Sheltering-in-place for yourself and family brings on a whole new set of challenges. Along with the stress from the Covid-19 virus outbreak, contageous and mortality rate and uncertainty that this pandemic has brought us, we might find it difficult to maintain a healthy sense of well-beiing. 

California’s Surgeon General, Dr. Nadine Burke Harris and her team put together a Playbook for stress relief during these times.  A copy of this Playbook can be found HERE.  The Surgeon General also has developed a Playbook specific to stress relief for caregivers and children during COVID-19.  A copy of this Playbook can be found HERE.   

Additional information regarding managing stress can be found on the California Coronavirus (COVID-19) Response webpage: https://covid19.ca.gov/manage-stress-for-health/#top.

Finally, there are various hotlines and emotional health resources available to help support Californians on issues related to domestic violence, suicide, child abuse, and more: https://covid19.ca.gov/resources-for-emotional-support-and-well-being/#top.

Tuesday, April 7^th, at noon PDT, Governor Gavin Newsom held his daily briefing to provide a general update on the state’s response to the COVID-19 outbreak.  The briefing concluded at approximately 12:55 PM PDT.

Today, Newsom opened his remarks by quoting his mother’s mantra: “Stand guard at the door of your mind.”  His comments were focused on the secondary impacts of COVID-19 including mental health. 

Newsom was joined by Dr. Nadine Burke Harris, California’s Surgeon General, who has put together a Playbook for stress relief during these times.  A copy of this Playbook can be found HERE.  The Surgeon General also has a Playbook specific to stress relief for caregivers and kids during COVID-19.  A copy of this Playbook can be found HERE.   Additional information regarding managing stress can be found on the California Coronavirus (COVID-19) Response webpage.  Here is the direct link:  https://covid19.ca.gov/manage-stress-for-health/#top.

Newsom highlighted the various hotlines and emotional health resources available to help support Californians on issues related to domestic violence, suicide, child abuse, and more.  Here is the link to this information: https://covid19.ca.gov/resources-for-emotional-support-and-well-being/#top.

Consistent with past briefings, Newsom provided the latest COVID-19 hospitalization and intensive care unit (ICU) patient figures.   He has called these data sets the best gauge of the coronavirus rate absent universal testing.  The number of coronavirus hospitalizations is now 2,611.  The number of coronavirus patients in ICU beds is 1,108, 2.1% a  percent increase from the day before. 

On these numbers—Newsom said, "We are seeing a slow & steady increase, but it's moderate,'' because of "the actions that all of you have taken" in physical distancing.”  Further, the state's efforts to bend the curve are pushing California’s predicted peak in infections into the future, Newsom said.  A later peak will buy the state time to add the needed beds and resources, as well as additional personal protective equipment (PPE) to protect health care workers.

During the Q&A, Newsom was asked again about unemployment insurance (UI).  Thus far,  2.3 million Californians have filed UI claims.  The state has added more staff to handle those claims and the goal is to get those benefits out within three weeks, Newsom said.

On testing – Newsom said that the 25,000-a-day testing is a goal that is still a few weeks out.

On the state budget— Newsom stated that his team is working around-the-clock to get a new budget advanced with some economic stimulus strategies.

Yesterday, following Newsom’s daily briefing,  the Governor’s office issued a press release with the details of the state’s progress in securing additional beds to treat COVID-19 patients and relieve pressure on the health care delivery system.  California aims to add 50,000 beds to our existing hospital capacity of nearly 75,000 beds.  At least 60 percent of those additional beds, or 30,000, will come from within existing hospitals, and the state will secure the remaining beds, up to 20,000.  A copy of the Governor’s press release can be found HERE.

Also, on April 6^th, Insurance Commissioner Ricardo Lara issued a Notice to remind insurance companies, agents, and employers that California law requires the payment of workers’ compensation benefits to injured workers regardless of their immigration status.   A copy of the Department of Insurance press release can be found HERE.  A copy of the notice can be found here.

