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Work-life Balance Considerations Post Coronavirus   

The coronavirus pandemic has sparked one of the largest social experiments in history. Virtually overnight, businesses across the world have been forced to rethink how they operate. Decisions made during this uncertain period will resonate for years and may serve as the base for a new, remote lifestyle post-coronavirus. Employee work-life balance is especially important for employers to consider—namely, how old standards play into new working arrangements and how employers can help relieve potential employee burdens. Old Standards, New Problems The classic, white-collar 9-to-5 work shift has been around for decades—an employee works their eight hours a day, then goes home. This standard...

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May 22 – Client Call

Mark Jones is joined by Brian Taylor and John Lester of Atlantic Union Bank to discuss PPP loans and loan forgiveness. Brian, a Business Banking Market Manager, and John, a Commercial Banking Relationship Manager work closely with bank manager and retail leadership to support business owners. Together Mark, Brian and John shed light on what we know today of the PPP and expectations for the loan forgiveness process. View the playback here....

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Repayment Extension Granted by the SBA

Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith. Is it possible for a borrower to obtain an extension of the May 7, 2020 repayment date? Answer: SBA is extending the repayment date for...

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U.S. Small Business Administration (SBA) offering disaster assistance in response to COVID-19 

The Coronavirus Preparedness and Response Supplemental Appropriations Act (the Act) that passed on March 6, 2020 allows small businesses that have suffered substantial economic injury as a result of COVID-19 to apply for low-interest federal disaster loans through SBA. Small businesses and nonprofits can apply for working capital loans of up to $2 million.  The following are key details of the Act as it pertains to the low interest rate loans.  You can also learn more by visiting the COVID-19 disaster assistance page on SBA’s website.  State governors must first request access to the Economic Injury Disaster Loan program. Once the declaration is made, information on the application process for disaster loan assistance will...

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Coronavirus Bill Requiring Paid Employee Leave Signed Into Law, Tax Credits for Employers

On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (the Act) into law. The Act requires employers to provide paid leave for some employees related to the coronavirus (COVID-19) pandemic, among other measures and also provides for a series of tax credits to employers and self-employed individuals to help cover lost income due to the COVID-19 crisis. The Act takes effect no later than 15 days after it is signed by the president. Emergency Paid Sick Leave The Act requires two weeks of paid sick leave for government workers and employees of companies with fewer than 500 employees....

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Navigating Unemployment Claims Due to Office Closures Related to the Coronavirus

Per the Virginia Employment Commission: "If you are a worker who has been totally or partially separated from your job due to Coronavirus, please note that no claim for unemployment insurance may be filed or processed until an actual lay off from employment has occurred, or until there has been an actual reduction in hours. When filing your claim for unemployment benefits, please be sure to check the reason for separation as Lack of Work/Lay off.  If you will be filing because of a reduction in hours, you will not receive benefits unless your gross earnings are less than your weekly...

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Please be advised: SIMA Response to COVID-19

In response to COVID-19 we will be transitioning our team to a remote working policy for the foreseeable future. At this time a limited staff will remain at our office to provide essential operations. Our service to you as well as the health and safety of our team is our primary concern throughout this time. Our team has the technology and resources required to effectively work remotely and will continue to provide you the service you need. Our Accounting team plans to remain at the office until further guidance is provided by the Internal Revenue Service (IRS) on the possible extension...

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It’s Time! Tax Deadlines Looming!

2019 Tax Return Due Dates for Business Types Sole proprietorship and single-member LLC tax returns on Schedule C (with the owner's personal tax return): April 15, 2020. Partnership returns file a partnership tax return on Form 1065 with Schedule K-1 for each partner: March 16, 2020. Multiple-member LLC returns filing as partnerships file on Form 1065 for the partnership and give Schedule K-1 to each member: March 15, 2020. S corporation returns must be filed on Form 1120 S with Schedule K-1 for each member: March 15, 2020. For corporations (not S corporations) with a fiscal year endings other than...

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SAMPLE Pandemic Flu Leave Policy

In the event of a pandemic flu outbreak, as declared by management, in conjunction with the U.S. Centers for Disease Control and Prevention (CDC), the following Pandemic Flu Leave policy applies to all employees, including temporary and non-benefit eligible. This leave policy is above and beyond what is provided under the company’s Paid Time Off (PTO) and sick leave policies. Employees who qualify for Pandemic Flu Leave will not be required to use PTO or sick leave. Confirmed Infection Employees who are absent due to a confirmed pandemic flu infection will receive full pay for their normally scheduled work hours until a medical...

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