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April 1st and 2nd, 2020
COVID-19 News & Updates
As you know, the Coronavirus is having an impact on business and society. Our thoughts and prayers are with all those impacted by the situation. We will be providing daily and weekly updates about COVID-19 to you. We hope that you find these interesting and informative.

Paycheck Protection Program Loan Information

The CARES Act provides a solution that will help small businesses keep workers on the payroll. The CARES Act’s Paycheck Protection Program (“PPP”) provides significant financial incentives for small businesses to hold on to current employees and to bring back employees who have been laid off or furloughed, even before their business is fully back up to speed. 

Key Points:
  • Only for small businesses under 500
  • Keep your Employees and don't reduce Payroll for the full forgiveness or rehire quickly and minimize payroll reductions to be eligible
  • Your Local bank is the best place to start with this
  • Click here for free template to track your expenses that may be eligible for forgiveness. Ie rent, utilities, employee insurance benefits, etc
  • 100% government backed loan up to 2 1/2 times average monthly payroll
  • Starting April 3rd, 2020, small businesses and sole proprietorships can apply

More details to come on this loan tomorrow and/or Monday.

Arkansas Businesses Should Prepare Now to Apply for Federal Aid

Businesses can begin preparing now to apply for assistance under the federal rescue package signed last week by President Trump, but it will be about two weeks before they can turn in their paperwork, Arkansas bankers and government officials said.
Trump signed  the $2.2 trillion Coronavirus Aid, Relief & Economic Security (CARES) Act on Friday. The unprecedented aid package offers relief to individuals and businesses rocked by the COVID-19 pandemic.
That includes loans, grants and tax breaks to big and small businesses. It will also send billions to the nation's health care system, along with states and local governments. Arkansas’ share  amounts to $1.25 billion .
But it will take about 15 days for the U.S. Small Business Administration to develop guidance for administering some elements of the package. That includes a forgivable loan program called Paycheck Protection, which would encourage businesses with fewer than 500 employees to retain workers and maintain wages. Businesses will apply for the loans through their banks.

Businesses can borrow up to 2.5 times their average monthly payroll cost, Glasgow said. The forgiveness amount is based on the amount of payroll, health care benefits, salaries, rent, utilities and mortgage interest spent in the eight weeks after the loan is received, he said.
There’s a grace period to bring people back and restore their pay for businesses that have already furloughed or laid off employees, he said. Under that period, businesses will have until June 30 to rehire employees or restore their pay and not have either count against their loan forgiveness.

In all, White said it could be two months before businesses see Paycheck Protection Program money to cover payroll, rent and other expenses.
Glasgow, Haddock and White all said businesses should start collecting the detailed financials they’ll need for the application process. Businesses should also know what their run rate — or burn rate — is during the pandemic and understand what their overhead is, Haddock said. He also suggests  signing up for emailed updates from the SBA .
Glasgow said businesses need to be thinking about their record-keeping practices as well, because they will have to show how they spent the Paycheck Protection Program loan money. “They're going to have to be able to go back to the bank later and show them that they spent the money on the expenses that are eligible for the forgiveness,” he said.

Common Questions and Answers for Workers Regarding the Unemployment Insurance Program and the Impact of the COVID-19 Pandemic for ARKANSAS

  • Q: How do I file for a claim unemployment benefits? 
  • Q: The business where I work has temporarily closed due to the COVID-19 Pandemic. Can I file a claim for unemployment insurance benefits? 
  • Q: I am self-employed (electrician, plumber, construction, etc.) Can I still file a claim for unemployment insurance benefits? 

CDC Cleaning and Disinfection for Community Facilities

Cleaning and Disinfection After Persons Suspected/Confirmed to Have COVID-19
Have Been in the Facility
Timing and location of cleaning and disinfection of surfaces
  • At a school, daycare center, office, or other facility that does not house people overnight:
  •  Close off areas visited by the ill persons. Open outside doors and windows and use ventilating fans to increase air circulation in the area. Wait 24 hours or as long as practical before beginning cleaning and disinfection.
  • Cleaning staff should clean and disinfect all areas such as offices, bathrooms, common areas, shared electronic equipment like tablets, touch screens, keyboards, remote controls, and ATM machines used by the ill persons, focusing especially on frequently touched surfaces.
  • At a facility that does house people overnight:
  • Follow Interim Guidance for US Institutions of Higher Education on working with state and local health officials to isolate ill persons and provide temporary housing as needed.
  • Close off areas visited by the ill persons. Open outside doors and windows and use ventilating fans to increase air circulation in the area. Wait 24 hours or as long as practical before beginning cleaning and disinfection.
  • In areas where ill persons are being housed in isolation, follow Interim Guidance for Environmental Cleaning and Disinfection for U.S. Households with Suspected or Confirmed Coronavirus Disease 2019. This includes focusing on cleaning and disinfecting common areas where staff/others providing services may come into contact with ill persons but reducing cleaning and disinfection of bedrooms/bathrooms used by ill persons to as-needed.
  • In areas where ill persons have visited or used, continue routine cleaning and disinfection as in this guidance.

  • Hard (Non-porous) Surfaces
  • Soft (Porous) Surfaces
  • Electronics
  • Linens, Clothing, and Other Items That Go in the Laundry

On behalf of all of our team, please know that we are here for you and that we will continue to do everything we can to support you during this time. Please do not hesitate to let us know if there is anything you need! 

The Hatcher Agency