MAFSI'S RESPONSE TO COVID-19

COVID-19 has created unprecedented challenges for MAFSI members, their customers and the public-at-large across North America. Firstly, the health and safety of our members is the most important. Our thoughts and prayers are with our members, their families and friends who have been diagnosed or affected by the virus. Please stay up-to-date on the ways to protect your health with sources such as the?CDC?and?WHO.

Like so many of you, we are doing everything in our power to help our members navigate in these uncertain times. We ask that you stay safe and healthy, are patient with us and each other, and treat everyone with kindness. While this situation is unprecedented, we are optimistic that all of us will emerge stronger and more resilient.

We are here to support you throughout this crisis. We will be posting updates and more information here as it becomes available. In the meantime, you can reach us at 404-214-9474 or?[email protected]. Thank you for your support of MAFSI, the foodservice industry, our countries, our citizens and each other.

Use the buttons to navigate to the Member's Only COVID-19 webpages. You will have access to more detailed information, webinar recordings, presentations, and other resources.?

April 7, 2020

PPP Loan Terms Changed - April 6, 2020

Last night (April 6, 2020),?Treasury announced NEW CHANGES to the Paycheck Protection Program (PPP) which impact your current PPP loan which requires action on your part:

New Formula for $100,000K capped employees

The most impactful for rep firm owners is now the $100,000 payroll cap for employees is to be considered cash compensation only, and non-compensation benefits (healthcare, retirement, taxes) should be calculated on top of it AND employee federal taxes should now be a part of the calculation.

For example, if you have an employee who makes $150,000 in salary, then your re-calculation should look like this:

$150,000 Salary for fictitious employee:

$100,000 capped cash compensation

+ $5,000 taxes (Federal, State and Local)

+ $10,000 healthcare costs

+ $5,000 retirement benefits

$120,000 revised payroll costs / 12 months = $10,000 per month x 2.5 months = $25,000 for this $150K employee.

This change means our fictitious company should receive an additional $4,000+ in loan funds for this employee over previous PPP loan guidelines which would have had the payroll costs for this employee at $20,833 for the 2.5 month term.

What if you have already applied for your PPP loan?

The document says that is your loan has not yet been processed by the bank you can amend it. If it has already been processed you may be stuck with the amount you reported.

Either way, MAFSI recommends that you contact your bank immediately.

From Treasury document - Question 17:

Question: I filed or approved a loan application based on the version of the PPP Interim Final Rule published on April 2, 2020. Do I need to take any action based on the updated guidance in these FAQs?

Answer: No. Borrowers and lenders may rely on the laws, rules, and guidance available at the time of the relevant application. However, borrowers whose previously submitted loan applications have not yet been processed may revise their applications based on clarifications reflected in these FAQs.

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April 2, 2020

Update to Paycheck Protection Program - Interim Final Rule

The SBA has just issued changes to the Paycheck Protection Program (PPP) as Interim Final Rule until further notice.

See the Interim Rules on the Paycheck Protection Program which opens for applications tomorrow, April 3.

This is an update to the information presented on MAFSI's call this afternoon.?Please visit the Treasury website for more information.

SBLC webinar on the CARES Act for small businesses, with an emphasis on the Paycheck Protection Program (PPP)

Access the Webinar Recording

The presentation recording and PDF is available now in the?.

In this webinar, we will be discussing the provisions of the new Coronavirus Aid, Relief, and Economic Security (CARES) Act which are most important for you to know about now with a special emphasis on the Paycheck Protection Program.

The webinar will be presented by the SBLC’s President and General Counsel, Paula Calimafde, and Strategic Policy Director, Jessica Summers, both from the Law Firm of Paley Rothman in Bethesda, MD. Special guest, Paul Merski, Group Executive Vice President, Congressional Relations and Strategy, for the Independent Community Bankers of America will be joining us to discuss some of the small business loan provisions.

Access the Webinar Recording

The presentation recording and PDF is available now in the?.

When:?Thursday, April 2nd - 4:00 pm - 5:00 pm EST

Description:?Join us for a MAFSI Rep-Only Town Hall Webinar to discuss the United States' Paycheck Protection Act and Canada's Emergency Wage Subsidy.

The Treasury has released information on how to apply for the Paycheck Protection Act Loan. In the ?you will find the guidance for the loan which provides for your payroll costs to be reimbursed by the government for eight weeks.

Access Loan Information

You may fill out the application now and?start applying on April 3.?

Update on Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

The SBLC is continuing to monitor the relief packaged (H.R. 748) which was passed by the Senate last night.? They are hopeful that the bill will pass the House tomorrow and they will follow up thereafter with further analysis and insights.

