8 Tips to Extract Paycheck Protection Program Money & Save Money NOW
Auto Insurance: Most auto insurers are on board for discounts ranging from 10-25% for Mar & Apr. Contact your agent/broker. Some carriers will give you a credit, some will send checks. Said discounts are being filed with each state so it will take weeks, so Inquire Now!
Unemployment: Has been extended from 26-39 weeks and it’s retroactive. New York State, will be paying an additional $600/week. NYS has been taking 2.5-3 weeks, NJ 1 week. For Freelancers, it’s a 2-step process. First the application, then a 2nd supplemental process. For more information go to www.Labor.NY.Gov. Apply now and get into the queue!
The EIDL capped, try for the Paycheck Protection Program: For small business owners with few employees; due to high demand, the EIDL (Economic Injury Disaster Loan) has been capped at $1,000/employee with a $10,000 max. Apply for the PPP Now!
Kids over age 17 file a tax return: NY-1 news reports that the $2T stimulus checks will start going out on 4/15 at the latest. If you have children over 17, have them file a bare-bones tax return. File Now at www.IRS.gov Get back $1,200 per kid per return filed; don’t wait, get into the Queue!
Life Insurance premiums: In NYS, Governor Cuomo signed a bill allowing New Yorkers to add 60 days to their life insurance premium grace periods. This means you now have a 91-day grace period instead of the customary 30-day grace period. Call your Agent/Broker to inquire Now! Remember, an agent represents a company and a broker represents you, the insured.
Business interruption policies: No policies that we’ve seen have paid off on COVID-19 as a named disease/pandemic. That being said, as of today there is a shelter-at-home state mandate in all 50 states which can trigger a claim. Call your Property & Casualty agent/broker, inquire Now!
File today for the Triple P: Small businesses (including the self-employed) make up roughly 2/3 of all the businesses across the USA. If you haven’t filed for the Paycheck Protection Program, do so today. If you have and didn’t receive an email acceptance with a loan reference number, file with a 2nd bank Now!
Alternative PPP besides banks: If you’re frustrated with banks, try payroll processing companies ADP & Heartland specifically. These firms have better technology to help process applications. If you don’t have contacts, use mine Now! Jacob.Stoer@adp.com or Edward.Fleiss@e-hps.com