Premier Agency Owners,
We wish to draw your attention to the SBA link regarding the up to $10,000 loan available to eligible small business owners, that per SBA will not have to be repaid. Below is a snippet from the webpage.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.
To apply for a COVID-19 Economic Injury Disaster Loan and loan advance, click here.
March 30, 2020
Premier Agency Owners,
We hope this email finds you, your families, and staff safe. A number of you have reached out to take advantage of our Premier laptop assistance program, and other support we’ve discussed in the recent Premier notices of March 16th and March 23rd. We’ve spoken to Premier Agency Owners coast to coast and are gratified that you are continuing your essential and/or critical business operations, as deemed by most state and federal emergency orders, both safely for your staff and customers using virtual offices in some cases, and appropriate social distancing and before & after transaction sanitization in other cases. At Premier we continue to do the same, to be here for you, as YOU are our customers.
Last Friday, March 27th, the largest U.S. financial support bill for businesses and individuals, approximately $2Trillion, was passed by Congress with the President signing. Rather than send you the 880 page bill or a link to it… We have instead reached out to financial institutions that we trust to help us navigate the details of the support the United State government is providing in the bill, in particular for Small Business Owners. Your participation in these programs is optional and independently taken by you. Your choice of financial institutions is yours to make. Nonetheless, we believe you will find the below information helpful to you. It is provided by a financial institution, Live Oak Bank, which we have known and respected for a number of years. If memory serves some of you have independently utilized their resources.
- Please know that the information below and attached regarding the loan(s) associated with forgiveness is pre-liminary as there may be additional regulations developed by the U.S. Treasury to govern the program(s). More information will sure come on line and elsewhere...
- For now review the below information and if you so choose, be sure to register with a financial entity as soon as possible to secure your place in line as the program and funding is limited.
Please be advised that neither Premier nor any of our officers acts as advisors in such financial matters. This information is just that, informational. However, if you have Qs, about how to navigate through it, feel free to text, email or call me. My cell is below.
To Your Success,
Rex, Young, and Shawn
Rex Hickling, President
Cell: (303) 818-6218
600 17th St. Suite 1425N
Denver, CO 80202
Rex & PGI Members:
It has been an intense couple of weeks. We are committed to helping small businesses with this unprecedented situation. Our teams have been working 24/7 on legislation, communication material, and technology.
I’d like to share some critical information about resources to assist small businesses. You are welcome to share to any small businesses in need.
This video is quick and worth a watch to get started understanding the options:
COVID-19 Assistance: There are two SBA loan types available. Loan Options flyer attached.
- Paycheck Protection Program “PPP” Loan – through Live Oak Bank. There are 2 attachments. Please read the attachments carefully for details – many of your questions can be answered.
- Loan amount is 2.5x avg monthly payroll (can include 1099 commission, owners compensation)
- The money can be used for payroll, rent, expenses
- Forgivable in 1 year.
- No Personal Guaranty, no collateral.
- SBA Disaster Loan “EIDL” Economic Injury Disaster Loan – directly through SBA. Yes, another attachment.
- We encourage businesses to apply for both.
Treasury and SBA have 15 days to issue final technical guidance. In the meantime, please register here and we will contact you when ready for processing of your PPP request.
Thank you !
Kelly Drouillard CPA CPCU | SVP – Insurance Industry Lending
Live Oak Bank
1757 Tiburon Drive | Wilmington, NC 28403
Direct & Cell: 913-980-7773 (located in Kansas City)
DISCLAIMER: This email and any files transmitted with it are confidential and/or proprietary to Live Oak Bank or its affiliates and are intended solely for the use of the individual or entity to whom they are addressed. This communication represents the originator's personal views and opinions, which do not necessarily reflect those of Live Oak Bank. If you are not the intended recipient, be advised that you have received this email in error, and that any use, dissemination, forwarding, printing, or copying of this email is strictly prohibited. If you received this email in error, please immediately notify firstname.lastname@example.org, permanently delete the e-mail and any attachments, and destroy all hard copies immediately.