Tips

We have about 50 business owner members, and they have been discussing the crisis and figuring out the best way to handle the myriad issues that need to be resolved. Their thoughts and solutions are posted here, and include ideas that have come up in both Board Meetings and individual coaching sessions.
 
The SBA has released data on those companies that got PPP loans, and this data may be off interest as it contains some useful information about your competitors.
 
On March 19th, we had the first full Board meeting of this Board since the start of the pandemic, and employees and cash flow were top of mind. We spent the bulk of our meeting discussing these issues and how to be proactive in the way we move forward. The four questions posed to each member and the points that came out during the discussion are below.
 
A number of Long Island TAB Members have products and services that will help people with the things that they need to address during this current crisis. Others are developing items in response to needs they have seen. This section profiles those services, and if you are interested you should contact them directly. 
 
There are more programs available now for Government Loans, Grants, and Loan Forgiveness than ever before. There are also numerous online lenders, who are a more expensive but faster option. Businesses need to know what’s available and what is best for them, and this section will help you through this process.  
 
This contains a list of links to sites that you may find helpful – Government, Medical, News, and General Business. To make a central directory where you can look for any link you need, it will include all links, even if they are also referenced in more detail elsewhere on the site.
 
Officials have implemented stringent measures to help contain the spread of COVID-19, and New York State has issued the following regulation.
 
Every business owner needs to identify what they need to do to navigate this crisis and develop a set of action steps. TAB Corporate has created this very useful worksheet to guide you through all the different things you should think about and the specific actions you need to take.
 
This crisis has created a very difficult work environment for both management and employees. There are a number of new laws and directives, both at the Federal and Local level, and businesses must navigate carefully around them to make sure that they handle their staff  correctly, and take advantage of new programs that are available.
 
This section focuses on all aspects of PPP loans.  There are articles on general principles, forgiveness and considerations around these loans.
 
TAB member Peak Performance Printing are motivated to help businesses provide comfort and safety measures for both employees and customers in the process of reopening their businesses. 
 
Nassau County Executive Laura Curran announced a Personal Protective Equipment (PPE) Giveaway for Nassau Small Businesses. 
 
Imperial Cleaning Company performs cleaning services throughout the US. They have developed a cleaning process to eradicate Covid- 19 in any environment – office or residential. This service is essential if you need to disinfect a building or if you have multiple people using the same space.
 
There is a good deal of concern among borrowers about the pronouncements the Government has made since the original PPP loan instructions and guidelines were issued. This article addresses ways in which business owners can address those concerns by documenting their thoughts and analysis regarding the situation and outlook for their company.
 
TAB BOSS Webinar:
COVID-19 Legal Liabilities 5/21
 
Governor Cuomo has put in place Four Phases in which each region of the state will be allowed to reopen.  In order to start the reopening process, there are a set of metrics that have to be met, and guidelines for safety requirements that need to be adopted.
 
Corbett Public Relations specializes in Public Relations, with a particular expertise in the Long Island market. They are offering no-cost communications strategy sessions and on-demand support for those with limited resources for branding and PR……and both of these different services are important for LI companies in these challenging times.  
 
This tax credit against employment tax is designed to help employers who have seen a significant decline in business due to COVID- 19. It is a replacement for the Paycheck Protection Plan (PPP), and not an alternative.
 
The Alternative Board is a worldwide franchise operating in 17 countries, and the following is a series of the best resources TAB has identified to support owners and leaders of privately-held businesses to help work through the COVID-19 pandemic.
 
On 04/3/30/20 the IRS issued Notice 2020-32, ruling that otherwise allowable deductions for payroll, rent and the like that are used in determining the amount of a loan to be forgiven under the PPP Loan Program are deemed to be NON deductible.
 
This link is to a very good and timely recording of a TAB BOSS webinar “COVID-19 Legal Liabilities You Need to Know When Re-Opening Your Business.  The presenter, Katherine Witherspoon Fry, went through this in a very detailed and lucid fashion, and it is definitely something to watch.
 
Links to websites for guidance, information and resources regarding the worldwide pandemic.
 
Argonne Trust Company provides Trusts domiciled in the jurisdiction of South Dakota that offer protection while allowing the business owner to keep control. During economic instability like we are currently experiencing, the need to protect one’s assets is paramount, and this is an excellent and flexible vehicle. 
 
The many provisions of the CARES Act are very well summarized in this document from Merrill.  It does also summarize the Paycheck Protection Program (PPP) and Employee Retention Tax Credit, and both of these are covered in greater detail elsewhere in this section.
 
Working virtually creates some different communication challenges.  Below you will find tips about how to work effectively based on the behavioral style of the different people you are communicating with.
 
Accounting Firm JT Shulman and Co CPAs have provided the very helpful information reproduced below on the program by which Employers may defer the payment of their portion of Payroll Taxes.
 
These are notes from the TAB LI Town Hall Call on March 23rd, 2020 with Labor and Employment Attorney Glenn Franklin. The talk was ‘How to Navigate the Labor and Employment Climate Caused by Coronavirus’, and these notes provide a valuable summary of employment legislation and best practices for NYS businesses as of that date. 
 
The government loan programs will be crucial, but they may not be available quickly enough for companies that require immediate funding. The demand will be high, and the systems to provide funding will be under pressure. 
 
McKinsey is one of the premier consulting companies in the world, and their articles are always worth reading. This is intended to provide business leaders with a perspective on the evolving situation and the implications for their companies. It reflects their view as of March 30th 2020, and we will keep this updated regularly as the outbreak evolves.
 
This is a very interesting map and article describing the regional distribution of PP Loan approvals up to the point where the fund ran out of money. 
 
Peak Performance Printing's clients know it to be a highly creative printing company who can always be trusted to come up with a new approach. Peak Performance know that the client’s business comes first, and spend a lot of time understanding the business and the audience in order to assist with new and innovative ideas.
 
Links to websites offering the most up to date information about this rapidly evolving situation.
 
The intention behind this forgivable loan Program is to make it possible for businesses to keep on workers who would otherwise have to be furloughed, and such companies can receive up to eight weeks of cash-flow assistance.
 
One of the many things to think about during this crisis is business insurance and what may and may not apply. To follow is a very comprehensive article on commercial property coverage and Covid-19 that details the need for Business Income claims.
 
This program is designed for employers who expect to be able to keep about the same number of employees as they had before the pandemic. If you don’t think that this will be the case, then you may be better off applying under the Employee Tax Retention Credit program.
 
 This is an example of a Maximum Loan Calculation for the 12 month period of 2019.