“You are the average of the 5 people you spend the most time with.” – Jim Rohn
Will you remember COVID-19 as the event that destroyed your business?
Or will you remember COVID-19 as the event that made your business better?
This current economic environment presents enormous opportunities as well as significant landmines.
* How are you going to adjust and respond to the way business will now be done?
* How do you protect and lead your employees, and add more talent to your team?
* How can you position your business ahead of your competition?
* How can you best serve your customers and clients?
* How are you going to protect yourself, your business and your family?
* How are you preparing yourself to be ready for that next great opportunity?
These are some difficult questions requiring great thought and consideration. Creating and implementing the right business plan in a post-COVID-19 world will require your perseverance and dedication. But more importantly, it will require you to make better decisions about the professionals you surround yourself with.
What value and support did you receive from your lawyer, accountant, banker and other professionals during the past couple of months? If you do not know the answer to this question, then it is time to clean house. You immediately need to surround yourself with stronger professionals. Now more than ever, you need a resourceful and reliable team around you to help you manage the challenges presented by the new business, legal, financial and human resources landscape.
As trusted advisors, our lawyers know how to coordinate a team and execute a plan.
Wyman Legal Solutions (“Company” or “We”) respect your privacy and are committed to protecting it through our compliance with this policy.
This policy describes the types of information we may collect from you or that you may provide when you visit the website www.wymanlegalsolutions.com (our “Website“) and our practices for collecting, using, maintaining, protecting, and disclosing that information.
This policy applies to information we collect:
On this Website.
In email, text, and other electronic messages between you and this Website.
When you interact with our advertising and applications on third-party websites and services, if those applications or advertising include links to this policy.
It does not apply to information collected by:
Us offline or through any other means, including on any other website operated by Company or any third party[ (including our affiliates and subsidiaries)]; or
Any third party (including our affiliates and subsidiaries), including through any application or content (including advertising) that may link to or be accessible from the Website]
Children Under the Age of 16
Our Website is not intended for children under 16 years of age. No one under age 16 may provide any personal information to or on the Website. We do not knowingly collect personal information from children under 16. If you are under 16, do not use or provide any information on this Website or through any of its features, register on the Website, make any purchases through the Website, use any of the interactive or public comment features of this Website, or provide any information about yourself to us, including your name, address, telephone number, email address, or any screen name or user name you may use. If we learn we have collected or received personal information from a child under 16 without verification of parental consent, we will delete that information. If you believe we might have any information from or about a child under 16, please contact us at email@example.com.
California residents under 16 years of age may have additional rights regarding the collection and sale of their personal information. Please see [Your California Privacy Rights] for more information.
Information We Collect About You and How We Collect It
We collect several types of information from and about users of our Website, including information:
By which you may be personally identified, such as name, postal address, e-mail address, telephone number, or any other identifier by which you may be contacted online or offline] (“personal information“);
That is about you but individually does not identify you; and/or
About your internet connection, the equipment you use to access our Website, and usage details.
We collect this information:
Directly from you when you provide it to us.
Automatically as you navigate through the site. Information collected automatically may include usage details, IP addresses, and information collected through cookies, web beacons, and other tracking technologies.
From third parties, for example, our business partners.
Information You Provide to Us
The information we collect on or through our Website may include:
Information that you provide by filling in forms on our Website. This includes information provided at the time of registering to use our Website, subscribing to our service, posting material, or requesting further services. We may also ask you for information when you enter a contest or promotion sponsored by us, and when you report a problem with our Website.
Records and copies of your correspondence (including email addresses) if you contact us.
Your responses to surveys that we might ask you to complete for research purposes.
Details of transactions you carry out through our Website and of the fulfillment of your orders. You may be required to provide financial information before placing an order through our Website.
Your search queries on the Website.
