Delco Strong Small Business Support Grant

Delaware County is stepping up to provide some additional support for businesses affected by the COVID-19 pandemic with their Delco Strong Small Business Support Grant. Affected businesses can apply for a grant of up to $7,500 to help with the following:

  • Up to three months of rent or mortgage payments
  • Up to three months of utilities: electric, water, sewer, internet, security systems.
  • Inventory: items regularly needed to conduct business incurred or due between February 15 and May 5, 2020

The timeframe for applications is a small one. The window to submit an online application is May 6 from 12:01 a.m. to 11:59 p.m. The window to submit a paper application is on May 6 from noon to 4:30 p.m. and May 7 from 8:30 a.m. to 1:00 p.m at the Delaware County Courthouse. Applications will not be accepted before or after the window application.

Businesses eligible for the Delco Strong Small Business Support grant program must meet the following criteria:

  • Be a small business defined as having less than 50 full-time employees on payroll as of March 1, 2020
  • Must be a for-profit business
  • Business must occupy a “brick and mortar location within Delaware County that is not a residential home
  • Business must be located in an industrial or commercial (or similarly described) district within Delaware County
  • Businesses must be registered or incorporated to conduct business within the Commonwealth of Pennsylvania

Additional information can be found on Delaware County’s official website. We will continue to stay on top of this situation and keep our clients up to date with additional information as it becomes available.

At Risk Averse Insurance, we are here to answer your questions or help in any way possible. Please reach out to us with any questions or concerns you might have. We are happy to help!

I hope you and your families are staying healthy during this trying time.

 

Call Risk Averse Insurance in Media, PA for any questions you may have on your insurance coverage.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

Auto Insurance Refunds Due to Coronavirus

As a result of the ongoing coronavirus situation, most of us have been using our vehicles very sparingly. Because of this, personal auto insurance companies have begun providing discounts, rebates, or billing flexibility for existing auto insurance customers.

Each company has responded in a different way. Listed below are all of our auto insurance carriers below and their response to this situation. You may also receive updates directly from the insurance carrier with clarification on this situation as it changes. These refunds will happen automatically, so there is no need to contact the carrier.

Encompass

According to their website, Encompass is offering an average of 15% money back based on their monthly premium in April and May for personal auto insurance clients (subject to limited exceptions). Customers will receive the money back through a credit to their Encompass account, bank account or credit card on file, depending on how they make their payments.

Main Street America

Main Street Americaclients can expect a one-time full payment of $50 per vehicle that is covered by MSA under a personal auto insurance policy. Checks will be made out to the named insured on the policy and sent via mail to the address on file within the next 60 days. NOTE: new policies written after March 31, 2020 are excluded from this refund.

Travelers

Travelers is providing relief to their clients by:

  • Providingbilling relief for all U.S. customers, including suspending cancellation and non-renewal of coverage due to nonpayment through May 15, 2020 (no interest, late fees or penalties will be charged).
  • Giving U.S. personal auto insurance customers a15% crediton their April and May premiums.

Nationwide

Clients who have their auto insurance with Nationwide will receive a one-timepremium refund of $50 per policy for personal auto policies active as of March 31, 2020. This refund will be automatically issued to the customers’ most recent method of payment within the next 30 days.

Penn National

Penn Nationalhas extended their grace periods so that policies won’t be cancelled if their insureds are unable to pay at this time. Their website does not mention any auto insurance refunds being issued at this time, however.

Progressive

Progressiveis taking the following steps for their clients:

  • If you have an active personal auto policy with Progressive at the end of April, you’ll receive a credit for 20% of your April premium.
  • Progressive is offering the same 20% credit to active personal auto customers at the end of May, and may offer additional credits in the upcoming months.
  • Starting April 1, 2020, they are waiving late fees, pausing collections, and holding off on canceling or non-renewing any active policies due to non-payment through May 15, 2020.

Safeco

Safeco’s personal auto insurance customers will receive a 15% refund on two months of their auto premium based on their premium amount as of April 7, 2020. Refunds will be issued in the manner that the client’s most recent payment was made or by check.

MetLife

Official details have not been released as of the date of this blog’s publication, but MetLife will be offering a 15% rebate for April and May personal auto premiums. MetLife clients will receive an email from MetLife once more details are available.

