Author: Joe Jackson

Employer FAQs On Paycheck Protection Loans

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Employer FAQs On Paycheck Protection Loans

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The Coronavirus Aid, Relief and Economic Security (CARES) Act provides much-needed economic relief to businesses impacted by the COVID-19 crisis. However, this much-needed relief comes with great confusion, particularly for small businesses aiming to take advantage of the Paycheck Protection Program (PPP). While the Small Business Administration (SBA) has revised its sample PPP loan application, issued Interim Final Rules, Supplemental Interim Final Rules (which largely addressed the SBA’s complicated Affiliation Rules), and FAQs for borrowers, employers still may have many questions.

 

What do small businesses need to know if they are still unsure about the process? What if a small business already applied for a PPP loan under old SBA guidance? Fisher Phillips’ SBA Loan team answers the most commonly asked questions.

 

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The Franklin Partnership FAQ on the Paycheck Protection Plan

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 The Franklin Partnership FAQ on the Paycheck Protection Plan

 

Franklin Partnership

On Friday, April 3, 2020, lenders across the country could begin approving Small Business Administration Paycheck Protection Program loans (PPP) to businesses with 500 or fewer employees. Lenders can accept and award loans through June 30, 2020. Please note, lenders are overwhelmed and just beginning to receive guidance from the Federal Government on how to proceed and process loans,
making delays and confusion likely.

 

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Business Loan Program Temporary Changes; Paycheck Protection Program Requirements – Loan Forgiveness

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Business Loan Program Temporary Changes; Paycheck Protection Program Requirements – Loan Forgiveness

 

On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule announcing the implementation of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act temporarily adds a new program, titled the “Paycheck Protection Program,” to the SBA’s 7(a) Loan Program. The CARES Act also provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program (PPP). The PPP is intended to provide economic relief to
small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19).

 

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PMPA Business Trends March 2020

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PMPA Business Trends March 2020

 

“Unexpectedly Positive First Quarter, Despite Unseasonal March”

 

With 79 companies responding, the PMPA Business Trends Index for March fell to 129, a drop of only four points or 3% from February, down 12.2% from March 2019, and down 7% from the March five year average. Who expected this strong of a performance in March?

 

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U.S. Chamber Of Commerce Coronavirus Emergency Loans Small Business Guide & Checklist

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U.S. Chamber Of Commerce Coronavirus Emergency Loans Small Business Guide & Checklist

 

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.

 

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ITR Economic Report – February 2020

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ITR Economic Report – February 2020

 

Five of the seven leading indicators that PMPA follows are in either slowing growth or recession mode at the current time. Two of our key market indicators are in accelerating growth.

Looking at the current situation of broad weakness in the markets we serve, it is easy to have a negative outlook. We recall that it is always darkest before the dawn.

This report shares several indicators that foretell positive development in our markets in the coming year.  What happens when our markets do recover? Were you held back in 2018 and 2019 by lack of capacity? Will that be your fate again when the orders return? Put today to highest and best use to prepare for the sales recovery that is indicated. Train your team. Improve your process. Edit your customer list.  Low interest rates suggest that now may be the time to buy what you need to optimize your operations for the higher sales that are just ahead.

 

The Institute for Trend Research (ITR) quarterly reports focus on major areas of economic growth and decline in key market segments for the Precision Machined Products Industry. They are provided to PMPA members as part of the association’s overall business intelligence program and are used as a management tool to help PMPA members plan for what lies ahead and which markets they should focus on in a complex manufacturing environment. 

 

 

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PMPA Business Trends January 2020

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PMPA Business Trends January 2020

 

“January Sales Rebound- Positive 3 Months Ahead”

 

With 81 companies responding, the PMPA Business Trends Index for January 2020 rebounded to 139, up 26% over December 2019. Down just 2% from January 2019’s record of 142, up 3% over January 2018, and up 7.8% over the fiveyear average for the January index. This is a repeat of last January’s strong performance, and should help you understand that the sluggish performance in the last quarter of 2019 was due to seasonal factors, as well as to assignable causes in our largest markets served- the UAW strike at GM and the ongoing issues at Boeing. (The Boeing story remains on the front page of the Wall Street Journal- Boeing Plans More Relief for Suppliers- February 24, 2020). NO RECESSION IN PRECISION MACHINING! (only two consecutive months of declines.)

 

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PMPA Business Trends December 2019

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PMPA Business Trends December 2019

 

“It was a better year than you think. Balanced expectations going into 2020.”

 

Despite the drop in shipments in the last two months of the year, calendar year 2019 finished at 133, one point off last year’s calendar year final, and up nearly 10 points or 7.8 percent over the average of the last five years 2014-2018. December came in at 110, up 3.4 points and 3.2 percent over the five- year average for the month of December. The 3-month moving average of this sales index is clearly moving away from the 12-month moving average- welcome to Q4 seasonality. Despite the low shipments in Q4, we ended the year essentially even with last year.

 

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