Call Us Contact Us
Young Insurance Young Insurance
  • Home
  • About
  • Services
    • Personal Insurance
    • Auto Insurance
    • Home Insurance
    • Life Insurance
    • Health Insurance
    • Commercial Auto Insurance
  • Policy
  • Claims
  • Blog
  • Contact
  • Quick Quote

    NextPrevious
    a 3D flu molecule

    The CARES Act Loans – What Small Businesses Need to Know

    By Young Insurance | Archives | Comments are Closed | 14 May, 2020 | 1

    How small businesses can receive help from the government.

     
    It’s no surprise that businesses of all sizes have struggled throughout the pandemic. Crippling some and closing others, COVID-19 has disrupted business income and put strain on many. However, the Coronavirus Aid, Relief and Economic Security (CARES) Act has been signed into law and is designed to help American workers and small businesses. Here is what you should know about your options.

    Paycheck Protection Program (PPP)

    This program is designed to allow small businesses to keep workers on payroll during the pandemic. The program is for any small business (that has fewer than 500 employees), including sole proprietors, independent contractors, the self-employed, and non-profit organizations.

    The loans through PPP can be in the amount of up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount – up to a $10 million cap. The loan can be used for payroll costs, the continuation of group healthcare benefits or insurance premiums, mortgage interest, rent, and utilities.

    The amount that you receive in PPP will be forgiven as long as you:

    • Use it only for the above-allowed expenses and use 75% of the loan amount for payroll costs
    • Maintain your full-time employee headcount until June 30
    • Do not decrease wages or salaries more than 25% for any employee that made less than $100,000 annualized in 2019

    Economic Injury Disaster Loan Emergency Advance (EIDL)

    Typically, EIDLs are for businesses that need financial help because of a natural disaster. However, as of early March, eligibility for these loans has been extended to American companies that have been impacted by the recent pandemic.

    Who is eligible for the EIDL?

    • Businesses with fewer than 500 employees
    • Sole proprietorships, with or without employees
    • Independent contractors
    • Cooperatives with fewer than 500 employees
    • Nonprofit organizations

    You can receive a $10,000 cash advance which does not need to be repaid under any circumstance. It may be used to keep employees on payroll, pay for sick leave, business interruptions, utilities, increased costs due to supply chain disruptions, and other payment obligations that can’t be met due to COVID-19.

    While you are allowed to apply for both programs, there are some restrictions. You cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers in April, but you can use it for payroll in March or for different workers in April.
     
    It’s natural for business owners to feel stressed during this time, but be aware that help is out there. For the business insurance to protect your company and team, visit the Glendale professionals –  Young Insurance! We are ready to get you the coverage you need today.

    The CARES Act Loans – What Small Businesses Need to Know

    Young Insurance

    Whether you are shopping for auto insurance, home, health, life or business insurance, our highly experienced team of insurance agents can help you find the right coverage at the lowest rate no matter what your needs are.

    More posts by Young Insurance

    Related Post

    • Young Insurance logo

      Welcome to our Blog!

      By Young Insurance | Comments are Closed

      The Young Insurance Agency is proud to bring you our newest online information center. In the coming weeks and months you can expect to find frequently updated content and articles of information regarding all-things insuranceRead more

    • http://younginsurance.wpengine.com

      Tips for Calculating Car-Loan Payments

      By Young Insurance | Comments are Closed

      In an effort to empower car buyers with below-prime credit, CarFinance.com released the following auto-financing tips which provide advice on calculating potential auto loan payments by identifying the car, and monthly loan payment, they canRead more

    • http://younginsurance.wpengine.com

      Understanding Travel Insurance

      By Young Insurance | Comments are Closed

      Travel insurance is protection against those unexpected bumps in your travel plans, and may be well worth considering now that hurricane season is underway. However, just like trying to buy homeowners insurance after the houseRead more

