Bayport-Blue Point Chamber of Commerce Webinar Updates 4/3/2020 * Health Insurance Coverage – All insurance companies are being told or offering a 90-day grace period on your monthly premiums. * Police Departments – Suffolk County wants all non-essential activity to be reported. They have also released “tech teams” of new police officers, who are responsible for enforcing the social distancing and non-essential workers who are still working. They ask that if anyone sees a gathering or business that shouldn’t be in operation right now to call 311. * Business Disaster Insurance update – New Jersey just approved the reversal of the insurance denials for their state. Governor Cuomo is looking at NYS reversal now. We should be hearing on this soon. This is very good news! To check status of your SBA EDIL loan call 1-800-659-2955 For businesses that haven’t already applied, please see below. Be sure you are using the latest application from link below, form name:” SBA Form 2483 (04/20).” Older applications will not be accepted. Interest rate changed from 0.50 % to 1.00% on the PPP loan. Any amount not forgiven is due in 2 years. If you have not done so, electronically submit a complete package with the supporting documentation to verify your payroll information in one email. Applications will not be accepted on a walk in basis. The document below should help you answer questions you have, I listed some pages numbers with titles to assist: https://www.sba.gov/…/default/files/2020-04/PPP--IFRN%20FIN… -Interim Final Ruling document from SBA website. See Page 8 for “how to calculate maximum I can borrow?” See page 10 – “What qualifies as Payroll cost” See Page 10 Item “G” – Is There anything that is expressly excluded from the definition of payroll costs” See page 13 – “Can my PPP Loan be Forgiven in whole or in Part?” · SBA is saying now it can take up to 5-weeks to receive this loan. · The PPP loans will most likely be our first monies to receive. · The 10,000 payroll grant will take 72 hours “once” they have received it.
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