In this week’s update for the laundry industry, President/CEO of the Coin Laundry Association Brian Wallace brings another brief video presentation. Enjoy this short summary of the latest information about the coronavirus pandemic’s impact on vended laundry businesses.
Additional Guidance on PPP
The SBA and the Treasury Department released an application form for loan forgiveness for the PPP (Paycheck Protection Program). You can download this new form here: https://www.sba.gov/document/sba-form–paycheck-protection-program-loan-forgiveness-application
From the SBA website:
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
- Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
Heroes Act passed the House. This is the fifth “stimulus” bill pertaining to the coronavirus pandemic. This bill has not yet passed the Senate.
- Additional relief checks to tax payers.
- Hazard pay from the heroes fund for increased pay for essential workers.
- Childcare support for essential workers.
- Funds for PPE (Personal Protection Equipment)
NFIB is pushing for liability protection for small businesses.
Join the LaundryCares Network
The LaundryCares Foundation is building a database of stores which are community friendly which can be called upon as potential sources of help. Get listed in our directory. Add your store locations. Join for free today. We have a goal of adding 500 stores to the LaundryCares Network by July and 2000 by November. Call 800-570-5629 for more info.
Click the following link to join the LaundryCares Network: https://laundrycares.org/join-the-laundrycares-network/
Information and Resources
Signage and procedure information have been continuously added to the resource page. Wash-Dry-Go app now available at www.washdrygo.com. BCC Payments has developed this software which they are offering at no cost to help the laundry industry.
This coming Thursday, May 21 at 2 p.m. CT will be our next virtual master class “Smart Marketing During Down Markets and Pandemics” with Michael Angelo Caruso. Register for this event today. You don’t want to miss this event!
CLA members can have access to all three master classes for only $99. If you missed last week’s master class “Working Under Pressure”, don’t worry. We recorded that session, and it’s included in your package as a convenient download. Register at www.coinlaundry.org/masterclass
Coffee and Conversation for CLA Members
CLA members can register for our Coffee and Conversation event which will be held this Friday, May 22, 2020 at 9:30 a.m. CT. Every CLA Member should have received an email with the registration instructions for this Zoom meeting. Join us to chat about what’s going on in today’s business environment.
Not a CLA member? Be part of our essential industry’s association by visiting www.coinlaundry.org/joinclanow. Get a free video “Laundromat Lifecycles” (a $25 value) with your purchase of a new membership. Join for as little as $27 per month.