Butler Vet Cares COVID-19 Update April 15, 2020

COMMITTED TO PROTECTING YOU AND OPEN TO SERVE YOU: BUTLER VET CARES COVID-19 UPDATE April 15, 2020

Payroll Protection Program Update

 ***YOU SHOULD TAKE URGENT ACTION***

Bloomberg News: Headline – Rescue Fund to Run Dry Today, Leaving Small Firms Shut Out

From the article:

$349 billion federal relief program for U.S. small businesses is expected to run out of money this afternoon, with many still waiting to get a lifeline, according to officials familiar with the situation.

The government-guaranteed loans are available on a first-come first-served basis. But without more funding, many small businesses that have flooded banks with applications won’t get help, advocates said.

As of early afternoon on Wednesday, the U.S. Small Business Administration reported there had been almost 1.4 million applications approved, totaling about $301 billion of the $349 billion set aside. That’s the value of loans the agency has approved for lenders to disburse, not money that has reached borrowers.

The program, which launched April 3, is running out of money after just 13 days.

Call your lender today to see where your application stands in the process if you have applied.


SMALL BUSINESS PAYCHECK PROTECTION PROGRAMOverview

PPP Information Sheet that explains the programs guidelines.

Payroll Protection Application that most lenders are using (Check with your Lender or Commercial Banker)

MN SBA Approved Lenders  – Check with your current Banker or Lender to see if they are accepting PPP applications.


 


BELOW ARE RESOURCES TO HELP YOU IN THESE UNPRECEDENTED TIMES:

POLICY BILLING:

PLEASE CONTACT US OR YOUR INSURANCE CARRIER –

THEY MAY HAVE FLEXIBLE BILLING OPTIONS IF YOU ARE EXPERIENCING A HARDSHIP.  

WE CAN ASSIST YOU!!!


Your Butler Vet Insurance team members are working remotely to serve and protect you.

Here’s 5 easy ways to reach the team at Butler Vet Insurance anytime:

Phone: 952-953-3838
Email: [email protected]
Text: 952-260-9656
Web: www.butlervetinsurance.com
Customer Service: Contact Request

Your experience with us may be a little different during this time of uncertainty and your patience is greatly appreciated. Although our physical office is closed, our team remains 100% committed to serving you.

We appreciate this and every opportunity to serve you!

With Gratitude,

Bill Butler and the whole Butler Vet Insurance Team

Butler Vet Cares COVID-19 Update April 6, 2020

COMMITTED TO PROTECTING YOU AND OPEN TO SERVE YOU: BUTLER VET CARES COVID-19 UPDATE April 6, 2020

CARES Act Update

 ***YOU SHOULD TAKE URGENT ACTION***

With the CARES Act and the Payroll Protection Program open for applications you should have already submitted your application to your Commercial Banker or SBA lender.  There have been problems with the roll out of the program.  Wells Fargo had to cap their loan applications due to regulatory guidelines that only allowed them to accept $10 Billion in loans.  Bank of America was only taking PPP applications from clients who they already had an existing banking relationship with and had already taken in loan applications for 10% of the total program allotment. Many other banks were swamped with applications through the first 3 days.

These loans are going to be issued on a First Come – First Serve Basis!!! – Don’t Miss Out if  You Want to Submit an Application to your Lender.

If you are considering getting a Payroll Protection Program Loan to help with payroll, rent/mortgage, utilities and interest below is a Worksheet that will help you determine if this program is a good fit for your practice and how much of the loan is eligible to be forgiven.

Payroll Protection Program – Loan Calculator Worksheet

The reason it is critical that you apply now is that on April 10, 2020 the program will be opened to Independent Contractors and there will be a second wave of application submissions into the system.


SMALL BUSINESS PAYCHECK PROTECTION PROGRAMOverview

PPP Information Sheet that explains the programs guidelines.

Payroll Protection Application that most lenders are using (Check with your Lender or Commercial Banker)

MN SBA Approved Lenders  – Check with your current Banker or Lender to see if they are accepting PPP applications.


PPP – Overview

Fully Forgiven
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.

This program can be a lifeline for you Veterinary Practice over the next 8-10 weeks.  With the loss or revenue due to the Stay at Home order issued by Governor Walz and not being able to do elective procedures, change in overall operations including lower call from clients the Payroll Protection Program should be something almost every Veterinary Practice should considering.

You should have most of the documentation needed from your last Workers Compensation Audit or it should be easily generated from your payroll provider.

Please let us know if we can help you in any way.  Our biggest encouragement is to look to get your loan application submitted before April 10th!