You also may provide information to be published or displayed (hereinafter, “posted“) on public areas of the Website, or transmitted to other users of the Website or third parties (collectively, “User Contributions“). Your User Contributions are posted on and transmitted to others at your own risk. Although we limit access to certain pages/you may set certain privacy settings for such information by logging into your account profile, please be aware that no security measures are perfect or impenetrable. Additionally, we cannot control the actions of other users of the Website with whom you may choose to share your User Contributions. Therefore, we cannot and do not guarantee that your User Contributions will not be viewed by unauthorized persons.
Information We Collect Through Automatic Data Collection Technologies
As you navigate through and interact with our Website, we may use automatic data collection technologies to collect certain information about your equipment, browsing actions, and patterns, including:
Details of your visits to our Website, including traffic data, location data, logs, and other communication data and the resources that you access and use on the Website.
Information about your computer and internet connection, including your IP address, operating system, and browser type.
We also may use these technologies to collect information about your online activities over time and across third-party websites or other online services (behavioral tracking).
The information we collect automatically may include personal information, but we may maintain it or associate it with personal information we collect in other ways or receive from third parties. It helps us to improve our Website and to deliver a better and more personalized service, including by enabling us to:
Estimate our audience size and usage patterns.
Store information about your preferences, allowing us to customize our Website according to your individual interests.
Speed up your searches.
Recognize you when you return to our Website.
The technologies we use for this automatic data collection may include:
Flash Cookies. Certain features of our Website may use local stored objects (or Flash cookies) to collect and store information about your preferences and navigation to, from, and on our Website. Flash cookies are not managed by the same browser settings as are used for browser cookies. For information about managing your privacy and security settings for Flash cookies, see Choices About How We Use and Disclose Your Information.
Web Beacons. Pages of our the Website [and our e-mails] may contain small electronic files known as web beacons (also referred to as clear gifs, pixel tags, and single-pixel gifs) that permit the Company, for example, to count users who have visited those pages or [opened an email] and for other related website statistics (for example, recording the popularity of certain website content and verifying system and server integrity).
We do not collect personal information automatically, but we may tie this information to personal information about you that we collect from other sources or you provide to us.
We do not control these third parties’ tracking technologies or how they may be used. If you have any questions about an advertisement or other targeted content, you should contact the responsible provider directly. For information about how you can opt out of receiving targeted advertising from many providers, see Choices About How We Use and Disclose Your Information.
How We Use Your Information
We use information that we collect about you or that you provide to us, including any personal information:
To present our Website and its contents to you.
To provide you with information, products, or services that you request from us.
To fulfill any other purpose for which you provide it.
To provide you with notices about your account/subscription, including expiration and renewal notices.
To carry out our obligations and enforce our rights arising from any contracts entered into between you and us, including for billing and collection.
To notify you about changes to our Website or any products or services we offer or provide though it.
To allow you to participate in interactive features on our Website.
In any other way we may describe when you provide the information.
For any other purpose with your consent.
We may also use your information to contact you about our own and third-parties’ goods and services that may be of interest to you. If you do not want us to use your information in this way, please check the relevant box located on the form on which we collect your data (the order form/registration form])/adjust your user preferences in your account profile. For more information, see Choices About How We Use and Disclose Your Information.
We may use the information we have collected from you to enable us to display advertisements to our advertisers’ target audiences. Even though we do not disclose your personal information for these purposes without your consent, if you click on or otherwise interact with an advertisement, the advertiser may assume that you meet its target criteria.
Disclosure of Your Information
We may disclose aggregated information about our users, and information that does not identify any individual, without restriction.
To our subsidiaries and affiliates.
To contractors, service providers, and other third parties we use to support our business[ and who are bound by contractual obligations to keep personal information confidential and use it only for the purposes for which we disclose it to them.
To a buyer or other successor in the event of a merger, divestiture, restructuring, reorganization, dissolution, or other sale or transfer of some or all of WYMAN LEGAL SOLUTIONS’ assets, whether as a going concern or as part of bankruptcy, liquidation, or similar proceeding, in which personal information held by WYMAN LEGAL SOLUTIONS about our Website users is among the assets transferred.