Read the Full Bill Here

March 26, 2020

March 31st Webinar with Allieds on the Economy and Black Swans (Rep Firm Principals Only and Non-NAFEM Manufacturers)

Managing Uncertainty: How to Handle Black Swans in the Economy

Join us for a joint allied association webinar on Tuesday, March 31 from 2:00 pm – 3:30 pm EDT

Access the Webinar Recording

The presentation recording and PDF is available now in the?.

Rep Firm Principals: Check your email for an invitation. If you do not see it,?email Alison Cody at [email protected].

Manufacturer Members: Your company was contacted through NAFEM.

Non-NAFEM Manufacturers: Check your email for an invitation. If you do not see it, email Alison Cody at [email protected]

Brought to you by CFESA, FCSI, FEDA, MAFSI & NAFEM

The term black swan was popularized by finance professor and former Wall Street trader, Nassim Taleb, who describes a black swan as an event that is beyond normal expectations that is so rare even the possibility that it might occur is unknown, has a catastrophic impact when it does occur, and is explained in hindsight as if it were actually predictable. The COVID-19 black swan was followed by the Saudis’ decision to significantly discount oil prices, disrupting the marketplace and providing the world with a second black swan.

Health concerns, a dramatic decline into correction territory for the S&P 500, and declining oil and copper prices have combined to create a high level of uncertainty about what to expect from an economic perspective for the rest the year. This presentation brings an objective, numbers-driven approach to bear on these trends.

We will learn what precedents we can look at that give us some idea of what to expect and if recent events suggest that a bona fide recession is unfolding for 2020. We will also look at the economic signals we should be watching for, and cover what we expect to see in the months ahead.

Our webinar will be presented by Alan Beaulieu, President and principal of ITR Economics. ITR predicts future economic trends with 94.7% accuracy rate and 60 years of correct calls.? Alan has a reputation as an accurate, straightforward economist, and has been delivering award-winning workshops and economic analysis seminars in countries across the world to thousands of business owners and executives for the past 30 years. As the co-author of Prosperity in the Age of Decline, he is one of the country’s most sought-after economists, and a good friend to all of our organizations.

This webinar is only open to the members of CFESA, FEDA, FCSI, MAFSI and NAFEM.

After registering, you will receive a confirmation email containing information about joining the webinar.

Questions? Please contact us at [email protected] or 404-214-9474.

DOL Releases Guidance and Employer Model Notice to Post for FFCRA

Senate Reaches Agreement on Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

The Senate has reached agreement on a 2 trillion?Coronavirus Aid, Relief, and Economic Security Act (CARES Act) although details have not been released. Next, the package will be voted on by the House (how and when TBD) and then approved by the White House.

As we discussed yesterday on the Small Business Legislative Council (SBLC) webinar, the CARES Act may have provisions for loans called "Small Business Interruption Loans" which may be administered by the SBA.

It is important to note that last week the SBA started offering SBA Disaster loans for COVID-19.

SBA Disaster Loans and SBA administered Small Business Interruption Loans as part of the CARES Act are two different types of loans.

1. SBA COVID Related Disaster Loans are long-term low interest loans that must be available in your state and must be paid back.
2. SBA administered Small Business Interruption Loans (in the CARES Act) may include some loan forgiveness (although there are provisions, including not furloughing or laying off employees ). There was talk in the original bill of making these loans being “fee-free” but that remains to be seen. More info on the CARE Act Small Business Interruption Loans will be released once the bill is approved.

Additionally, there is an implication that you cannot use one loan for the same relief that you use the other, so please research the difference before applying for either.

Yesterday's SBLC Webinar on Small Business and COVID-19

Access the Webinar Recording

The presentation recording and PDF is available now in the?.

In addition to a CARES Act overview, the presentation includes information on the Families First Coronavirus Response Act?(“FFCRA”).

We are awaiting the recorded version of the call and will email it to members. It will also be posted to the Members' Only section, once available.

IRS issues FAQs on extension of filing and payment deadlines

In Notice 2020-18 (PDF), the Treasury and IRS extended the time from April 15th to July 15th for filing Federal income tax returns and paying the income tax due in order to provide relief for companies and individuals from economic loss caused by the COVID-19 crisis. Yesterday, IRS issued answers to frequently asked questions FAQs related to this Notice. IRS plans on updating these FAQs periodically. This was done to quickly answer all the questions being asked from the change in income tax filing deadlines.? It is anticipated that more formal guidance will be issued on this Notice.? Note that the deadline for making contributions to IRAs for 2019 is extended to July 15, 2020 (Q & A 17).

March 24, 2020

Second live webinar on Small Business and COVID-19 from the SBLC scheduled for today at 4:30 pm EST.

The first SBLC webinar scheduled for 12:30 pm is full. To accommodate all members, they will be airing a second live webinar session today (March 24) at 4:30pm EST.

If you wish to participate in the second session please click this link for 4:30 pm webinar - this will take you to MAFSI member page where you will find the webinar registration.

