Payroll Protection Program Certification Grace Period Extended
The SBA & Treasury Department have extended the grace period for borrowers certification of economic need when participating in the Payroll Protection Program.
Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business.
If firms determine they no longer meet the requirements of economic need: SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full by the extended deadline May 14, 2020 will be deemed by SBA to have made the required certification in good faith.
MCAA has providedanalysisfrom national accounting firm Withum on the FAQs provided by the SBA and Treasury Department on eligibility for firms that have access to other adequate sources of liquidity. These determinations should be made on an individual basis in consultation with legal, accounting, and bank professionals.
Flushing Building Water Systems After Periods of Low or No Water Use
Resourcesfrom the CDC, Environmental Science Policy and Research Institute, American Water Works Association, and MN Department of Health on flushing building water systems after period of low or no water use.
MMCA Governmental Bulletin Updateon the End of the Legislative Session.
MN Dept. of Administration accepting e-signature documents.
MN Dept. of Commerce allows e-signature on surety bonds
Income taxes and working across state lines
DEED FAQs on Unemployment Comp
Non COVID-19 Related News
Wage Theft Notice Reminder
Minnesota's wage theft law requires employers to give a notice to employees about their employment status and terms of employment, including wages, benefits and hours of work.
The Minnesota Department of Labor and Industry has a summary of the law, a copy of the law, a draft employee notice for use for your employees are not members of a union, and guidance for employers on the Wage Theft Lawhere.
Prevailing Wage Reminder
The Plumbers and Pipefitters Locals are putting together the prevailing wage rates for all counties.ALLcontractorson ANY type of project may participate in the prevailing wage survey.
Setting the wage rate in all counties eliminates unfair contractors' ability to pay sub-standard wages on publicly funded projects and helps to keep contractors working. The last few years non-signatory contractors have steadily increased the number of surveys they turn in and have set the prevailing wage rate in many counties for some crafts.
Refer to thisMMCA newsletter for further details andLocal 11 Zone 2 wage rate.
If you have employees who need assistance with stress, financial, or familial issues refer them to HealthPartners Employee Assistance Program at 866-326-7194 or text US HEAP and your question to 919-324-5523 or log on to hpeap.com (website password “ptsmn”).