Worcester Business Journal

26 Worcester Business Journal | October 26, 2020 | wbjournal.com As a full-time working parent in a leadership position, with two children in two different schools learning remotely during the pandemic, I offer the following advice: Let the mom/dad guilt go. 10) Be grateful. As much as I may complain, it's important to remember how lucky we are to be keeping our children and ourselves safe. Our frontline heroes don't have the luxury of working from home, and they worry about bringing the virus back to their loved ones. While this is an inconvenience for us all, just remember this too shall pass. 9) Stop apologizing. Many things are out of our control due to the pandemic, why apologize about it? You may not make all the children's extracurricular activities, but celebrate that you were able to get them to some. Yay you! 8) Ask for help. My new mantra, "I am one person. I cannot do it all." As much as I envision myself as Captain Marvel, even she has an Achilles' heel. 7) Step away from your computer. It's OK. Every hour, step away for 10 minutes, and allow yourself to take some breaths. 6) Sometimes you laugh, sometimes you cry. There are some days I can laugh and some days I honestly cry about the daily work that needs to get done. Stay connected with family or reach out to a mental health provider. Our mental health is just as important as our physical health. 5) It is OK to have a messy house. We are in a pandemic, no one is coming to visit. When on Zoom or Teams meetings choose a trendy (but professional) background. Take some breaths and relax. Fold the laundry when you binge Netflix. 4) Set realistic expectations. If the goals you set everyday aren't realistic, you are bound to fail from the get go. Try your best, that's all that matters. 3) Be flexible. I try my best to start the kids' Zooms on time, and if they are late, they aren't the only ones! Be flexible, as we are now living in an ever-changing world. 2) Learn to say, "no." It is easy to say, "Yes!" There is a feeling of guilt when we say no. During the pandemic working parents are working double-time, and barely have time to shower! Let the guilt go, and if you can't find the time to complete the request, just don't do it. 1) Take care of yourself. You can't run on an empty gas tank. I'm always the first one up and the last one to bed. I'm learning to slow dow, and to take care of myself. Go for daily walks, join cocktail hour Zoom calls with friends, and partake in an at-home spa day. If you aren't taking care of yourself, you can't care of anyone else. K N O W H O W The latest rules on PPP loan forgiveness 10 1: W hat can we – as leaders of an organization – do to address employee stress? It can seem like an overwhelming task, but experts say much can be accomplished by simply opening lines of communication and regularly considering team members' status and circumstances. Make sure they fit their roles. An employee's knowledge, skills and interests should align with their current responsibilities, projects and involvement. Otherwise, it's a source of stress, says Ronald E. Riggo of Psychology Today, where they are in a position in which they will never find career satisfaction. "Make sure that employees are in jobs for which they are qualified and jobs that they find are interesting and challenging," he advises. Short of that, leaders can make modifications to improve the person- job fit where possible. Adopt the 15-2-1 approach to employee mental health. is is where leaders – even busy ones – take 15 minutes once a week talking with two members of their team on one subject: Mental health. Inc.com columnist Joe Hirsch, managing director of a communications consultancy, says making these conversations routine reduces the stigma around them and opens the door to useful information. Sample conversation starters to prompt change include: "Do you feel like you have enough time to get your work done in a reasonable manner? How do you feel at the start and end of your day?" and "How can I be a better ally for you?" Give them what they need. is will eliminate some stressors. Seriously consider requests for new equipment or tools to ensure they have supplies to do their jobs, says Alan Kohll at Forbes.com. "If budgeting is an issue, meet them in the middle and explain to them the solutions you're offering," he said, so they know they are being heard and are valued. 1 0 T H I NG S I know about... ...Juggling working full- time and remote learning BY ALAN OSMOLOWSKI Special to the Worcester Business Journal M any recipients of federal Paycheck Protection Program loan proceeds are now beginning the process of applying for loan forgiveness. e U.S. Small Business Administration recently issued additional guidance on PPP loan forgiveness. ere are some key takeaways proving helpful with regard to owner-employees, eligibility of certain rental and mortgage interest payments, and related-party rent. For starters, the SBA offered clarification regarding exceptions as owner-employees. Individuals with a less than 5%ownership stake in a PPP borrower that is a C- or S-Corporation are not subject to the owner-employee compensation rule when determining the amount of their compensation eligible for loan forgiveness. e SBA clarified amounts attributable to the business operation of a tenant or sub-tenant of the PPP borrower are not eligible for forgiveness. Specifically, when a portion of a rented office building is leased to other businesses, only the amount of the lease minus the rent from the sublease is eligible for loan forgiveness. Similarly, if a borrower has a mortgage on an office building it operates out of, and leases out a portion of the space to other businesses, the portion of mortgage interest eligible for loan forgiveness is limited to the percent share of the fair market value of the space not leased out to other businesses. e SBA addressed related-party rentals, capping eligible expenses based on only the mortgage interest owed on the property during the covered period. As long as the amount of loan forgiveness requested for rent or lease payments to a related party is no more than the amount of mortgage interest owed on the property during the covered period, and the lease and the mortgage were entered into prior to Feb. 15, rent payments to a related party are eligible for loan forgiveness. Still, there is a lack of clarity around the issue of deductibility of expenses reimbursed with the proceeds of a PPP loan. In April, the IRS said expenses reimbursed by a forgiven PPP loan will not be allowed as a tax deduction. is, in effect, would increase the taxable income of an eligible borrower with a PPP loan forgiven by the amount of the loan that is forgiven. is decision has been heavily criticized by tax professionals and lawmakers because the position taken appears to ignore the overarching intent of the PPP, as well as the specific intent of Congress to allow deductions in the case of PPP loan recipients. On May 5, in a show of strong bipartisan support, Sen. Chuck Grassley (R-Iowa) and Congressman Richard Neal (D-MA) issued a strongly worded letter to U.S. Treasury Secretary Steven Mnuchin expressing the intent of Congress in draing the CARES Act and the inappropriateness of the IRS position. Following the release of that letter, a bipartisan group of senators introduced the Small Business Expense Protection Act to directly overturn the IRS position. While it has been reported the bill has strong bipartisan Congressional support, it has yet to be voted on as a stand-alone bill. However, most professionals and lawmakers are expressing optimism in its ultimate passage as part of a future relief package. Affected taxpayers may want to delay filing 2020 tax returns until the extended due date while we await additional guidance/legislative action, ensuring PPP loan proceeds remain as helpful as intended. Alan Osmolowski is a certified public accountant and tax partner with blumshapiro at 100 Front St. in Worcester, where he leads the firm's technology and life sciences practice. Reach him at aosmolowski@blumshapiro.com. BY SUSAN SHALHOUB Special to the Worcester Business Journal By Dr. Jennifer Litchfield Dr. Jennifer Litchfield is the assistant dean & chief nurse administrator at Becker College in Worcester. E M P L O Y E E S T R E S S W W W

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