Brad Allen – How to hire a contractor and best protect yourself

Brad Allen discusses steps on hiring a contractor and how to best protect yourself from liabilities.

  1. Look up your contractor reputation, and check with references.
  2. All contractors in Pennsylvania are required to be registered. Confirm they are registered by visiting and searching on hicsearch.attorneygeneral.gov.
  3. Make sure that all workers are covered by Worker’s Compensation, or are legally exempt as is the case for many Amish contractors.
  4. Make sure they have general liability insurance. You can contact their insurance agency and ask for a certificate for proof of insurance.
  5. Get the scope of work in writing.
  6. Confirm that no workers have been misclassified against the PA Construction Misclassification Act.

Call us with any questions!

COVID-19 – Financial & Insurance Resources & Updates

CARES Act w/PPP vs EIDL Loans

The recent CARES Act Program was signed into effect Friday, but we recognize the volume of information may be a bit overwhelming to consume. Given the importance of the act to you as a business owner, we wanted to share a high level overview of the pertinent points; however we, at Rossbacher, are by no means experts on this matter and simply trying to pass along valuable information.

I. Background:

On Friday, the President signed the CARES Act, the $2 trillion stimulus package Congress passed to mitigate the economic impact of the COVID-19 pandemic. In addition to providing checks to most taxpayers, the CARES Act expands the availability of small business loans under Section 7(a) of the Small Business Act. This new Paycheck Protection Program permits loans to be used for payroll costs, mortgage interest, rent, utilities, and interest on certain other debt. Up to 100% of these loans may, subject to certain restrictions, be forgiven.

II. Frequently Asked Questions:

  1. Who is Eligible? Generally, any business (including 501(c)(3)s) with fewer than 500 employees is eligible for a loan under the Paycheck Protection Program.
  2. What is the Maximum Amount to be Borrowed? The lesser of (A) $10 million or (B) 2.5 times the average total monthly payroll costs of the business concern.
  3. Are Borrowers Required to Provide Collateral or a Personal Guarantee? No. Collateral and personal guarantee requirements are waived for Paycheck Protection Program loans.
  4. What is the Interest Rate? The interest rate cannot exceed 4%.
  5. How Much is Eligible for Forgiveness? Up to 100% of the Paycheck Protection Program loans may be eligible for forgiveness; however, decreases in employee headcount or wages may reduce the amount eligible for forgiveness.

III. Additional Resources:

Additional information can be found at:

  1. 7(a) Loan Application Checklist
  2. SBA Lender Matchhttps://www.sba.gov/
  3. https://justworks.com/blog/cares-act-understand-your-business-options-covid-19-relief
  4. https://covid19relief.sba.gov/#/
  5. https://www.uschamberfoundation.org/reports/coronavirus-emergency-loans-guide-and-checklist-small-businesses-and-nonprofits

If you have any questions related to your particular situation, please contact your banker, accountant, or lawyer. This overview is just one of the resources you have at your fingertips while trying to navigate today’s environment and the changes we’re all experiencing due to COVID-19.

Additional PDF Resources:

         

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