Try Focusing on Work! Wait – What??!
Congratulations to all of us who are living through history. It’s exhausting, isn’t it?
Are you having as difficult of a time focusing on work as I am? I mean, sure…this novel coronavirus comes along, and we learn all about PPE, symptoms, how much our neighbors love toilet paper; we try to buy masks (sold out) and a thermometer (sold out) and we watch how many videos about how to wash our hands. OK, we’ve got this. It’s a once in a century event. We’ll be careful, but we’ve got this. We miss hugging people, but we’ve got this. 1 in 4 of us are unemployed, but we’ve got this.
During this turbulent time, the President announces that voting by mail is fraudulent, issues an executive order to regulate social media companies, suggests that a former congressman is likely a murderer, and fires five inspectors general. So, you know, super reassuring.
Amidst the fear and grief are nonstop pictures of kindness and beauty. Americans buy groceries for their elderly neighbors. People offer health care workers support in a million little ways and honor them like never before. Everyone learns how to sew masks to donate. Teachers organize caravans of honks and waves to tell their students how much they miss them.
As if we had bandwidth for more, George Floyd’s murder by a Minneapolis police officer is recorded and shared with the world. We all witness the 8 minutes and 46 seconds of a man pleading that he couldn’t breathe and finally, calling for his mama as he died. It stuns us and makes us feel shamed, angry, hopeless.
Again, amidst our darkest moment of grief and anger, some protests start. In Minneapolis, in a few nearby states, wait, wow, quite a few states, wait, EVERY STATE in the country, wait, the entire world? We all came together and got to experience one of the most beautiful moments in history. More importantly, We The People collectively bear witness and we listen and we learn. We The People get just a little closer to our humanity, just a tiny bit closer to the best of us.
I feel like I have whiplash, THESE WERE OUR LAST 90 DAYS! We’ve lived through terrible luck, terrible incompetence, terrible tragedy. And then, followed immediately by nonstop reminders of how good we can be and our amazing capacity to take care of each other. It happens with everything, by the way. It feels big right now because these events are indeed BIG. But even little bad things are always followed by a good thing. Start paying attention - you will notice.
So anyway, what was I talking about? Oh right. Are you also having a tough time focusing on work?
Thank you to all our customers and our Friends of the Firm. I’m so glad we are going through these times with you. As always, please contact us if we can be of any assistance.
CEO, Fine Point Consulting
PPP Loan Forgiveness Depends on Accurate Reporting and Recordkeeping
The Paycheck Protection Program (PPP), a provision of the CARES Act, offers forgivable low-interest loans to small businesses (under 500 employees) facing the COVID-19 pandemic, and the uncertainty brought on by the crisis. The SBA manages the program, which is intended to assist companies with retaining their employees, maintaining payroll, and covering other (specified) existing overhead costs.
One of the biggest concerns businesses have about the loan is whether it will be forgiven or not. There are a few basic stipulations for the PPP loan to qualify for forgiveness. At least 75% of the loaned amount must be demonstrably used for payroll. Also, if the same level of employees are kept on the payroll for the eight week period, and the remaining (up to 25%) is spent on rent, mortgage interest, or utilities, the SBA will forgive the loan.