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On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

Paycheck Protection Program Full EIDL Loan

PURPOSE	Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)	To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)
TERMS	Up to $10 million 1% interest rate	Up to $2 million 3.75% for businesses 2.75% for non-profits
FORGIVABLE	YES	NO – EIDL Loan YES – EIDL Advance
MATURITY	2 years	30 years
FIRST PAYMENT DUE	Deferred 6 months	Deferred 1 year

Track a Work Order Estimate

An estimate must be recorded on a work order for those funds to be held back from owner payments. Note, only users with permission to enter bills can record estimates on work orders.

Tips:

• Add the "Estimate Amount" and "Last Billed On" columns to the Work Order report to confirm all funds necessary are held back from owner payments.
• Add the "Work Order Estimates" column to the Trust Account Balance report for an accurate picture of your trust operating account balances.

Instructions

1. Open a work order and at the top click Actions to expose a list of tasks.
   
2. Select Track Estimate. Enter the estimate request requested and received dates and the amount.
   
3. Click Save. An Estimate Created line item is recorded in the Actions Log on the work order with the details you entered.

We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic. On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven. If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application. Also, we encourage you to subscribe to our email updates via www.SBA.gov/Updates and follow us on Twitter at @SBAgov for the latest news on available SBA resources and services. If you need additional assistance, you can find your local SBA office and resource partners at www.SBA.gov/LocalAssistance. If you have questions, you may also call 1-800-659-2955.

Protections against foreclosures and evictions

The bill includes housing protections against foreclosures on mortgages and evictions for renters.
The bill states that anyone facing a financial hardship from coronavirus shall be given a forbearance on a federally backed mortgage loan of up to 60 days, which can be extended for four periods of 30 days each. The legislation says that servicers of federally backed mortgage loans may not begin the foreclosure process for 60 days from March 18.
The bill also does not allow fees, penalties or additional interest to be charged as a result of delayed payments. It includes similar protections for those with multifamily federal mortgage loans, allowing them to receive a 30-day forbearance and up to two 30-day extensions.
Those with federally backed mortgage loans who have tenants would also not be allowed to evict tenants solely for failure to pay rent for a 120-day period, and they may not charge fees or penalties to tenants for failing to pay rent.

Direct payments to individuals

Under the plan as it was being negotiated, single Americans would receive $1,200, married couples would get $2,400 and parents would see $500 for each child under age 17.

However, the payments would start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for couples.

Student loan payments suspended

The Department of Education would suspend payments on student loan borrowers without penalty through September 30, according to the bill.
CNN reported last week that the Department of Education was planning to allow student loan borrowers to suspend payments without penalty and accruing interest for at least 60 days.

Historic boost for unemployment benefits

In an unprecedented expansion of unemployment insurance, the federal government would give jobless workers an extra $600 a week for four months on top of their state benefits, which range from $200 to $550 a week, on average, depending on the state.
In addition, lawmakers want to add up to 13 weeks of extended benefits, which would be fully covered by the federal government. Currently, state unemployment checks last up to between 12 weeks and 28 weeks, depending on the state.


Stimulus bill offers $600 a week to the unemployed for 4 months, drawing Republican objections

Plus, the deal calls for a new pandemic unemployment assistance program, which would provide jobless benefits to those who are unemployed, partially unemployed or unable to work because of the virus and don’t qualify for traditional benefits. This includes independent contractors and the self-employed, who typically don’t qualify for such assistance, and to gig economy workers, who aren’t eligible in many states. These benefits would mirror what’s available in an individual’s state.

$500 billion lending program

The Treasury Department can provide $500 billion in loans, loan guarantees and investments.
That specifically includes $25 billion for passenger air carriers, $4 billion for cargo air carriers and $17 billion for businesses that work in national security. The rest of the funds, $454 billion, are given wide latitude to provide loans to businesses, states and municipalities.
The measure includes restrictions on businesses who receive the loans. Those businesses may not issue dividends for up to a year after the loan is no longer outstanding, and must retain 90% of employment levels as of March 24, “to the extent practicable,” through September 30. The loans also cannot last longer than five years.
There’s a specific provision in the program for direct loans to mid-sized businesses, defined as between 500 and 10,000 employees, as well as non-profit organizations, where no payments will be due for the first six months after the loan is issued.
A congressional oversight commission will monitor how the money is spent.

PM Bookkeeper will be rolling out additional services to help our clients throughout the nation. As the need to work remote grows, so does our commitment to our clients. PM Bookkeeper is a complete remote bookkeeping and property management services company handling day to day operations for PM companies across the nation. If you are looking to cut costs while increasing satisfaction to your client base, give us a call!

The new services PM Bookkeeper will make available immediately:

Mail forwarding to our offices located in TX and S. Florida: Let our team handle the day to day mail. Anything important will be scanned and emailed to you. Everything else (Bills/Deposits) we will create in appfolio.. If you are using a large bank in our area, we can also create your deposits.

Tenant/Owner Communications: Our team can plug directly into your tenants and owners via Appfolio. We will use you messaging and email setup in appfolio to provide services to owners and tenants in need.

SBA Loan assistance and entry: If you are concerned about making payroll, we would advise using this assistance program: https://disasterloan.sba.gov/ PM Bookkeeper can help create the entries needed into the system as well as track the loan in appfolio.

The number 1 thing we can all do right now is work together. We will pull through this together and be stronger than we ever were. If you have any questions, or need any help, please feel free to reach out!

New Report: Renewal Summary

We’ve created a renewals report that shows renewal offers within a selected start date range. In this report, you can track the status of a renewal offer and if the lease was renewed, which term length was chosen. To get you started, we have created a guide containing more information about the Renewal Summary Report and how this report may help you better track the health of your business.

New Settings For Renewals

To make the Renewals process smoother and more efficient, we created a Renewals section under Lease Settings and have added the following settings:

• Include Month-to-Month option in Prepare Renewal Offer
• Display give notice option in Renewal Notice block in online portal

Once these settings have been enabled, they will apply to all Renewals created in the Prepare Renewal flow.