As of April 5^th, California Department of Public Health (CDPH) announced the most recent statistics on COVID-19 – there are a total of 14,336 positive cases and 343 deaths in California.  Also, as of April 4^th,  local health departments have reported 212 confirmed positive cases in health care workers.  Approximately 143,800 tests had been conducted in California.  At least 129,693 results have been received and another 14,100 are pending.  More information regarding the most recent COVID-19 statistics can be found HERE.

The Assembly Budget Committee also offered an updated memo addressing the following: “June 15^th Baseline Budget”; “August Revision” and “Deferring the Promises of 2020.”  A copy of the full update can be found HERE.

The https://www.covid19.ca.gov/ website is being updated continuously.  

Naomi Padron

Legislative Advocate

McHugh Koepke & Associates

1121 L Street, Suite 103

Sacramento, CA 95814

(916) 930-1993

www.mchughgr.com

This morning, and again at the briefing, Newsom announced that California will be loaning 500 state-owned ventilators to the Strategic National Stockpile inventory to help New York & other COVID-19 hotspots.  A copy of the Governor’s press release can be found here. 

During the Q&A, Newsom was asked whether he would pause the state’s next minimum wage increase, which is set to take effect in 2021.  Based on his response, Newsom is not yet ready to tackle this issue.  "Well, that’s January, and we’ll make a determination in real-time," he said.

On testing, Newsom said community surveillance and making sure California tests asymptomatic people is "critical in ultimately expanding our testing goals."

Over the weekend, Newsom announced the launch of a new website— covid19supplies.ca.gov.  The website will allow individuals and companies to donate, sell or offer to manufacture 13 of the most essential medical supplies, including ventilators, N95 respirators, and testing materials.  Newsom also announced the COVID-19 Testing Task Force, a public-private collaboration that will work with stakeholders across the state to quickly and significantly boost California’s testing capacity.  A copy of the Governor’s press release can be found here.

On April 4^th, Newsom issued an Executive Order (EO) that will facilitate child care for children of essential critical infrastructure workers by allowing the California Department of Education and California Department of Social Services the flexibility to waive certain programmatic and administrative requirements in response to the COVID-19 pandemic.  Additionally, the order states that the Department of Education and the Department of Social Services shall jointly develop and issue guidance on how the essential worker prioritization will roll out, as well as guidance on how child care programs and providers can safely provide care. This guidance will be issued no later than April 7^th.  A copy of the Governor’s press release can be found here.  A copy of the Governor’s executive order can be found here and the text can be found here.

Additionally, on Saturday, Newsom released a statement praising California counties for their pledge to use local authority to cancel penalties or charges for property tax non-payment related to COVID-19.   More information on the counties’ commitment can be found here.  A copy of the Governor’s press release can be found here.

As of April 4^th, California Department of Public Health (CDPH) announced the most recent statistics on COVID-19 – there are a total of 13,438 positive cases and 319 deaths in California.  Also, as of April 4^th,  local health departments have reported 197 confirmed positive cases in health care workers.  Approximately 131,500 tests had been conducted in California.  At least 116,563 results have been received and another 15,000 are pending.  More information regarding the most recent COVID-19 statistics can be found here.

The https://www.covid19.ca.gov/ website is being updated continuously.  

Naomi Padron

Legislative Advocate

McHugh Koepke & Associates

1121 L Street, Suite 103

Sacramento, CA 95814

(916) 930-1993

www.mchughgr.com

Friday afternoon, Senate President pro Tem Toni G. Atkins and Assembly Speaker Anthony Rendon announced that they will now call the Senate and Assembly back to the Capitol on May 4^th.  The released media advisory stated, “the date changes the previous target return date, April 13^th, under the guidance of public health officials who seek to minimize opportunities for COVID-19 infection.”  

