COVID RELIEF: Paycheck Protection Plan

[theinsuranceman]

Here's some great info. Google "paycheck protection plan". Independent contractors (like us) can apply for a loan that, if you follow the requirements you don't have to pay back, up to $20,833! There is also a "disaster loan assistance" loan of $10k that you don't have to pay back either.

The President of Sr Life called me yesterday (Sat) to fill me in . Thought I'd pass this along. I've already filled my applications out and submitted them. Did any other FE carriers let their agents know about this?

Hope this helps!

 

[Tahoe Ray]

Here's some great info. Google "paycheck protection plan". Independent contractors (like us) can apply for a loan that, if you follow the requirements you don't have to pay back, up to $20,833! There is also a "disaster loan assistance" loan of $10k that you don't have to pay back either.

The President of Sr Life called me yesterday (Sat) to fill me in . Thought I'd pass this along. I've already filled my applications out and submitted them. Did any other FE carriers let their agents know about this?

Hope this helps!

Don't know about FE carriers but we already have a thread going about this from last week...feel free to join in.

EDIT: Here you go: https://insurance-forums.com/community/threads/economic-injury-disaster-loan-sba.101807/

 

[billyb]

I am not sure about the PPL. The EIDL seems to be more of a fit. If I get any monies I will pay it back. Not looking for a handout.

 

[Tahoe Ray]

I am not sure about the PPL. The EIDL seems to be more of a fit. If I get any monies I will pay it back. Not looking for a handout.

Every major corporation is getting one, you might want to reconsider that position.

 

[billyb]

I was under the impression that you had to have employees to apply for the PPL. I don't need the money and if I did get a loan I would pay it back. I think some are hoping to get money that will be forgiven and I don't expect that.

 

[Tahoe Ray]

I was under the impression that you had to have employees to apply for the PPL. I don't need the money and if I did get a loan I would pay it back. I think some are hoping to get money that will be forgiven and I don't expect that.

Fair enough. I have employees and it is a tough spot to be in.

I want to keep everyone employed and yet I am not going to do so paying money out of my pocket if sales dip substantially.

Weird times.

 

[Newby]

Here's some great info. Google "paycheck protection plan". Independent contractors (like us) can apply for a loan that, if you follow the requirements you don't have to pay back, up to $20,833! There is also a "disaster loan assistance" loan of $10k that you don't have to pay back either.

The President of Sr Life called me yesterday (Sat) to fill me in . Thought I'd pass this along. I've already filled my applications out and submitted them. Did any other FE carriers let their agents know about this?

Hope this helps!

Uhhh? Greg? Those funds are for face to face agents only. No one shut you telesales guys down. In fact, it’s extra ripe for you guys. Remember?

 

[theinsuranceman]

Uhhh? Greg? Those funds are for face to face agents only. No one shut you telesales guys down. In fact, it’s extra ripe for you guys. Remember?

Good point. I also do face 2 face sales too. Besides, a couple of years ago, weren't you, JD, and a lot of so called experts saying FE telesales just didn't work...lol.

Remember, this is not an unemployment check. This is an economic stimulus check.

 

[theinsuranceman]

I was under the impression that you had to have employees to apply for the PPL. I don't need the money and if I did get a loan I would pay it back. I think some are hoping to get money that will be forgiven and I don't expect that.

You are an independent contractor just like me. You are a business owner. This loan is for business owners. You should apply.

 

[titeye]

My understanding is that both single individuals and those with families could apply. If your AGI for 2019 was $75k or less, you would be eligible for $1,200. Married couples are eligible for $2,400, plus an additional $500 for every child under 17. These are not considered loans and is separate and distinct from small businesses.
Businesses with fewer than 500 employees are eligible for foregivable loans, up to 2.5 times the monthly payroll of the business. However, Independent contractors, sole-proprietors and those self-employed are also eligible, because the loan is allowed to be used for other expenses relative to operating the business, according to sources that I have read.
Nowhere did I read where it specifically included or excluded telesales agents.