We need your expert advice! The Fremont Recovery Task Force of the Fremont Chamber of Commerce is developing a library of very short videos that will answer questions that arise as we move forward in the recovery process. We invite you to read through these questions that have been asked during this ongoing pandemic. Email Cindy at cbonior@fremontbusiness.com if you see a question that you can answer and we help you film a short video to add to our Ask The Experts video library. We’re looking forward to hearing from you.
Below is a list of questions that are available to answer. If you can answer one or more and would like to record a short video answer, contact us! If you can think of a question that keeps getting asked, but is not on this list, let us know!
LOAN/GRANT FUNDING
1. What does a business have to do to gain forgiveness of the PPP monies? Are there steps to be followed?
2. Is there any recourse if a business is denied an SBA loan or an EIDL loan?
3. If a business receives a PPP loan, can it be invested into funding planned our employee 401k to maintain the funding as planned and the same run rate as last year?
4. As a sole proprietor on annual schedule C, what audit trail do I need to properly document for forgiveness of PPP since it is a shorter duration qualification time frame? For example, do I need monthly, quarterly or interim income statements and cash flow statements?
5. If I restructure my business to pivot efficiently and I create new jobs, how do I document my changes and still qualify for forgiveness?
6. If an employer can't get the FTEE back to prior levels what can they do, there are several exceptions to the rule and there is now an additional exception to meeting the FTEE rules to help those businesses that are not back up and open to full capacity or at all? What are the rules and what are the exceptions?
7. What happens if a business receives an EIDL grant of up to $10K and the PPP, the EIDL grant money is not forgivable and added to the loan portion of the PPP?
8. What can a business spend the EIDL money on if they also got the PPP?
9. Is the PPPL forgiveness taxable (depends on entity), are the expense paid with PPPL forgiven portion deductible?
10. Will an employer qualify automatically under the new Paycheck Protection Program Flexibly Act of 2020, all but the 2 year loan payback increased to 5 years the bank must approve existing loans and Sole proprietors, Partnerships and Partnership LLC are still tied to the 8 weeks for payroll replacement for the owners?
11. If I can't spend all the PPP money in the time allowed, can I bonus staff?
12. When should an employer apply for PPP forgiveness?
EMPLOYMENT LAW
1. What is the difference between furlough and laying off an employee? ANSWERED! See answer.
2. Is an employer required to bring back an employee after putting them on furlough?
3. Does an employee have to be brought back from furlough in the same position and salary?
4. What is the employer’s responsibility if an employee declines to return to work when offered? May they hire someone else to fill the position? How long must the employer wait to fill the position?
5. If my employee is on unemployment and doesn't want to come back to work for me, what is my responsibility and record keeping requirements?
6. What is the employer’s responsibility once the employee is given the option to work remotely? ANSWERED! See answer.
7. Does an employer bear any responsibility should an employee contract COVID-19? ANSWERED! See answer.
GENERAL
1. What is the norm now for interviewing employment candidates? Are interviews conducted remotely?
2. Advice for seeking employment during Shelter in Place?
3. What was/is your experience while preparing to open after Shelter in Place?
4. What must occur before you will bring back your employees to work in your office? Why?
5. How do you on-board employees in a remote working environment?
6. What have you found most successful in maintaining a team environment while your staff is working remotely?
FINANCE/TAX
1. With all the changes in income with EIDL Loans, PPP loans, grants and unemployment, what should businesses and individuals be aware when preparing to file 2020 taxes.
2. What are the benefits in outsourcing your bookkeeping versus hiring a bookkeeper as an employee? What should you consider prior to making the decision to outsource your bookkeeping?
3. What should you consider before choosing a financial advisor? What characteristics should you look for? What are the right questions to ask?
4. At what point should you start planning for retirement? When is it too late to start saving for retirement?
5. What tax law changes occurred in 2020 that people should be most aware of?
6. What is the difference between an audit and a review? Under what conditions should each be employed?
LEASING OFFICE SPACE
1. What do lessors consider the “sweet spot” for the length of a lease? What is most advantageous for leassors? What is most advantageous for leasees?
2. Define triple net in a lease? What are the alternatives?
3. When negotiating leasehold improvements, what is acceptable to ask for?
4. Is it acceptable for a leasee to sublet a portion of his/her office space? In the event of a sublease, what is the obligation to the leassor?
5. In the event a business can no longer afford the rent or must unexpectedly vacate a leased space, what is the best way to approach the leassor for forgiveness or concessions?
MARKETING/ADVERTISING
1. Is a defined marketing plan really necessary? What is the best way to develop a marketing plan?
2. Define guerrilla marketing? How does it differ from other forms of marketing?
3. What should a business consider before choosing an ad platform?
4. What is the best way to track success of your marketing?
5. What “old school” methods of marketing are still valid?
6. What are your best tips for a social media presence?
7. When should a business owner consider employing a marketing firm as opposed to the “DIY” approach?