Today, April 4^th, at noon PDT, Governor Gavin Newsom held his daily briefing to provide an update on the state’s response to the COVID-19 outbreak.  He opened by giving an update on testing.  California has tested 126,700 people thus far, which Newsom characterized as a low figure.  On testing problems in the state, Newsom said, "the testing space has been a challenging one for us and I own that." 

However,  Newsom continued by stating that  "a new day" has arrived on testing efforts as the state launches a new Task Force, led by private and public sector leaders, on the issue.  The Task Force will be co-chaired by state public health official Dr. Charity Dean and Blue Shield of California CEO Paul Markovich.  The goal is to increase testing by five-fold over the next few weeks.  It was additionally announced that Stanford has a new antibody test forthcoming that will also expand and speed up testing.

On medical supplies, Newsom promoted the web page – http://covid19supplies.ca.gov.  The site has a form where companies and manufacturers can describe the resources they have to contribute, either for donation or purchase, to support California’s response to COVID-19.

Newsom again provided the latest COVID-19 hospitalization and intensive care unit (ICU) patient figures.  The number of coronavirus hospitalizations is now 2,300.  The number of coronavirus patients in ICU beds is 1,008, a 10.9 percent increase from the day before.

With regards to California Health Corps, in less than a week, more than 79,000 health care professionals have applied. 

During the Q&A, Newsom was asked his healthcare budget requests, specifically his prescription drug overhaul, California Advancing and Innovating Medi-Cal (CalAIM) proposal, and the Office of Health Care Affordability.   In response, Newsom said health care will remain a top priority, but that he's “recalibrating” the health expenditures proposed in January in relation to the budgetary crisis that is beginning to manifest and the economic crisis that is self-evident.  Newsom said a total of  2.1 million Californians have applied for unemployment insurance (UI) benefits since March 12^th.

Asked if he expects there will be major sporting events in California this summer, Newsom said, "I’m not anticipating that happening."

Throughout the briefing, Newsom continued to encourage people to practice safe physical distancing and to comply with stay-at-home orders to bend the COVID-19 curve.  The briefing concluded at approximately 12:48 PM PDT.

On Friday, April 3^rd, Newsom issued an Executive Order (EO) expanding consumer protection against price gouging.  The order generally prohibits sellers of any kind from increasing prices on food, consumer goods, medical or emergency supplies, and certain other items by more than 10 percent.  The order also gives additional tools to the California Department of Justice and the Attorney General’s Office, among others, to take action against price gougers.  A copy of the Governor’s press release can be found here.   A copy of the EO can be found here, and the text of the order can be found here.

Additionally, Newsom issued another EO to expand telehealth services.   The order relaxes certain state privacy and security laws for medical providers, so they can provide telehealth services without the risk of being penalized.  A copy of the Governor’s press release can be found here.   A copy of the Governor’s executive order can be found here, and the text of the order can be found here.

Yesterday, Insurance Commissioner Ricardo Lara issued a Notice instructing all insurance companies to stop enforcing policy or statutory deadlines on policyholders for claims or coverage until 90 days after the statewide “state of emergency” or any other “state of emergency” has ended related to COVID-19.    A  copy of the Insurance Commissioner’s press release can be found here.  A copy of the Notice can be found here.

As of April 2^nd, California Department of Public Health (CDPH) announced the most recent statistics on COVID-19 – there are a total of 10,701 positive cases and 237 deaths in California.  Also, as of April 1^st,  local health departments have reported 156 confirmed positive cases in health care workers.  More information regarding the most recent COVID-19 statistics can be found here.

The https://www.covid19.ca.gov/ website is being updated continuously. 

Naomi Padron

Legislative Advocate

McHugh Koepke & Associates

1121 L Street, Suite 103

Sacramento, CA 95814

(916) 930-1993

www.mchughgr.com

Although this does not specifically mention prices for self storage, it is a reminder that California has a specific price gouging statue that extends to all prices during emergencies. 

See earlier posts on this Coronavirus Information section for price gouging information.