March 23, 2020

COVID-19 Small Business Webinar – Tuesday, March 24 - Tomorrow at 12:30 pm - 1:30 pm EST

Please join us tomorrow for a webinar on small businesses and COVID-19. It will take place tomorrow on Tuesday, March 24 from 12:30 pm - 1:30 pm EST.

Please find the details and registration link below.

This webinar by the Small Business Legislative Council (SBLC) will address the difficult issues that MAFSI small businesses are facing in light of the COVID-19 threat, particularly when it comes to managing employees and business closures. This will include providing an overview of the new and existing laws that businesses will need to navigate during this unprecedented time. There will be ample time for Q&A.

Register now!?- this will take you to MAFSI member page where you will find the webinar registration link

The webinar will be presented by the SBLC’s Strategic Policy Director, Jessica Summers, Esq., who is also a Principal in the Employment Law Group at the Law Firm of Paley Rothman in Bethesda, MD.

After registering, you will receive a confirmation email containing information about joining the webinar.

For the United States, MAFSI is a member of the Small Business Legislative Council (SBLC), an independent coalition of more than 600 national trade and professional associations that works to maximize the advocacy and presence of small business on legislative and federal policy issues and they will be counseling us on US legislative items. In Canada, we are working with our Canadian members on legislative issues/updates. We have formed a COVID-19 Task Force of members from both countries and we will be releasing more information to you in the next few days. Although this webinar addresses just US legislation all Canadian members are welcome to attend.

March 22, 2020

COVID-19 has created unprecedented challenges for MAFSI members, their customers and the public-at-large across North America. Firstly, the health and safety of our members is the most important. Our thoughts and prayers are with our members, their families and friends who have been diagnosed or affected by the virus. Please stay up-to-date on the ways to protect your health with sources such as the CDC and WHO.

Secondly, we are monitoring the legislative situation closely. For the United States, MAFSI is a member of the Small Business Legislative Council (SBLC), an independent coalition of more than 600 national trade and professional associations that works to maximize the advocacy and presence of small business on legislative and federal policy issues and they will be counseling us on US legislative items. In Canada, we are working with our Canadian members on legislative issues/updates. We have formed a COVID-19 Task Force of members from both countries and we will be releasing more information to you in the next few days.

We will be providing you with updates on the following:

• An analysis of the soon-to-be-passed Coronavirus Aid, Relief, and Economic Security Act or the CARES Act as it relates to small businesses in the United States. Please see this CARES Act update article from Paley Rothman, the law firm that represents the SBLC.
• What the Families First Coronavirus Response Act (“FFCRA”) means for small businesses and their employees in the USA. Please see this article on the FFCRA from Paley Rothman.
• An analysis of and what it means for both small businesses and families in Canada.
• An economic outlook by one of MAFSI’s economists as well as micro business barometers from our members.
• Insight into how your fellow members our handling this crisis.
• Insight into how our channel partners are handling this crisis.

Like so many of you, we are doing everything in our power to help our members navigate in these uncertain times. We ask that you stay safe and healthy, are patient with us and each other, and treat everyone with kindness. While this situation is unprecedented, we are optimistic that all of us will emerge stronger and more resilient.

We are here to support you throughout this crisis. We will be posting more information in the new few days as it becomes available.?In the meantime, you can reach us at 404-214-9474 or [email protected]. Thank you for your support of MAFSI, the foodservice industry, our countries, our citizens and each other.

Video Message from MAFSI President, Kevin Eaton on COVID-19

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MAFSI IS…

Everywhere food is. And everywhere you are.

275 rep agencies, 260 manufacturers and 2,400 members strong.? Spanning North America, feeding 300 million people and changing an industry.

From mom and pop restaurants, to colleges, hospitals, major chains – we’re there.? With the people, and the products - moving an entire industry further than ever before. And as members, we get to reinvent it.? We get to make it better, and we make it different.

We get to make reps and manufacturers proud of how they go to market.

We get to reinvent foodservice every day. We get to make a difference. In a job..in a profession built around great products and great people. We...are...MAFSI.

Click here to read more about What Makes a MAFSI Rep Different.

MAFSI's Core Focus and Programs…

SpecPath? Is…

The industry's first, and only, 11-40-00 specification tracking software made especially for the foodservice industry.?

Relied on by over 700+ Rep and Manufacturer MAFSI users across the US and Canada; SpecPath? has quickly become a part of the foodservice equipment sales infrastructure.?

Since the program was launched on July 11th, 2016, the system has tracked:?

• 7,900+ Individual 11-40-00 Foodservice Projects
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• Every Dealer in North America
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What was once an arduous process is now simplified, through the effective tracking of origination, destination, and specification credits across North America.?

To find out more about SpecPath?, and how it can take your business to the next level,?click here.