible for a $1,200 payment, qualifying taxpayers are eligible for a payment of $600 per individual or $1,200 per married couple. Parents will also be eligible to receive $600 for each qualifying child.
Other Provisions Included in the Bill The bipartisan bill provides funding for a variety of other issues, including:
U.S. Postal Service—$10 billion
Health Care Provider Relief Fund—$35 billion
COVID-19 Testing and Tracing and Vaccine Distribution—$69 billion
Transportation Industry Relief (Airlines, Airports, Buses, Transit and Amtrak)—$45 billion
Education—$82 billion
Housing Assistance (Rental)—$25 billion
Additionally, the bill extends the federal moratorium on evictions until the end of January 2021.
Another provision included in the bill is a ban on surprise medical bills—to help protect insured patients from large medical bills when they unknowingly receive out-of-network care. The bill also includes enhanced tax credits, including the employee retention tax credit for employers that keep employees on payroll and provide paid sick leave. Under the bill, the earned income tax credit and child tax credit would become available to those who lost wages or their jobs during the COVID-19 pandemic, and expand the low-income housing tax credit.
We will continue to share information as it becomes available and keep you informed.
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
Jeff Sanders, works with associations and companies throughout the state of Florida to meet their insurance and risk management service needs. Jeff and his team have a proactive style and hands on approach to providing insurance services to their clients. Not only is Jeff a commercial property and casualty specialist, he also holds a TRIP designation, is a member of the Community Association Institute (CAI), Hospitality Financial & Tech Professionals (HFTP) association, and Community Owners – Managers – Associates (COMA). Jeff is also a certified Continuing Education instructor for the community management and construction industries. Comments and questions are welcome at jsanders@gulfshoreinsurance.com
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
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The Paycheck Protection Program (PPP) was created in 2020 to provide financial assistance to businesses affected by the pandemic. The loans do not have to be paid back if a business complies with the program’s rules.
In response to one of many executive orders signed by President Biden, OSHA recently issued new COVID-19 workplace guidelines to keep employees safe during the pandemic. Find out what HR teams should know about this incoming set of regulations.