FOR IMMEDIATE RELEASE: Contact: Governor's Press Office Friday, April 3, 2020 (916) 445-4571 Governor Newsom Issues Executive Order to Protect Consumers from Price Gouging   Order comes in response to COVID-19 pandemic to limit price increases from sellers on critical items, such as food and medical supplies SACRAMENTO – Governor Gavin Newsom today signed an executive order expanding consumer protection against price gouging as California continues to respond to the COVID-19 pandemic. The order generally prohibits sellers of any kind from increasing prices on food, consumer goods, medical or emergency supplies, and certain other items by more than 10 percent. The order also gives additional tools to the California Department of Justice and Attorney General’s Office, among others, to take action against price gougers. “This crisis has impacted every Californian and our normal way of life, and we are ensuring that all consumers are able to purchase what they need, at a fair price,” said Governor Newsom. A copy of the Governor’s executive order can be found here, and the text of the order can be found here. Learn more about the state’s ongoing COVID-19 response efforts here. Visit covid19.ca.gov for critical steps Californians can take to stay healthy, and resources available to those impacted by the outbreak. ###

Media Advisory

                        Legislative Leaders Move Session Return Date                               

SACRAMENTO- Senate President pro Tem Toni G. Atkins and Assembly Speaker Anthony Rendon announced today that they will now call the Senate and Assembly back to the Capitol May 4, 2020. 

The date changes the previous target return date, April 13, under the guidance of public health officials who seek to minimize opportunities for COVID-19 infection.  

“Our priority continues to be bending the curve of infection,” the leaders said in a joint statement. “We must continue to support the efforts of our first responders and health care personnel.”

Atkins and Rendon will continue to work in tandem with Governor Newsom to ensure effective deployment of state resources. 

Friday, April 3^rd, it was reported that the California Legislature will delay its return beyond April 13^th due to coronavirus.  Previously, on March 16^th, the Senate and the Assembly had both voted on ACR 189 which provided that the Legislature shall be in joint recess from March 20^th until April 13^th.  However, the resolution specifies, “The Legislature may extend the joint recess by joint proclamation of the President pro Tempore of the Senate and the Speaker of the Assembly.”  Further, the resolution states, “If the Governor or the Governor’s designee declares that continued home isolation is, or similar preventative measures are, necessary to address the current state of emergency, the joint recess shall be extended until the Legislature recalls itself from the joint recess.”

Today, Senate President Pro Tem Toni Atkins confirmed that the April 13^th date on the legislative calendar is not tenable.  “Given what the governor and our public health officials have stated, it has become increasingly clear that the April 13 return date the Legislature envisioned isn’t feasible,” Atkins told Voice of San Diego in a statement.  “Our top priority has to remain helping flatten the COVID-19 transmission curve to prevent our health care systems from being overwhelmed. I will continue working with Speaker [Anthony] Rendon on a bicameral path forward, and I hope that in short order we will be conducting our business in a way that ensures the public’s participation and protects the public’s health.”  A link to the news story can be found here.   Notably, two legislative deadlines — passing a budget by June 15^th and passing bills by August 31^st — are constitutional and functionally immovable, but other deadlines are more flexible.

At noon PDT, Governor Gavin Newsom held his daily briefing event outside in the Sacramento area to provide an update on the state’s response to the COVID-19 outbreak.  He also provided an update on the state's emergency actions to protect Californians experiencing homelessness from COVID-19.   Sacramento Mayor Darrell Steinberg, who serves as head of the Homelessness Task Force, also spoke during the briefing.   The press conference concluded at approximately 12:40 PM today.

 

Newsom focused his opening remarks on homelessness, saying that with the help of FEMA (Federal Emergency Management Agency) 6,877  hotel rooms have now been secured with the goal of 15,000 units total for phase one.  FEMA is providing 75 percent reimbursement of the hotel costs, a "first in the nation" effort.  However, he stated those who are housed must be COVID-19 positive, exposed, or "high risk" to the virus.  Currently, 869 people are in hotels.  Newsom also stated that $800 million in grants were awarded to local efforts on homelessness, most of that funding coming from last year's state budget agreement.   However, the Governor is still getting criticism from homeless advocates that these efforts do not go far enough.  A copy of the Governor’s office news release detailing the efforts to protect homeless individuals can be found here.

