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MAFSI'S RESPONSE TO COVID-19COVID-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. 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, 2020PPP 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. 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: ? April 2, 2020Update to Paycheck Protection Program - Interim Final RuleThe SBA has just issued changes to the Paycheck Protection Program (PPP) as Interim Final Rule until further notice. SBLC webinar on the CARES Act for small businesses, with an emphasis on the Paycheck Protection Program (PPP) Access the Webinar RecordingThe presentation recording and PDF is available now in the?. April 1, 2020 April 2nd MAFSI Webinar: Payroll Assistance Programs for MAFSI Rep Firms ONLYAccess the Webinar Recording
Who can attend:?Rep Members Only Presenter:?Alison Cody, MAFSI Executive Director Disclaimer:?This call is informational-only in nature. You must check with your accountant, lawyer and/or banker before acting on any issues discussed on this call. March 31, 2020Paycheck Protection Act (PPA) Loan Application Released - Apply April 3The 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 InformationYou 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 HereMarch 26, 2020March 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
VERY IMPORTANT: For MAFSI members this webinar is open to Rep Firm Principals Only because we are limited to 600 attendees per association. 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.
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.
Questions? Please contact us at [email protected] or 404-214-9474. DOL Releases Guidance and Employer Model Notice to Post for FFCRAThe Department of Labor (DOL) has issued its first set of summaries and guidance and model notice on the Families First Coronavirus Response Act (FFCRA). Please note: The DOL has determined that the effective date for the FFCRA will be April 1, 2020. The text of the FFCRA states that the act takes effect “not later than 15 days after the date of enactment.” Thus, the widespread understanding was that the FFCRA would go into effect on April 2 (the 15th day after enactment). You may recall that the SBLC was anticipating an April 2 effective date in their materials and webinar. The DOL has made it clear that this is not the case and that the law will be effective April 1.
March 25, 2020Senate 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.
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-19Access the Webinar Recording
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 deadlinesIn 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, 2020Second 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 ESTPlease 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. March 22, 2020COVID-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. Video Message from MAFSI President, Kevin Eaton on COVID-19 ?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…
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