We at MMC, have been closely monitoring COVID-19 information with guidance provided by the State and Federal agencies. Our business continuity is of the utmost importance to us in order to service our clients and every member of their staff. We want to assure you that our top priority is to maintain the ability to provide and support to our clients on an ongoing basis. MMC prides itself on being an organization that cares for the well-being of all employees, as well as their families. Our corporate staff is able and equipped to work offsite with full access to all the information and the capability to provide support for our clients from anywhere with courtesy, professionalism and loving care.
March 26, 2020
Highly valued MMC clients and partners,
While we are in the midst experiencing the most challenging intervals in the course of human history, we are assured that such unexpected difficult conditions, soon shall pass. The promise of brighter days, joyful moments and tremendous relieves are on the horizon.
These gloomy days will be replaced by beautiful springtime. The joyous days of flourishing and growth will return.
We want you to know that your loyalty and trust had encouraged us during the past 37 years to become the best in our class. And had thought us to grow and get to be great professionals, and dedicated support services organization in the field of HR.
Hence, our motto of “We take care of the unknown” had really proven to be suitable and pertinent. Our dedicated staff during these difficult and demanding times have outperformed and gone above and beyond the call of duty. They have put themselves at risk whilst providing wise, calculated and UpToDate information. Every hour of the day had demanded a new set of information with everchanging laws as they were released. Our knowledgeable team was able to adapt, reshape and modify their workplace. Providing guidance and directing the modes of operation depending on each client’s needs, on spot. We had the ability to offer remote worksites and rotating support personnel from the corporate headquarters or at each site.
Here, we wish to express our deepest appreciations to each and every one of you for your understanding and cooperation. Certainly, your well-being and your staff’s welfare is our ultimate objective. The impact of this invisible antagonist called covid-19 had yet to be determined. Nonetheless we are continuing to monitor its effect and strategies our position in order to overcome the provocative impression and possible ramifications.
I have been in contact with many resources, including expert lawyers, bankers’ accountants and people of capacity to remain educated and resourceful for your needs. We remain positive and energized to continue to serve you.
Please make sure, you and your loved ones are remaining safe and healthy. With the utmost hope that we shall celebrate the elimination of this uninvited foe into our lives.
You are in our thoughts and prayers.
Mashi Rahmani, Ph.D.
Founder and Chief Executive Officer
This guide pulled resources from various agencies to help employers plan and prepare for the many issues that arise when reopening. Areas addressed in the guidebook include:
– Managing and preventing outbreaks in the workplace
– Regulations for reporting identified cases
– Cleaning and disinfecting protocols
– Return to work guidelines following a confirmed case
– California paid sick leave requirements
– Additional resources for employers, including industry-specific checklists from state regulatory agencies
It extends the period in which employers must use the money to qualify for loan forgiveness from eight weeks to 24 weeks.
Gives small businesses more flexibility by changing the so-called 75/25 rule that requires employers to use 75% of funds received for payroll, and other costs to no more than 25% to qualify for PPP loan forgiveness. The amended ratio would be at least 60% of funds going toward payroll and no more than 40% going toward other costs.
Pushes back a June 30 deadline to rehire workers to December 31, 2020 – Extends deadline so businesses now have until 12/31/20 to rehire workers in order for their salaries to count towards forgiveness
Eases rehire requirements – Extends period to rehire to 12/31/20 and adds additional exceptions for a reduced head count
Extends the repayment term from 2 years to 5 – Business will now have five years at 1% interest to repay the loan
DEPARTMENT OF THE TREASURY – SMALL BUSINESS PAYCHECK PROTECTION PROGRAM
Assistance for Small Businesses
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Fully Forgiven Loans
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. All Small Businesses Eligible Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible.
When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Attached are links for qualification, guidelines and information.
Dear MMC Clients & Employees,
There is much more to learn about the transmission, severity, and other features associated with COVID-19 as the outbreak investigation continues. Infected people can spread COVID-19 through their respiratory secretions, especially when they cough or sneeze.
According to the CDC, spread from person-to-person is most likely among close contacts (about 6 feet). Person-to-person spread is thought to occur mainly via respiratory droplets produced when an infected person coughs or sneezes, similar to how influenza and other respiratory pathogens spread. These droplets can land in the mouths or noses of people who are nearby or possibly be inhaled into the lungs. It’s currently unknown if a person can get COVID-19 by touching a surface or object that has the virus on it and then touching their own mouth, nose, or possibly their eyes.
MMC is providing our clients and employees the following resources and information to help you get some understanding, and to be aware and prepared. Please note should you also speak to your health care professional regarding any specific concerns you may have.
The following information provides general guidance as to what programs are available and what situations may be applicable to your circumstances. The Governor’s Executive Order waives the one-week unpaid waiting period, so employees can collect DI benefits for the first week they are out of work. If you are eligible, the EDD processes and issues payments within a few weeks of receiving a claim. We encourage employees to apply for the program they believe best fits their situation and the EDD will determine eligibility for benefits:
As the federal government is deciding on any additional regulations, we will work on keeping clients informed. The link below provides more information for employers and should hopefully address your questions:
MMC will continue to provide suggestions for this ongoing issue. Please feel free to contact our office with any questions or concerns.
We understand there are considerable concerns regarding the uncertainty of the market and how the COVID-19 is affecting its performance. Public health concerns in the past have taught us that these types of turbulences are short-lived. Transamerica has posted information on their website at to help provide guidance, information and advise during this time.
For relevant articles relating to the recent market volatility visit Monitoring the markets
If you would like to speak to MMC’s financial advisor, NFP, please email Chris Langstaff at email@example.com.