Newsom again provided the latest COVID-19 hospitalization and intensive care unit (ICU) patient figures.  The number of coronavirus hospitalizations is now 2,188.  The number of coronavirus patients in ICU beds is 901, a 10.4 percent increase from the day before.

Tomorrow, Newsom said he will announce testing protocol guidelines and strategies.  On Monday, Newsom intends to lay out all the physical assets procured in the state's surge capacity efforts.

With regards to California Health Corps, after just four days, more than 75,000 health care professionals have applied.  When asked, Newsom said these individuals will be paid through a mix of state, federal and hospital funds.

During the Q&A, Newsom was also asked about California’s COVID-19 modeling.  He said California will likely hit its peak in "first few weeks of May," though declined to give an exact date.  Newsom said each day is “dynamic” and hopes that the later date will allow the state to procure needed beds, ventilators, and personal protective equipment (PPE) material in anticipation of that apex.

In terms of who is paying companies and individuals donating or providing medical and relief resources, Newsom said each situation is different.  The state has a form that is being used where companies can describe the resources they have to contribute, either for donation or purchase, to support California’s response to COVID-19.  The form can be found here.

Newsom concluded his initial remarks by urging Californians to continue staying home and practicing safe physical distancing.  He also said a myriad of other efforts are currently underway.

On Monday, April 2^nd, Newsom issued an Executive Order (EO) restricting water shutoffs to homes and small businesses while the state responds to the COVID-19 pandemic.  A copy of the Governor’s news release can be found here.  A copy of the Governor’s executive order can be found here, and the text of the order can be found here.

Also, following yesterday’s small business announcements, the Governor’s office issued a news release regarding the series of new resources to aid small businesses and help California workers who have lost work due to COVID-19.  A copy of the Governor’s press release can be found here.

Additionally, the California Public Utilities Commission (CPUC) announced actions it is taking to accelerate the use of its programs to help reduce the impact of anticipated higher energy bills due to many Californians staying at home in response to the COVID-19 pandemic.  A copy of the CPUC news release can be found here.  For a list of consumer protection provisions utilities are enacting in response to the COVID-19 pandemic, the CPUC recommends visiting the following web page: www.cpuc.ca.gov/covid19protections.

The California State Board of Education, California Department of Education, California State University, University of California, California Community Colleges, and the Association of Independent California Colleges and Universities issued, on April 2^nd, a joint statement on college admissions and placement agreements.  A copy of the joint statement can be found here.

As of April 2^nd, California Department of Public Health (CDPH) announced the most recent statistics on COVID-19 – there are a total of 10,701 positive cases and 237 deaths in California.  Also, as of April 1^st,  local health departments have reported 156 confirmed positive cases in health care workers.  Approximately 94,800 tests had been conducted in California.  At least 35,267 results have been received and another 59,500 are pending.  More information regarding the most recent COVID-19 statistics can be found here.

As a reminder, the https://www.covid19.ca.gov/ website is being updated continuously.  

Naomi Padron

Legislative Advocate

McHugh Koepke & Associates

1121 L Street, Suite 103

Sacramento, CA 95814

(916) 930-1993

www.mchughgr.com

From:

Receive Tax Credits with Proper FFCRA Documentation

Employers are trying to figure out how to comply with new emergency leave laws right away. The emergency paid sick leave (EPSL) and emergency family medical leave (EFLMLA), under the Families First Coronavirus Response Act (FFCRA) both went into effect on April 1, 2020. Read more >>