To third parties to market their products or services to you if you have consented to/not opted out of these disclosures. We contractually require these third parties to keep personal information confidential and use it only for the purposes for which we disclose it to them. For more information, see Choices About How We Use and Disclose Your Information.
To fulfill the purpose for which you provide it. For example, if you give us an email address to use the “email a friend” feature of our Website, we will transmit the contents of that email and your email address to the recipients.
For any other purpose disclosed by us when you provide the information.
With your consent.
We may also disclose your personal information:
To comply with any court order, law, or legal process, including to respond to any government or regulatory request.
If we believe disclosure is necessary or appropriate to protect the rights, property, or safety of WYMAN LEGAL SOLUTIONS, our customers, or others. This includes exchanging information with other companies and organizations for the purposes of fraud protection and credit risk reduction.
Choices About How We Use and Disclose Your Information
We strive to provide you with choices regarding the personal information you provide to us. We have created mechanisms to provide you with the following control over your information:
Promotional Offers from the Company. If you do not wish to have your email address/contact information used by the Company to promote our own or third parties’ products or services, you can opt-out by sending us an email stating your request to the Company at firstname.lastname@example.org. If we have sent you a promotional email, you may send us a return email asking to be omitted from future email distributions. This opt out does not apply to information provided to the Company as a result of a product purchase, warranty registration, product service experience or other transactions.
Targeted Advertising. If you do not want us to use information that we collect or that you provide to us to deliver advertisements according to our advertisers’ target-audience preferences, you can opt-out by email stating your request to the Company at email@example.com. For this opt-out to function, you must have your browser set to accept all browser cookies.
We do not control third parties’ collection or use of your information to serve interest-based advertising. However these third parties may provide you with ways to choose not to have your information collected or used in this way. You can opt out of receiving targeted ads from members of the Network Advertising Initiative (“NAI“) on the NAI’s website.
We have implemented measures designed to secure your personal information from accidental loss and from unauthorized access, use, alteration, and disclosure. All information you provide to us is stored on our secure servers behind firewalls. Any payment transactions will be encrypted.
The safety and security of your information also depends on you. Where we have given you (or where you have chosen) a password for access to certain parts of our Website, you are responsible for keeping this password confidential. We ask you not to share your password with anyone. We urge you to be careful about giving out information in public areas of the Website like message boards. The information you share in public areas may be viewed by any user of the Website.
Unfortunately, the transmission of information via the internet is not completely secure. Although we do our best to protect your personal information, we cannot guarantee the security of your personal information transmitted to our Website. Any transmission of personal information is at your own risk. We are not responsible for circumvention of any privacy settings or security measures contained on the Website.
Getting your PPP loan was the EASY part. Getting your PPP loan FORGIVEN is going to be HARDER.
SBA Releases PPP Loan Forgiveness Application Form
Hot off the presses, the SBA released the PPP Loan Forgiveness Application Form. SBA Form 3508 is the 11 PAGE APPLICATION (including instructions) you must complete and submit to your lender for forgiveness of your PPP loan. You can find the application here: PPP Loan Forgiveness Application.
One thing is clear though. This application has changed the forgiveness rules. Again.
For example, we’ve been told from the beginning that the “Covered Period” for calculating your forgivable payroll and expenses is the 8 week period following your receipt of your PPP funds. But, there is now an “Alternate Payroll Covered Period”. You can opt to use the Alternative period for some, but not all, of your forgivable expenses.
What should you submit to your lender when you apply for forgiveness?
At the very least, you will need to submit the following documents:
The PPP Loan Forgiveness Calculation Form with certifications.
PPP Schedule A (showing all payroll and non-payroll compensation and Full Time Equivalency (FTE) reduction calculations).
Documentation verifying eligible expenses.
Documentation showing your average number of FTE over multiple periods of time.
To complete Schedule A, the SBA provides you with a worksheet to complete. You do not send the worksheet to your lender. But you must keep it as part of your records for six years.
Our team is combing through the application to be ready to assist you with your loan forgiveness application. This application is not for the faint of heart.
