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Through the Paycheck Protection Program (PPP), the U.S. Treasury Department has established a $349 billion fund that is available to help small businesses, like agencies, persevere through the COVID-19 pandemic. The program provides forgivable loans of up to $10 million, through approved lenders, to companies with less than 500 employees.
Why Agents Should Apply Today
- Any small business that affirms that “current economic uncertainty” makes the aid necessary to support their “ongoing operations” is eligible.
- Aid will be given on a first-come, first-serve basis until the fund is exhausted - the application window opened on April 3rd and loans are already being disbursed, but there’s still time!
- The loans are forgivable and will allow agency owners to pay for up to eight (8) weeks of payroll costs if they use the money to retain workers or hire back positions they had to cut. Other expenses like your mortgage interest, rent, and utilities are also eligible for forgiveness. Some restrictions apply so make sure to check out the resources below and confirm the terms of forgiveness with your lender.
- Many of the usual requirements for these loans have been cut to streamline the process.
How to Get Started Now
- You have to apply through a bank or other lender, so contact yours today and mention the Paycheck Protection Program or do an online search for their application. Here is an example Bank of America PPP Application page.
- If your current bank is not an eligible lender, contact a nearby eligible bank using this search tool.
- Gather your documents—each lender will have their own application, but you should begin collecting records of payroll, rent, and utilities. See the resources section below for a more detailed list.
Resources & FAQs
- Insurance Office of America—COVID-19: Paycheck Protection Program FAQ
- Insurance Office of America—Navigating The Paycheck Protection Program
- New York Times—F.A.Q. on Coronavirus Relief for Small Businesses, Freelancers and More
- Forbes—Overwhelmed? Plain Talk On The Paycheck Protection Program For Small Businesses Affected By COVID-19
Since the Paycheck Protection Program was launched very quickly, you may experience challenges in working with banks and lenders as they refine their application process. However, that is even more reason to get the process started soon. EverQuote is dedicated to providing agents with resources to help navigate these difficult times. Go to learn.everquote.com for additional resources or email support@everquote.com if you need additional assistance.
Sources: https://www.nytimes.com/2020/04/03/business/sba-loans-coronavirus.html