Be well, healthy and safe!


BELOW ARE RESOURCES TO HELP YOU IN THESE UNPRECEDENTED TIMES:

POLICY BILLING:

PLEASE CONTACT US OR YOUR INSURANCE CARRIER –

THEY MAY HAVE FLEXIBLE BILLING OPTIONS IF YOU ARE EXPERIENCING A HARDSHIP.  

WE CAN ASSIST YOU!!!


Your Butler Vet Insurance team members are working remotely to serve and protect you.

Here’s 5 easy ways to reach the team at Butler Vet Insurance anytime:

Phone: 952-953-3838
Email: [email protected]
Text: 952-260-9656
Web: www.butlervetinsurance.com
Customer Service: Contact Request

Your experience with us may be a little different during this time of uncertainty and your patience is greatly appreciated. Although our physical office is closed, our team remains 100% committed to serving you.

We appreciate this and every opportunity to serve you!

With Gratitude,

Bill Butler and the whole Butler Vet Insurance Team

Butler Vet Cares COVID-19 Update April 2, 2020

Butler Vet Cares COVID-19 Update April 2, 2020 Insurance Considerations for Veterinary Practices.

We are receiving a number of phone calls with regard to insurance policies as it relates to my clients veterinary practices.

I want to talk about three things today.

  1. Business Income Insurance or Business Interruption,
  2. Workers Compensation
  3. Delivery.

Business Income or Business Interruption.

Unfortunately in many cases these policies will not assist you or not pay out a claim because of loss of income due to Covid-19.

The reason for this, is Business Interruption insurance generally only applies if there is a direct physical loss to your building. Meaning, your building needs to be damaged or your location that you're in needs to damaged, as a covered loss on the policy. Many policies exclude  specifically Virus & Bacteria and because of this your policy may not offer coverage or in most cases won't.

Always, always, always check with your agent and if you feel like you should file a claim or feel that you want to file a claim for business income or business interruption you should absolutely do so.

The only way to be 100% sure that you have coverage is to file a claim.

Second, I'm getting asked about Workers Compensation Insurance.

Workers Compensation is not going to apply to Covid-19. The reason for that is need to be working as a Health Care Worker, Municipal Worker, EMT's, First Responders, Police, Fire.  Those are the employees or the classifications that are going to have coverage for Workers Compensation Insurance related to Covid-19.

Otherwise if you got the normal Flu and needed to be out, on a normal year, not during a Pandemic you would be able to file a Workers Compensation claim. So Workers Compensation is not going to apply when it comes to Covid-19 for the majority of Americans regardless of what your profession is.

Lastly, I'm getting asked about doing delivery as a veterinary practice.

Some veterinarians are exploring doing delivery of medicine, vaccines, picking up labs and delivery food to, to their, to their clients.

This absolutely an option you should explore if you are looking for some revenue during these unprecedented times we're all living
though, but make sure that you have Hired & Non-Owned Auto and you've confirmed with your agent that your carriers ok with short term delivery exposure on you policy.

Hired & Non-owned auto's gonna protect you and your team member or you yourself for doing that delivery to your client. However, your
employee or team member who's doing that delivery needs to check with their agent to make sure that, that delivery exposure is ok on their personal auto policy. Hired & Non-owned auto coverage for commercial insurance only provides liability, it does not provide physical damage.

So if your employee was to get into a car accident with their car doing delivery or picking up lab results, at one of your clients homes they would not have coverage for the damage their car. The liability would be covered, but the physical damage would not.

I hope this answered some of your questions about,  insurance as it relates to your practice. We're all living through unprecedented timed. I'm talking to you from my home office because I've need to make changed to my operations as well.

There are many opportunities out there for loan assistance & disaster assistance and I ask that you explore those to help,  you and there's some resources linked  to this video.

Lastly, our teams are looking to us for leadership. I know my team is, and I know your team is, I'm sure as well.

Unemployment numbers just hit 10 Million and they're gonna continue to go up. Our team members need that stability, clarity, simplicity
moving forward and I hope I was able to provide some of that to you today. If you ever have questions about insurance reach out to your insurance agent, agency or insurance carrier to ask.

Or talk to a professional with Butler Vet Insurance!

I hope this message finds you safe and well.


Your Butler Vet Insurance team members are working remotely to serve and protect you.

Here’s 5 easy ways to reach the team at Butler Vet Insurance anytime:

Phone: 952-953-3838
Email: [email protected]
Text: 952-260-9656
Web: www.butlervetinsurance.com
Customer Service: Contact Request

Your experience with us may be a little different during this time of uncertainty is greatly appreciated. Although our physical office is closed, our team remains 100% committed to serving you.


