cfm Distributors COVID-19 Updates & Resources

Go To Meeting link: https://transcripts.gotomeeting.com/#/s/a6f069f56a384b870295e1cbae353b7d2c9d8e8bcf3fa2457459170a146c63ab

(cfm Distributors is NOT a qualified expert in Government Programs, Law interpretation, Tax Law, Healthcare guidelines, COVID-19 or Business Liability. The information provided should be verified before use by your Management Team, Attorney, Accountant and Human Resources.)

Video Overview

• Make an outline of pandemic guidelines for your team
  • Create guidelines for team & customer interactions
    • Sample Pandemic Guideline
    • Communicate changes with business partners to keep your team safe
    • Determine your social distancing and paperwork handling process to reduce impact on your business.
  • Provide Education Resources to your team
    • CDC Info Guidance for Businesses to Plan and Respond to COVID-19
      • Review the menu on the left side for more good info from CDC
  • DIY Employee Facing Documents
  • Make sure to follow HIPPA laws on sharing personal COVID-19 health info
  • Info on Surface Survival of COVID-19 Here and Here.
  • ABC News COVID-19 Published Symptoms
  • OSHA COVID-19 Guidance
  • NY Times Stay-at-home-order US Map
    • Essential Business Template for Employees
• Communicate with Your customers and the market about changes you are making
  • How you have changed your business practices to protect customers (Sample Pandemic Guideline above)
  • Offer Services to customer to help solve their concerns around Virus mitigation. Products to Offer customers to mitigate Viruses
  • Create a Plan to Market the above (Current Google Changes)
    • Social Media is being used even more while people are at home
    • Outbound calling
    • Email
• Adjust your collection processes with customers where possible
  • Collecting Payment in a timely manner will become important.
    • Consider payment collection at job completion; and/or 50% upfront and 50% at completion.
  • As Consumers/Businesses become short on cash it is very important to offer Financing/Leasing Options
    • Educate sales team on Commercial Leasing Options
    • Educate sales team on Residential Financing Options
      • (New Programs becoming available)
• CAREs Act (APPLY ASAP for PPP Loan)
  • Overview of the CAREs Act Here
  • Get with Your Banker, Accountant and Tax Advisor to take advantage of Government Loans available with forgiveness NOW!
    • The new CAREs act approved SBA 7(a) loans; Paycheck Protection Program (PPP) that have a forgiveness portion that could give you money for operation and could help your business keep employees and support your company profit! Money is limited in this program, so please get your applications in ASAP to take advantage.
    • SBA PPP Website
    • SBA PPP Application-V3
      • Please Verify application details with your lender! They seem to vary from bank to bank; and are changing constantly.
    • SBA Interim Final Rule
    • PPP Borrower Information Fact Sheet
  • Consider Also applying for SBA Disaster Loans (EIDL)
    • Differences between EIDL and PPP- 7(a) loan and Another Another SBA Loan Comparison
  • Note the deferral of payroll taxes to improve short term Cashflow from CAREs Act (Please note; this may not be available if you use the PPP SBA Loan)
• Families First Coronavirus Response ACT (FFCRA) (DUE 4-1-20)
  • Determine if you can be exempt from this FMLA- Resources on FFCRA and document links below the video here.
    • Document the reasons for exemption in writing
    • If not exempt; post and communicate as required by law
      • Determine your company policy for payouts.
      • Setup payment processes to comply and get the credit from the government.
      • Determine your required to pay compensations hours for hourly employees and totals for your company
• Tax Changes
  • Federal Tax deadline has changed to July 15. IRS Tax Deadline Changes
  • There are changes in rules for Telehealth, FSA, HSA and HRA changes for items that now qualify as approved even on High Deductible Plans. CAREs Act- Telehealth-FSA-HSA-HRA Changes
  • Qualified Disaster Relief Accounts (QDR)
    • Pre-Tax Accounts Employers can setup to help their team with COVID-19 Expenses on a tax favored Basis. QDR Account Info
• Business Interruption Insurance
  • Check with your Insurance Provider to see if you can qualify. Most likely don’t qualify, but this may change over time with government intervention.

These are two essential work letter templates for contractors and their employees to customize and use during the stay-at-home and shelter-in-place orders. One is for use in the KC metro area and one is for use anywhere in the US.

Available below are three items that go together for contractors to learn how to administer a Spring a/c clean and check without having to enter the home, along with a brochure and a social media post to use to promote it.

Read the HARDI blog article here at https://blog.hardinet.org/federal-resources-for-businesses-affected-by-covid-19 over Federal Resources for Businesses Affected by COVID-19.