In an effort to keep the Industry up-to-date on the affects of COVID-19, Alpha-Omega has compiled a list of resources and information. We will continue to monitor the situation and send updates as new information comes in. Remember, this is an astonishing time in our industry, country, and world, and the information is extremely fluid. Continue to check with your local municipalities, state, and monitor the Federal Government bulletins.
Alpha-Omega would also like to urge everyone to support their local businesses, hospitals, first responders, all of those who are on the front line in combating this insidious virus, and also to the countless affected individuals that need our help.
AAMA and AMOA Provide Dedicated Pages for COVID-19 Resources
AAMA COVID-19 RESOURCES
AMOA COVID-19 RESOURCESSmall Business Provisions of Coronavirus Aid, Relief, and Economic Security (CARES) Act (S. 3548)
The small business provisions provide funding with the intent of helping to prevent workers from losing their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic.
Paycheck Protection Program (PPP)
Authorizes $349 billion for the US Small Business Association (SBA) 7(a) program through December 31, 2020 to extend to small, nonprofit, and Tribal businesses with fewer than 500 employees the ability to seek loans to cover payroll and other expenses.
It seeks to broaden the adoption of the program by clarifying that businesses with more than one physical location that employs no more than...
For more information on the Paycheck Protection Program, Loan Forgiveness, Entrepreneurial Assistance, Emergency EIDL Grants, and Small Business Debt Relief: SMALL BUSINESS
Updated 4/20/20
As of 4/16/20, the PPP has run out of funds. The Federal Government are in the stages of allocating more funds; however, the parties have yet to come to an agreement while Small Businesses anxiously wait.
Updated 4/24/20
Congress has approved a 2nd wave of funds for the PPP program. President Trump is expected to sign it today, 4/24/20. Exclusive Material from AAMA AND AMOA HILL ADVOCATE DENTONS U.S. LAW FIRM
Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) Executive Summary Paycheck Protection Program How Does It Work? •
The plan provides $349 billion in cash flow assistance through 100% federally guaranteed loans to small businesses and 501(c)(3) nonprofit organizations during this emergency.
To help bring workers who may have already been laid off, the program can be retroactive to February 15, 2020, so employees can return onto payrolls.
The loan’s covered period is February 15 to June 30, 2020. The expected forgiveness amount can be expended on payroll costs, payments of interest on a mortgage obligation, rent obligations, and utility payments.
The loan can pay for...
For more information: DENTONS EXECUTIVE SUMMARYThe U.S. Chamber of Commerce released a Small Business Guide and Checklist. Here you will find answers to many FAQ: Am I Eligible? What will lenders be looking for? How much can I borrow? Will this loan be forgiven?
For more information visit:
U.S. CHAMBER OF COMMERCE CHECKLISTLooking to help your employees understand the stimulus checks and $600 additional unemployment? NBC NEWS Provided a brief, easy to read synopsis:
Article Link:
INFORMATION FOR EMPLOYEE
AS STATED, THE INFORMATION IS FLUID, AND JUST AS OF THIS WRITING TWO NEW UPDATES CAME OUT:
UPDATE #1-THE IRS IS DEVELOPING A WEB PORTAL FOR THOSE THAT HAVE NOT FILED THEIR TAX RETURNS IN 2018 OR 2019. THE WEB PORTAL WILL ALLOW THEM TO INPUT THEIR BANK INFORMATION AND RECEIVE A DIRECT DEPOSIT.
UPDATE #2-IF YOU ARE NOT REQUIRED TO FILE TAXES, THE IRS IS CREATING A SIMPLE FORM TAX RETURN FOR YOU TO COMPLETE AND PROVIDE BASIC INFORMATION, INCLUDING YOUR BANK INFORMATION FOR DIRECT DEPOSIT.
Alpha-Omega's Employee Explanation:
As promised, we are going to do the best we can to keep you informed on anything we deem necessary for you to know.
I want to clarify two parts of the stimulus package.
Each week you will receive an ADDITIONAL $600 from the Federal Government. This is on TOP of the amount you will receive through unemployment. For example, if your unemployment is $300 per week, you will receive $300 PLUS $600, totaling $900 per week.
The additional $600 will be issued for up to four months.
Also, everyone will receive stimulus checks/direct deposits from the Government:
Single Adult - $1,200
Married Adult (filing together) - $2,400
Child claimed on 2018/2019 Taxes - $500 per child
If you have direct deposit setup on your 2018 or 2019 taxes, the stimulus checks will be sent to your checking/savings account. If not, they will send you a check.
Direct deposit checks are said to start rolling out in 2-3 weeks (dated 4/10/20). The IRS suggests you file your 2019 taxes to ensure you receive the stimulus money quickest. If you have not filed for 2018 or 2019, the checks can take up to several months.
For those who receive state or federal assistance, or have not had income from 2018-2019, will still receive the stimulus checks; however, these will take the longest. Most experts suggest they will use the individuals social security number to send the checks.
Here's a good article that breaks it down simply and includes information on those who may not qualify for the full amount: WHIO TV
Joseph Camarota, Director of Operations at Alpha-Omega Amusements, recently sat down to get some thoughts off his chest. What began as a note to himself quickly turned into something more than just words.
"The other night my wife got “together” with some of our employees –– no, our friends –– on Zoom, and I couldn’t help but hear them talking. It wasn’t really the conversation I heard, but the voices, the voices that were so commonplace just two weeks ago, the voices that I would hear every day, and it hurt..."
To read the entire letter go to REPLAY MAGAZINEPlease feel free to contact us at (732) 254-3773 or Info@alphaomegasales.com and we will do our best to support your needs.
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