 

At Risk Averse Insurance, we are here to answer your questions or help in any way possible. Please reach out to us with any questions or concerns you might have. We are happy to help!

I hope you and your families are staying healthy during this trying time.

 

Call Risk Averse Insurance in Media, PA for any questions you may have on your auto insurance.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

Navigating the SBA Paycheck Protection Program

There has been a lot of information going around regarding how and when to apply for the Paycheck Protection Program (PPP), who can apply, and how much will be forgiven. Things have finally settled in and here are all the details you’ll need to know:

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. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Reach out to your current bank to see if they are accepting applications. Visit www.sba.gov for a list of SBA lenders.

Who can apply?

All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply.

 

Here’s what to have prepared before you start the application:

  • Payroll reports for each of the last 4 quarters April 1st, 2019 through March 31st, 2020.
  • A copy of your photo ID (front and back)
  • State Unemployment Tax info April 1st, 2019 through March 31st, 2020. (You can get this from your payroll company or through payroll reports on your accounting software)
  • Local Tax Payment Information
  • All reports showing employer contributions to retirement accounts April 1st, 2019 through March 31st, 2020.
  • Reports showing your health insurance contributions April 1st, 2019 through March 31st, 2020.

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What can I use these loans for?

You should use the proceeds from these loans on your:

  • Payroll costs, including benefits
  • Interest on mortgage obligations incurred before February 15, 2020
  • Rent, under lease agreements in force before February 15, 2020, and
    • Utilities, for which service began before February 15, 2020
  • Payroll costs include:
    • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee)
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave, allowance for separation or dismissal, payments required for the provisions of group health care benefits including insurance premiums, and payment of any retirement benefit
  • State and local taxes assessed on compensation
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment capped at $100,000 on an annualized basis for each employee.

Will the loan be forgiven?

The loan amount will be forgiven in its entirety as long as:

  • The loan proceeds are used to cover payroll costs, most mortgage interest, rent, and utility costs over the eight-week period after the loan is made
  • Employee headcount is maintained
  • Compensation levels for employees earning less than $100,000 per year are maintained; and
  • Not more than 25% of the loan amount is used for non-payroll costs. To the extent that any of these factors are not satisfied fully (or a business does not use the full amount of the PPP loan in the eight-week period after the loan is made), a portion of the loan will not be forgiven and must be repaid.

To receive loan forgiveness, a borrower must apply to their lender with documents verifying payments (on mortgage interest, rent, and utilities) and payroll (number of employees, pay rates, including IRS payroll tax filings and state income, payroll, and unemployment insurance filings). These documents must be certified from a representative of the business that the information is true.

If you have any additional questions regarding this program, please feel free to reach out. We are here for you during these trying times.

 

Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice & cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).

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Coronavirus: 5 Tips to Avoid Getting Sick

With Coronavirus (COVID-19) sweeping through countries across the world at an alarming rate, it can be difficult not to panic. As of 4/8/2020, there are over 1,000 confirmed positive cases of Coronavirus in Delaware County, PA alone and about 14,600 cases throughout Pennsylvania. Every day we’re hearing about more deaths, more jobs lost, and more severe social distancing protocols being implemented. Small businesses are being forced to close their doors either indefinitely or permanently. 41 states have issued stay-at-home orders in an effort to flatten the curve.

Two questions on everyone’s minds are: how do I avoid getting sick and getting others sick? Our five tips below will help you as you navigate this strange new territory.

1) Wash your hands

The best way you can avoid getting sick is to wash your hands regularly with soap and water for at least 20 seconds. This may seem like an obvious tip, but a recent poll of more than 24,000 US adults revealed that about 40% of Americans don’t always wash their hands after going to the bathroom. Yikes! If you were a member of the demographic that doesn’t always wash their hands, hopefully you’ve changed your ways by now in light of the current situation.

There’s an exact science behind washing your hands correctly which the Centers for Disease Control, Prevention (CDC) lays out on their website. Here’s when you should be washing your hands:

  • After using the bathroom
  • Before, during, and after preparing food
  • Before eating food
  • Before and after caring for someone who is sick with vomiting/diarrhea
  • After changing diapers or cleaning up a child who has used the toilet
  • After blowing your nose, coughing, or sneezing
  • After touching an animal, animal food, or animal waste
  • After handling pet food or pet treats
  • After touching garbage

If you don’t have access to soap and water in these situations, use hand sanitizer with at least 60% alcohol instead. Studies have shown that hand sanitizers with 60-95% alcohol are better at killing germs than those with a lower alcohol concentration. However, if your hands are heavily soiled or greasy after gardening, handling food, or playing sports, hand sanitizers may not work very well regardless of the alcohol concentration. Washing your hands with soap and water is recommended in this scenario.