Saving Jobs Through a Work Share Plan

The entire world is vigilant as COVID-19 enters the workforce, and many businesses will be forced to make difficult decisions to reduce their workforce. California has offered employers experiencing a temporary slowdown the opportunity to enroll in a Work Share Program, potentially saving many jobs. Read more >>

Families First Coronavirus Response Act

Last evening, the federal government approved the Families First Coronavirus Response Act. The new law takes effect "no later than" 15 days from the date of its enactment which is April 1 and ends on December 31, 2020. Read more >>

MORE COVID-19 FACT SHEETS AND FAQS >> Information is changing rapidly and we are doing our best to keep all information up-to-date as quickly as possible. Please also check state and federal government websites for the most recent information.

Thursday, April 2^nd, Governor Gavin Newsom held his daily, hour-long, briefing at noon PDT to provide an update on the state’s response to the COVID-19 outbreak.  He also announced assistance available for small businesses and workers impacted by the crisis.  

Today, Newsom began his remarks with a look at the economy saying – "The economic consequences are profound."  Since March 12^th, more than 1.9 million Californians have filed for unemployment insurance (UI) benefits.  The state has averaged 111,000 UI claims a day for the last week.

Specific to small business, Newsom said California is providing broad assistance to small businesses and employers impacted by COVID-19.  During his briefing,  he went over the following items:

• Small business interest free deferral of sales/use tax up to $50,000 for businesses with less than $5 million in taxable sales.
• Federal small business stimulus programs:
• • Economic Injury Disaster Loan Advance
  • Paycheck Protection Program
  • Small Business Debt Relief
• 90-day extension on all businesses filing a return for less than $1 million in taxes
• California Small Business Loan Guarantee Program (via IBank) $50 million in state funding, providing potential capital for individuals who do not qualify for federal funds.

To see a list of all the assistance available, Newsom directed individuals to visit the Governor’s Office of Business and Economic Development website and for information on tax relief,  he has said to visit the California Department of Tax and Fee Administration website.

Newsom also announced that a Central Valley company, Bitwise Industries, along with Salesforce, LinkedIn and others,  has created a web page –https://onwardca.org/– to match people with open job listings throughout the state, using a questionnaire that considers wage preference and skill set, etc.

Newsom again provided the latest COVID-19 hospitalization and intensive care unit (ICU) patient figures.  He noted that California ICU and hospitalization numbers "are not growing as significantly as you're seeing in other parts of the country."  The number of coronavirus hospitalizations is now 1,922.  The number of coronavirus patients in ICU beds is 816, a 5.4 percent increase from the day before.

With regards to California Health Corps, Newsom said that the response continues to be overwhelming.  Thus far, after just three days, more than 70,000 health care professionals have applied. 

During the Q&A, Newsom was asked about construction.  He said his Administration has been having "long conversations" with the State Building and Construction Trade Council of California, and specifically their President Robbie Hunter, about building safely under COVID-19 guidelines.  While some cities have halted construction, Newsom said as of now he is not planning a statewide shutdown.

On face coverings,  Newsom said wearing masks in public pales in comparison to staying home.   If people want to wear face coverings, "that's a good thing," but no mandates.

Tomorrow, Newsom plans to make additional announcements on homelessness and the ongoing efforts to get people off the streets.

In terms of the State Budget, Newsom reiterated that the proposed January budget is “no longer operable.”

Newsom promised to release data on community surveillance testing soon, in which groups of asymptomatic people have been tested to determine the full extent of virus spread in some communities.

The briefing concluded with Newsom by taking a moment to thank law enforcement.

On Monday, April 1^st, Newsom issued an Executive Order (EO) providing for expedited resources for COVID-19 response.   Of note, the Governor’s news release stated that “most of the state’s expenditures associated with the COVID-19 response are expected to be largely reimbursed by the federal government.”  A copy of the news release can be found here.  A copy of the executive order can be found here, and the text of the order can be found here.

