The Insurance Doctor

Category: coronavirus

  • 5 Tips to get “Free Money” from the $2-Trillion Stimulus Package

    5 Tips to get “Free Money” from the $2-Trillion Stimulus Package

    On March 27th, President Trump signed the $2Trillion stimulus package for small business owners (sole proprietors or firms with fewer than 500 employees) to get two and a half months’ expenses in a lump-sum payout. The loan could possibly be forgiven depending on how you spend it.  I’ve never seen a loan program option as good as the PPP!

    1. The PPP package is better: PPP stands for the Paycheck Protection Program.  The PPP is better than the SBA (Small Business Administration) loans because there’s no creditworthiness, no 3-years of tax returns are required and interest is forgiven if you spend it on “qualified expenses”.
    2. Call your bank: All banks must participate however some will do a better job than others.  Once approved you should have the money in 1-5 business days.  The 4-page PPP application was just released by the IRS.  Online applications are expected to kick off on Friday, April 3rd!
    3. The formula: is based on your business’ average expenses over the last 12 months including payroll (salaries up to $100k), health insurance premiums paid and 401(k) match.  The monthly average is then multiplied by 2.5 = your lump-sum loan.
    4. Qualified additional expenses: You can spend it on utilities, internet, payroll, interest, rent, cash tips, tax on employee compensation, sick leave and sole prop salary up to a $100,000 cap per person.
    5. Numbers and exclusions: The maximum loan amount is $10 million.  Interest rates may range between 0.5% to 4% on any non-qualified expenditures made with loan monies. The beauty of this program is if you spend the loan proceeds on qualified expenses the loan may be forgiven, hence ‘free’ money if no more than 25% of the forgiven amount is spent for non-payroll costs.  You will also owe money if you do not maintain your staff and payroll. Keep in mind, you must spend all of the funds received in 8-weeks!                                    

         Folks this is an opportunity to keep businesses afloat and people employed; take advantage of it and be Safe! 

    Feel free to reach out to me for the PPP loan application!

  • 5 Fun CV Time Iced Coffee Money Savers

    5 Fun CV Time Iced Coffee Money Savers

    My mother Sharon and I have been enjoying and experimenting with iced coffee for many years now.  During the CV pandemic, one must keep expenses under control while still enjoying life.  Be Safe!

    1. Buy in bulk: 10 years ago iced coffee was half price vs hot coffee.  Now it’s usually more expensive.  Now that folks are hunkered down, it’s time to transition to at-home daily iced coffee drinking.
    2. Set weekly goals: Every Sunday I make 12 cups for the week.  It’s important to have and monitor consumption routines when working from home.
    3. Cut it with Costco Kirkland: Most flavored iced coffee is too strong & expensive.  Try mixing their medium roast 50/50 with Sarabeth’s hazelnut or your favorite flavor and enjoy the subtle aftertaste while saving lots of $$.
    4. Shop on-line or at Home Goods and Marshall’s: Great deals to be had at $5/Lb. for flavored coffee instead of the $8-$12 that many supermarkets charge.
    5. Have Fun with it and share: You would be surprised how many people love iced coffee.  I’m working on a 50% medium roast, 25% TJ vanilla and 25% Sarabeth’s hazelnut blend right now.  Enjoy and talk it up!
  • 7 Tips to Successfully Work Remotely

    7 Tips to Successfully Work Remotely

    Due to Covid-19, millions of Americans are or will be working from home starting this week.  Follow these Lucky 7 tips in order to have a successful work from the home transition:

    1. Bring the office home: Make sure you have specific office supplies on stock at home in addition to more food.
    2. Designate a desk: A fixed workstation is an essential part of any good remote workplace.
    3. Consider setting up 2 screens: Studies show working with two screens increases productivity by 42%.
    4. Comfortable office chair: Consider an ergonomic office chair to help you focus on work.
    5. Office room location: If you are new to a home office, consider a room far from the kitchen and household foot traffic.
    6. Noise-canceling headset: Noise-canceling headsets help one focus by blocking outside distractions.
    7. Set up home mailing process: Consider setting up a Fed-ex and/or UPS account or get more stamps as you will use the U.S. mail more often when working remotely from home