2) Wear a mask/face covering

The CDC recommends that you wear a protective cloth face mask any time that you are in a public place and social distancing protocols are difficult to maintain. These cloth masks are used to help slow the spread of coronavirus as many people who have the virus are asymptomatic and unknowingly spread it to others. Wearing a cloth mask can also help you to avoid getting sick as it blocks large particles that are ejected after someone sneezes or coughs. Cloth coverings can be made at home using items you already have, so don’t feel the need to purchase a mask online.

Cloth face coverings should:

  • Fit snugly but comfortably against the side of the face
  • Be secured with ties or ear loops
  • Have multiple layers of fabric
  • Allow for breathing without restriction
  • Be able to be laundered and machine dried without damage or change to shape

Coverings should only be worn once between washes. Because of this, it’s a good idea to make a few cloth coverings for yourself so that you’re not constantly running them through the washer and dryer. Remember: even if you aren’t concerned about getting coronavirus yourself, there are high-risk individuals everywhere and their exposure to the virus could be fatal.

3) Practice social/physical distancing

Depending on your preferred terminology, social distancing and physical distancing encourage the same behavior. To practice social or physical distancing, the CDC recommends:

  • Staying at least 6 feet from other people
  • Not gathering in groups
  • Staying out of crowded places
  • Avoid mass gatherings

Social/physical distancing is essential in our efforts to slow the spread of coronavirus because it mainly spreads between people who are in close proximity of one another. If you’re within 6 feet of someone for a prolonged period of time that you do not live with, your risk of contracting or spreading the virus increases. COVID-19 can be spread when an infected person sneezes, coughs, or talks, and droplets fly from their nose or mouth to someone else’s. You can also contract coronavirus by touching a surface that has been exposed to the virus and then touching your face.

Staying in your house is the best way to avoid getting sick and stop the spread of the novel virus. However, if you do need to leave the house for essential travel such as going to the grocery store, ensure that you are maintaining a distance of at least 6 feet from others.

4) Clean and disinfect surfaces every day

Get into a routine of cleaning and disinfecting surfaces in your home that are frequently touched by you or anyone that lives with you. Examples are: doorknobs, counter tops, light switches, handles, faucets, keyboards, etc. Before you start cleaning and disinfecting your home, make sure you are wearing disposable gloves to avoid contact with any germs that may be present.

To clean the area, start by using soap and water. Then, use a household disinfectant or diluted bleach solution if appropriate for the surface to kill as many germs as possible. The Environmental Protection Agency (EPA)’s website has a helpful list of disinfectants that can be used against SARS-CoV-2, the virus that causes COVID-19. For soft surfaces such as bed sheets and rugs, run them through the wash machine at the warmest temperature the material will allow.

5) Avoid touching your face and mouth

The CDC recommends that we avoid touching our eyes, nose, and mouth with unwashed hands to avoid getting sick. This may seem straightforward, but people touch their faces several times an hour without even realizing it. One study was done in 2015 in the South of Wales wherein researchers monitored via video recording the face-touching behaviors of 26 students during a lecture. They found that these students averaged an alarming 23 face touches per hour with almost half of the touches involving contact with the mouth, nose, or eyes. How do we stop ourselves from doing something so often that we didn’t even realize we were doing?

If you’re wearing a cloth face covering in public as we discussed earlier, that pretty much eliminates the risk of touching your mouth and nose. When you’re at home and not wearing a mask, however, you can’t be expected to wash your hands every time you touch your face… that would be wasting a lot of soap and water, and it isn’t even necessary. You mainly need to be concerned about touching your eyes, nose, and mouth when you’ve just been out in public. After coming back from the grocery store, for example, wash your hands with soap and water as soon as you get back to lower your chances of giving yourself coronavirus by absentmindedly scratching your nose.

Essentially, you just need to be mindful of what you’re doing. It’s almost impossible to stop touching your face altogether, but as long as you’re taking appropriate precautions and keeping your hands clean, this shouldn’t be an issue.