    • http://younginsurance.wpengine.com

      Question of the Day

      By Young Insurance | Comments are Closed

      Q: What kind of home insurance should I get? A: A standard policy will do in most instances. It protects against several natural disasters and catastrophic events. However, it will not guard against earthquakes, floods, war,Read more

    • http://younginsurance.wpengine.com

      Mortgage Insurance Cancellation: The Myths and Realities

      By Young Insurance | Comments are Closed

      By Brien McMahon When it comes to private mortgage insurance (MI), there are several myths that exist that make buyers reluctant to consider a conventional loan with MI as an option when purchasing a home.Read more

    • http://younginsurance.wpengine.com

      Getting Smart About Your Debt

      By Young Insurance | Comments are Closed

      Americans’ recent push to eliminate their debt is placing many families at risk. The most recent Federal Reserve Bank of New York Quarterly Report on Household Debt and Credit shows that Americans reduced their debt by approximatelyRead more

    • http://younginsurance.wpengine.com

      Foundation Facts: Things to Consider When Repairing

      By Young Insurance | Comments are Closed

      With foundation repair costs in the thousands of dollars, most homeowners have to find ways to finance the project. What can make the project even more cost-consuming is choosing the wrong company and dealing withRead more

    • 4 Tips to Keeping Homeowners’ Insurance Costs Down

      By Young Insurance | Comments are Closed

      By Stephanie Andre Saving money has never been so trendy. Long gone are the days of irresponsible spending, so why be irresponsible with your homeowners insurance? Taking a little bit of time to research yourRead more

    NextPrevious

    Recent Posts

    • Know About the Most Common Home Insurance Claims?
    • What Should You Know About Family Floater Life Insurance Policy?
    • Major Life Insurance Myths Debunked
    • What Are the Ways to Save Money on Auto Insurance for Teens?
    • Can I Get a Good Auto Insurance Quote Online?

    Recent Comments

    • Lighting Safety: It's Time to Decorate for Christmas! on Safety Tips for Driving in the Rain

    Archives

    Categories

    • Archives
    • Auto
    • Auto Insurance
    • Business
    • Commercial Auto
    • Halloween
    • Health & Life
    • Health Insurance
    • Home
    • Insurance
    • Lifestyle
    • Pet Insurance
    • Renter Insurance
    • Uncategorized
    • Vehicle Insurance

    CONTACT US

    24942 Greensbrier Dr
    Stevenson Ranch, CA 91381
    Monday – Friday
    9am – 5pm PDT
    Office: (818) 840-0246
    Fax: (818) 953-9341

    Recent Posts

    • Common Home Insurance Claims

      Know About the Most Common Home Insurance Claims?

      Life is unpredictable. Even with excellent intentions, maintenance schedules, and insurance coverage,

      24 August, 2022
    • What Should You Know About Family Floater Life Insurance Policy?

      What Should You Know About Family Floater Life Insurance Policy?

      What Is Family Floater Health Insurance? A family floater, health insurance plan,

      10 August, 2022
    • life insurance myths debunk

      Major Life Insurance Myths Debunked

      Purchasing a life insurance policy is often met with hesitation, doubt, or

      27 July, 2022
    • What Are the Ways to Save Money on Auto Insurance for Teen

      What Are the Ways to Save Money on Auto Insurance for Teens?

      As a parent, it can be daunting to think about your teenager

      13 July, 2022

    Quick links

    • Home
    • About
    • Services
    • Manage Your Policy

    Quick links

    • Claims
    • Quick Quote
    • Privacy Policy
    • Contact Us
    • Sitemap
    © Copyright 2023 YOUNG INSURANCE | Privacy Policy | Insurance Agency Website by Stratosphere
    • Home
    • About
    • Services
      • Personal Insurance
      • Auto Insurance
      • Home Insurance
      • Life Insurance
      • Health Insurance
      • Commercial Auto Insurance
    • Policy
    • Claims
    • Blog
    • Contact
    • Quick Quote
    Young Insurance

    Get a Quote