Welcome to our central page for how COVID-19 is affecting the Fire and Life Safety Industry. Updated daily, this page will cover all relevant content to your business, in addition to state, federal, and legal updates. Feel like you have something we should share? Email relevant articles to COVID19@BrooksEquipment.com for our team to review.
Journey back in this video timeline to see what Brooks has done to meet the challenge of COVID-19 in our industry, from its very beginnings to present day.
Monday, March 1, 2021
This week, Robert talks about the new priority for Forgivable PPP Loans, which was recently changed to target businesses with 20 or fewer employees. That’s great news for small businesses! Plus there’s plenty of funding and less demand this time round. But you need to hurry and apply, because this priority expires March 31, 2021.
Thursday, February 11, 2021
This week, Robert talks about a new Brooks Resource that deals with what's new in Forgivable PPP Loans for 2021. From first and second draws to maximum amounts, qualified expenses, and rules for EIDLs, this resource covers all of this and more. Robert also mentions the new FireTech Talk, with Brian Brownell, about fire alarms and introduces the latest Product Spotlight piece.
Thursday, February 4, 2021
This week, we bring you the new rules for Forgivable PPP Loans for 2021. From the Small Business Administration (SBA) expanding your allowances for qualification to all PPP Loans still being forgivable (provided you use at least 60% of the loan money on payroll and the remainder on qualified expenses). And to help you understand whether you qualify for a New PPP Loan under the new guidelines, check out our Forgivable PPP Loans for 2021 pdf: https://www.brooksequipment.com/uploa...
Thursday,January 21, 2021
Today, Sean Kelly and Steve Mauro discuss the new Brooks PPP Loan Q&A Resource. As part of the latest COVID Relief Bill, PPP Loans are something FEDs need to pay particular attention to. In this video, Sean and Steve go over the new PPP Loan Q&A in detail, point by point, for a clear picture of what you need to know.
To View Past Brooks COVID-19 Videos Click Here
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The Paycheck Protection Program (PPP) is designed to provide loans for small businesses to keep you in business and your workers on the payroll. You can apply for a loan through any existing SBA 7(a) lender or through any federally insured depository institution, any federally insured credit union, and any Farm Credit System institution (that is participating). You should consult with your local lender to see if they are participating. New, second-draw, and supplemental PPP loans will be available until March 31, 2021. SBA will forgive loans the money is used for payroll costs, rent, mortgage interest, utilities, and other qualifying expenses.
PPP Loan Forgiveness Application Form 3508S is the simplest form for PPP loan forgiveness and you should use it if your PPP loan amount is $150,000 or less. Instead of having to show your forgiveness amount calculation as required on form 3508 and form 3508EZ, you simply certify seven things (initial each item). Form 3508S was updated by SBA on January 19, 2021.
PPP Loan Forgiveness Application Form 3508EZ is a short-form application for PPP loan forgiveness. Form 3508EZ was updated by SBA on January 19, 2021. To be eligible use Form 3508EZ, you must meet the following criteria:
PPP Loan Forgiveness Application Form 3508 (revised) is the long-form application for PPP loan forgiveness. This is the form that is required if you don’t qualify to use form 3508S or 3508EZ.Form 3508 was updated by SBA on January 19, 2021.
You should apply for forgiveness through the bank where you received your PPP loan. You will likely receive an email from your bank when they begin accepting PPP Loan Forgiveness Applications. Most banks will be accepting PPP Loan Forgiveness Applications electronically through an online portal, in a similar manner to the original PPP loan applications.
This form is used by SBA to evaluate the certifications made by certain borrowers that economic uncertainty made the loan request necessary to support your ongoing operations. Borrowers that received PPP loans of $2 million or greater are required to complete this form and submit it to their Lender.
The Small Business Administration (SBA) developed two questions and answers (Q&A) documents. Both Q&A documents provide valuable information that will help you understand PPP Loans and PPP Loan Forgiveness. Click the link below to review and download the Q&A documents.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan (EIDL) directly with the Small Business Administration (SBA). The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19). The program includes an EIDL Advance which is forgivable. Small businesses interested in applying for an EIDL and EIDL Advance can apply online.
The Tax Relief Act, enacted on December 27, 2020, includes tax credits for employers for Paid Family Leave, Paid Sick Leave, and Employee Retention. If you file Employer Quarterly Federal Tax Returns, using IRS Form 941, it is in the process of being updated, for 2021, to include the new employer tax credits. The new IRS Form 941 will be added to this site as soon as it becomes available. The following documents contain overviews and insightful questions and answers to help you understand if you qualify and how to take advantage of these tax credits for your business.
As the dust settles, we want to help set you up for success as your customers move to more normal operation. We have provided two simple checklists you can use with your customers to help them stay safe from COVID-19 and to ensure their facilities are ready for employees and customers.
Sales, Product, and Distribution: Currently we are not experiencing supply issues and have contingencies in place to prevent interruptions.
Safety Protocols:
Operational Partners:
CDC - How to Protect Yourself and What to Do if You are Sick Click Here
Best Practices for Fire Equipment Distributors: For complete information on how to protect yourself, employees, and customers from COVID-19, go to - https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html
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