Newsom further announced a major agreement between teachers, classified employees, school boards, superintendents, and principals to work together to provide distance learning to California’s students as a result of school closures due to mitigation efforts against the COVID-19 outbreak.  A copy of the news release can be found here.  The framework for student instruction can be found here.

State Superintendent of Public Instruction Tony Thurmond additionally announced that the California Department of Education (CDE) and the California State Board of Education (SBE) have issued new guidance on graduation requirements and grading for seniors.  A copy of the news release can be found here.  Please find the grades and graduation guidance document here as well as more school information and resources regarding coronavirus on the CDE’s COVID-19 web page. 

Also, yesterday, the California Department of Public Health (CDPH) issued “Face Covering Guidance” for the general public.  A copy of the guidance can be found here.  A copy of the news release can be found here.

As of March 31^st, California Department of Public Health (CDPH) announced the most recent statistics on COVID-19 – there are a total of 8,155 positive cases and 171 deaths in California.  Also, as of March 31, local health departments have reported 127 confirmed positive cases in health care workers.  Approximately 90,100+ tests have been conducted in the state.  At least 31,038 results have been received and another 59,100 are pending.  More information regarding the most recent COVID-19 statistics can be found here.

Also, as a reminder, the https://www.covid19.ca.gov/ website is being updated continuously.  

Naomi Padron

Legislative Advocate

McHugh Koepke & Associates

1121 L Street, Suite 103

Sacramento, CA 95814

(916) 930-1993

www.mchughgr.com

The Paycheck Protection Program (PPP) is part of the CARES Act recently signed into law. It provides approx $350 billion in aid to small business in an effort to keep people employed and keep businesses open. This is a forgivable loan (grant) if proceeds are used for eligible purposes.

Qualification & Overview of PPP:

• 100% government guaranteed
• Businesses with 500 or less employees (some exceptions apply, see link in borrower fact sheet)
• Eligible businesses include sole proprietorships, independent contractors, self-employed, non-profits, veteran’s organizations, and Tribal businesses
• Non-recourse as long as proceeds are used for eligible purposes
• No SBA fee
• No credit elsewhere needed
• No prepayment penalty

Details - Paycheck Protection Program (PPP) 

• Eligible uses: Payroll costs, employee salaries, mortgage interest, rent, utilities,  
• Loan Amount: 2.5x average monthly payroll costs capped at $10mm
• Term & Rate: 6 months no payments, then converted to a 10 year fully amortizing loan at 4%
• Debt forgiveness: up to 100% cancelled indebtedness
• All SBA lenders (along with a few others) have been approved to make these loans. It will be a borrower self-certification on the front and back end to apply and get debt forgiveness. The lender verifies the info.

Definitions & Clarification

• Monthly payroll expense includes salary, wages, commission (including tips), vacation pay, parental, family, medical, sick leave, health care benefits, insurance premiums, retirement benefits, employee tax
• Payroll costs are capped at $100k for each employee on an annualized basis
• Any employee living outside of the US is ineligible
• Average total monthly eligible expenses will be based on the previous 12 month rolling period
• Seasonal businesses will be based on the period of 2/15/19 to 6/30/19
• Loan submission to be determined but Borrower must provide Good Faith Certification that current economic conditions makes the loan necessary to continue operations and will be used to retain workers, make mortgage payments, rent, utilities, etc
• Debt forgiveness will be granted to borrowers which properly use proceeds for eligible expenses which are payroll costs (outlined above), interest on any mortgage obligation (not principal or prepay penalties), rent, utilities, interest on business loan obligations that exist at the time of application
• Verification will be determined by cancelled checks, payment receipts, etc as well as a certification form from an applicant rep such as the corp secretary, CFO, CPA, etc

When to apply:

• Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
• Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Important links: 

• Coronavirus Emergency Loan Guide and Checklist
• Borrower fact sheet
• Paycheck Protection Program application 

Thousands of applications are expected so apply early. If you need assistance, contact your banker or financial lender/consultant - they may be willing to assist you in applying.