Daneshvar Law

If you have business interruption insurance, you may want to consider filing a claim with your carrier. The Insurance Commissioner has issued this Press Release requiring insurance companies to comply with their obligations to fairly investigate all business interruption claims caused by COVID-19. http://www.insurance.ca.gov//0100/2020/release039-2020.cfm

Dear small business owners: I am putting together an online packet and will be emailing updates for small business owners to help them navigate through Covid laws and disaster loans and aid. Email me at [email protected] if you would like me to add you to the list.

Here's an update on news I've received on how banks are handling PPP: Chase Bank (as noted above) says it doesn’t expect to be ready to participate by Friday, ...April 3, but will notify customers when it is. Citi had this message on its website as of Friday: The Small Business Administration (SBA) is currently developing regulations and guidelines for this program. When received, Citi and other Lenders will be able to originate these loans and help clients with specific questions. Bank of America: If you have an existing borrower relationship, BoA says you can apply online. Wells Fargo says, As soon as we can start accepting applications, we’ll add the link to the online application, so check back often. Please note, if you apply through Wells Fargo, you will only be able to apply online, not by phone or in a branch. Capital One posted an online update yesterday about the Paycheck Protection Program, but as of this morning, that page was not active.

PPP is here... well almost. There is variance in how banks are handling applications at the moment. Hopefully all the banks will have their websites set up to take applications soon. In the meantime, if your bank is not assisting or accepting your applications, take this time to familiarize yourself with the requirements to qualify and how to get the loans forgiven. I strongly suggest applying with your existing bank first as most banks will initially accept applications from... existing clients who have lines of credit for their businesses with them. This program is on a first come, first serve basis - so get a headstart if you haven't already by having the following paperwork ready (Jan 1, 2019 to March 31, 2020)in case they may ask for it: -Bank statements from Jan 1, 2019 to March 31, 2020. Notate which payments\withdrawals are for payroll -Payroll summaries from your payroll provider -Paystubs and canceled checks -Form 941s and EDD DE9s -Form 941 account transcripts. You should be able to obtain these online -Profit and loss statement for the previous 12 months as of the date of the application -2019 W-2s, W-3s, 1099s and 1096s You can also find a list of banks that are accepting loan applications. Search using your zip code: https://www.sba.gov/paycheckprotection/find?

The US government is preparing to send out direct payments to help individuals amid the coronavirus pandemic. The first payments are expected go out within three weeks to those for whom the Internal Revenue Service already has direct deposit information on file. Individuals are due up to $1,200 and couples will receive up to $2,400 -- plus $500 per child. But payments start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. The income thresholds would be doubled for couples. https://www.irs.gov//economic-impact-payments-what-you-nee

Some home office humor in the midst of this very difficult time...

"My mother told me two things constantly. One was to be a lady, and the other was to be independent. The study of law was unusual for women of my generation. For most girls growing up in the '40s, the most important degree was not your B.A., but your M.R.S." #DaneshvarLaw #LALawyers #womenshistorymonth #herstory #rbg #inspiration

Every person engaged in any trade, calling, occupation, vocation, profession or other means of livelihood in the City of Los Angeles, must obtain a Tax Registration Certificate (TRC) and pay the required business tax due. You are considered to be engaged in business in Los Angeles, California when you physically perform work within the City of Los Angeles for seven (7) or more days per year. The Office of Finance is responsible for the collection of business taxes. You can either mail it in use their simple and speedy online eFiling system for your renewal. Just remember, even if you owe no tax, you must submit a completed renewal electronically or by mail no later than February 29, 2020. #DaneshvarLaw #buinesslaw #losangeles #LABusinessOwner #salonowner #spaowner