BELOW ARE RESOURCES TO HELP YOU IN THESE UNPRECEDENTED TIMES:

POLICY BILLING:

PLEASE CONTACT US OR YOUR INSURANCE CARRIER -

THEY MAY HAVE FLEXIBLE BILLING OPTIONS IF YOU ARE EXPERIENCING A HARDSHIP.  

WE CAN ASSIST YOU!!!


BUSINESS INSURANCE & COVID-19 RESOURCES:

COVID-19: Frequently Asked Questions Concerning Minnesota State and Local Orders

Centers for Disease Control and Prevention
Best Practices for Employers & Employees CDC
Johns Hopkins University & Medicine
CORONAVIRUS Resource Center
World Health Organization
Videos, Online Training & Travel Updates

If you need any other assistance, or have questions about insurance or any other subject, please reach out to us. We are here to help and support you, your family and your business in any way humanly possible.

Phone: 952-953-3838
Email: [email protected]
Text: 952-260-9656
Web: www.butlervetinsurance.com
Customer Service: Contact Request

We appreciate this and every opportunity to serve you!

With Gratitude,

Bill Butler and the whole Butler Vet Insurance Team

Butler Vet Cares COVID-19 Update April 1, 2020

COMMITTED TO PROTECTING YOU AND OPEN TO SERVE YOU: BUTLER VET CARES COVID-19 UPDATE April 1, 2020

Coverage for Delivery – Hired & Non-Owned Coverage

An item today for Veterinarians who are looking to generate some additional revenue through delivery of meds and food or possibly to pick up lab samples etc.  If you are looking to offer delivery you should check with your insurance agent or agency.  Many insurance carriers know that small business owners like Veterinarians who face unprecedented financial pressure and are looking for options to generate additional revenue.  Some are making exceptions to “Delivery Exclusions” and allowing this provided there is “Hired & Non-Owned” commercial auto liability coverage.  Many policies have this coverage already but check to make sure your insurance carrier is ok your practice doing delivery prior to offering this service.

If employees are using their personal vehicles to do the delivery many insurance carriers normally exclude this type of use on personal insurance policies.  But again, given the unique times we are living in they are allowing this use on short term basis.  The team members you have doing delivery should check with their personal insurance carrier, agent or agency to make sure they won’t have an issue.  The Hired & Non-Owned Auto coverage on your commercial policy will not cover damage to their vehicles so it is important for them to confirm they can use their vehicles on a short term basis for this use.

Hired & Non-Owned Coverage Explained


♦♦ Payroll Protection Program♦♦

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained.
  • Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Loan payments will be deferred for 6 months.

When can I apply?

  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

Where can I apply? You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution
that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it
is participating. Visit www.sba.gov for a list of MN SBA Lenders.

U.S. Treasury Information that offers Assistance for Small Business.

We hope you stay safe and healthy!


Your Butler Vet Insurance team members are working remotely to serve and protect you.

Here’s 5 easy ways to reach the team at Butler Vet Insurance anytime:

Phone: 952-953-3838
Email: [email protected]
Text: 952-260-9656
Web: www.butlervetinsurance.com
Customer Service: Contact Request

Your experience with us may be a little different during this time of uncertainty is greatly appreciated. Although our physical office is closed, our team remains 100% committed to serving you.


BELOW ARE RESOURCES TO HELP YOU IN THESE UNPRECEDENTED TIMES:

POLICY BILLING:

PLEASE CONTACT US OR YOUR INSURANCE CARRIER –

THEY MAY HAVE FLEXIBLE BILLING OPTIONS IF YOU ARE EXPERIENCING A HARDSHIP.  

WE CAN ASSIST YOU!!!


BUSINESS INSURANCE & COVID-19 RESOURCES:

COVID-19: Frequently Asked Questions Concerning Minnesota State and Local Orders

Centers for Disease Control and Prevention
Best Practices for Employers & Employees CDC
Johns Hopkins University & Medicine
CORONAVIRUS Resource Center
World Health Organization
Videos, Online Training & Travel Updates

 

 

 

 


If you need any other assistance, or have questions about insurance or any other subject, please reach out to us. We are here to help and support you, your family and your business in any way humanly possible.

Phone: 952-953-3838
Email: [email protected]
Text: 952-260-9656
Web: www.butlervetinsurance.com
Customer Service: Contact Request

We appreciate this and every opportunity to serve you!

With Gratitude,

Bill Butler and the whole Butler Vet Insurance Team