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 March 31, 2020 **CARES Act: Payroll Protection Program

COMMITTED TO PROTECTING YOU AND OPEN TO SERVE YOU: BUTLER VET CARES COVID-19 UPDATE MARCH 31, 2020

PAYROLL PROTECTION PROGRAM:

We wanted to get this posted for anyone that may be looking to apply for the PPP from the Cares Act.

20-LOB-PPPApplication _final as of 3.29.20

For those of you who will be applying for PPP, attached an application for your review… so you will know what your lender will need need.  This information is very similar to what is required from your workers compensation audit every year.
  • 2019 Business Tax Returns or 2019 Profit and Loss Statement
  • Last 4 Quarters of Payroll Tax Forms (Form 941)
  • Verification of the number of employees and payroll incurred over the most recent 12-month period
The lender, Live Oak Bank, also provided a link for anyone who needs it. Live Oak is niched in the insurance industry and you may want to contact your lender.

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 March 29, 2020

COMMITTED TO PROTECTING YOU AND OPEN TO SERVE YOU: BUTLER VET CARES COVID-19 UPDATE MARCH 29, 2020

Small Business Alert!!!

A quick Sunday Update – for those Small Businesses out there who would like a breakdown of how the CARES Act will impact them and what assistance is available provided by Affinity HR Group.

Senate Guide to the CARES Act

Our recommendation at Butler & Associates would be to contact the bank you use for your commercial banking needs and ask about the SBA Payroll Protection Loans, that are FORGIVABLE!!!

  • Payroll Protection Loans: The CARES Act establishes emergency grants and a loan program for employers with fewer than 500 employees. Through the Small Business Administration, small businesses, sole proprietors and non-profits can borrow the sum of 2.5 times their average monthly payroll, health insurance, rent, and utilities, up to a total of $10 million, to keep their business afloat.
  • Forgiveness for Payroll Protection Loans: Essentially, these loans can become grants and don’t have to be paid back if the employer meets certain conditions designed to ensure the money goes toward keeping workers employed in the near term. The Act provides for all or some of these payroll protection loans to be forgiven on a tax-free basis provided employers continue paying employees at normal levels during the eight weeks following the origination of the loan. In addition, payments made during that time for payroll costs, rent or mortgage interest, and certain utility payments may be forgiven. To apply for loan forgiveness, the borrower must submit an application that includes documentation verifying the number of employees and pay rates and cancelled checks showing mortgage, rent or utility payments.

This can provide immediate assistance for those businesses who have had to close or lay off employees.

Our understanding is this goes live Monday March 30, 2020.

There is also an expansion to unemployment benefits and individual stimulus payments to help weather the store.

  • Expanded unemployment benefits: The Act expands the eligibility requirements for people to qualify for unemployment benefits by placing fewer restrictions on unemployment conditions and allowing states to relax restrictions if they choose to. It also increases states’ weekly maximum payments by $600 (regardless of income) for four months. The Act extends states’ current maximum weekly limit (on average 24 months) by adding 13 weeks of additional unemployment benefits. The individual states will still determine who is eligible for unemployment benefits, when they are eligible, and how much they are entitled to and for how long. As before, companies should not promise their former employees unemployment benefits, but they can agree to not dispute an appeal if the former employee need to file one.
  • Individual stimulus payments: The Act provides for payments to be sent directly to individual Americans. These Individual stimulus payments will be:
    • $1,200 for each single taxpayer who made $75,000 or less in 2019; those making up to$99,000 will have their payment reduced by $5 for each $100 increment earned above $75,000.
    • $2,400 for each couple who filed jointly and made $150,000 or less; single taxpayers filing as head of household if they earn $112,500 or less; couples making up to $198,000 will have their payment reduced by $5 for each $100 increment earned above $150,000.
    • An additional $500 will be paid out for each dependent child under the age of 17.

We have been tracking these developments for the past couple of weeks and our biggest recommendation would be to reach out to banker or lender for advice on how to apply for the Payroll Protection Loans.

Should you wish for a recommendation to an SBA lender we have a couple we know through our work in the community.

We hope this finds you healthy and safe.

 

 


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 understanding that 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 YOU 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 March 27, 2020

COMMITTED TO PROTECTING YOU AND OPEN TO SERVE YOU: BUTLER VET CARES COVID-19 UPDATE MARCH 27, 2020

National News –

CARES Act is signed into law.

Coronavirus Aid, Relief, and Economic Security (CARES) Act Passes the House and is signed into law giving $2.2 Trillion in relief of Covid-19.  This is the largest bill passed in the history of the United States.

What does this mean for you?

This chart put out by the PIA give a great breakdown for individuals and small businesses looking for help through these unprecedented times.

Minnesota News –

Stay at Home” order from MN Governor –

Governor Tim Walz signed an executive order that beginning on Friday, March 27, 2020 at 11:59 pm through Friday, April 10, 2020 at 5:00 pm, all persons currently living within the State of Minnesota are ordered to stay at home or in their place of residence except to engage in the Activities and Critical Sector work set forth in this list from Dept of Labor & Industry.

Governor Walz Executive Order – Directing Minnesotans To Stay At Home

 

 

 

 

 

Here is a list of Activities and Critical Sectors that are exempt from the order.


   


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 understanding that 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 YOU 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 March 26, 2020

COMMITTED TO PROTECTING YOU AND OPEN TO SERVE YOU: BUTLER VET CARES COVID-19 UPDATE MARCH 26, 2020

The U.S. Senate passed a $2 trillion Coronavirus stimulus bill designed to provide economic relief to all Americans. The bill is now with the U.S. House of Representatives, and then will go to President Trump for his signature. Officials believe the bill is expected to pass the House and be approved by the White House on Friday.

Included in the bill is the “Keeping American Workers Paid and Employed Act,” which provides $350 billion in loans for small businesses to cover salary, wages, and benefits worth 250% of an employer’s monthly payroll, with a maximum loan of $10 million. Loans will be forgiven for qualifying groups, those who use the loan to keep employees on payroll, pay rent and insurance premiums, and other guidelines in the law. Please tell clients to consult a tax professional for answers to questions.

Copy of the Senate Bill Highlights – How the CARES Act Helps Americans & Small Business

Please note: THE BILL HAS NOT YET PASSED

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 understanding that 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 YOU INSURANCE CARRIER –

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

WE CAN ASSIST YOU!!!

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

BUSINESS INSURANCE RESOURCES:

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 InsuranceTeam