Get the help your business needs and make sure your PPP loan is forgiven.
Call us at (561) 361-8700 to schedule a complimentary consultation.
Earlier this week the SBA made a change to the PPP loan forgiveness rules. You may be asking yourself: How is that news? They’ve been changing the rules almost every day! Well, this rule HELPS small businesses get loans forgiven if their employees do not want to come back to work.
The original PPP loan forgiveness rules penalized employers who have a reduction in work force or do not hire back employees they recently laid off. If a small business reduced its number of employees then its loan forgiveness could also be reduced. The question we heard a lot from business owners was: Well, what if my employee does not want to come back to work? With the federal unemployment assistance enhancing state unemployment, some employees are making more money from unemployment than they did while employed!
The SBA recently provided this guidance to borrowers:
Question: Will a borrower’s PPP loan forgiveness amount be reduced if the borrower laid off an employee, offered to rehire the same employee, but the employee declined the
Answer: No! The SBA and Treasury intend to issue an interim final rule excluding laid-off employees whom the borrower offered to rehire (for the same salary/wages and same number of hours) from the CARES Act’s loan forgiveness reduction calculation. The interim final rule will specify that to qualify for this exception:
1. The employer must make a good faith, written offer of rehire, and
2. The employee’s rejection of that offer must be documented by the employer.
Employees and employers should be aware that employees who reject offers of re-employment may forfeit eligibility for continued unemployment compensation.
Do you have other questions about PPP loan forgiveness? Call us at (561) 361-8700 today!
This past week saw a lot of PPP loan applications approved by the SBA. This means that small businesses will be receiving their PPP loan money in the next ten days. So, what do you need to know and do for this loan to be forgiven? Updated guidance is coming out daily, but here is what you should be doing based upon the information that is presently available:
Updated guidance is coming out daily, but here is what you should be doing based upon the information that is presently available:
KNOW THIS: When evaluating loan forgiveness, your lender will look at the eight (8) week period starting with the day you get your money.
DO THIS: Keep track of your spending during this time. You may want to deposit your PPP money into a separate account to make record keeping easier. Only spend your PPP loan money on forgivable expenses. This includes only payroll costs (including salary, wages, health insurance premiums, retirement benefits), rent payments, interest on mortgages and certain debt, and utility payments.
KNOW THIS: Loan forgiveness may be reduced if you do not spend at least 75% of it on payroll costs. You will have to prove that non-payroll expenses did not exceed 25% of PPP paid expenses.
DO THIS: Keep all documentation that supports or proves how you spent your PPP loan money, such as Bank Statements, Payroll Reports, Lease, Loan Payment Documents, Utility Bills and EIDL documentation (if you received a EIDL “advance” as well). Each lender may have its own additional documentation requirements, so check with your lender.
KNOW THIS: Loan forgiveness may be reduced if you do not maintain the same number of employees and overall payroll that you had on February 15, 2020.
DO THIS: If you let anyone go after February 15, 2020, you have until June 30, 2020 to rehire employees (or hire new employees) to restore both the number of employees and overall payroll to your February 15th level. Your failure to do so will reduce your loan forgiveness amount. But you may not want to rehire someone just for the sake of getting this loan forgiven. Make sure rehiring employees furthers your business plan. Also, the SBA has not given very clear guidance yet on this, so be sure to stay on top of any further issued guidance.
KNOW THIS: You will have ninety (90) days from the end of your 8 weeks to submit a loan forgiveness application to your lender, and your lender will have sixty (60) days to evaluate your forgiveness application.
DO THIS: Expect that you may not know whether and to what amount your loan will actually be forgiven for about six months. The terms of your PPP loan dictate that the money you are borrowing (to the extent not forgiven) must be repaid within two years (at 1% interest per year) and do not require you to make any payments for the first six months.
KNOW THIS: The more disorganized your record keeping is, the more unlikely it will be that your loan will be forgiven.
DO THIS: Contact us to get help with planning and organizing BEFORE you get your money. We can help.