Our Benefits Blog

My hope is that if you applied for a loan under the PPP originally you got it.  But if you didn't yesterday Congress passed a $480 Billion coronavirus relief package and President Trump plans on signing it today.  Here is a quick review of the bill but I also wanted to pass on what my experience was with the process because some of the companies I contacted missed the first round of loans.  One of the main reasons I hear was they did not fully understand the process.  I was able to get our loan and during the process here is what I learned:

• The loans are through the SBA so your financial institution should be an SBA approved lender for faster results. 
• If your financial institution is not an SBA approved lender they most likely will partner with an approved lender and this can delay your loan.
• To secure your companies funds the lender inputs your companies information into the SBA system.  This is not underwriting it's just securing the money.
• This is a critical step because it locks in the money for your companies loan.
• Your SBA approved lender will underwrite your loan on behalf of the SBA.
• Once your loan is approved and the funds are secured your financial institution will distribute the funds typically in a couple of days.

Our loan was through an SBA approved lender and they processed the loans in the order they were received.  But more importantly once they started working on Talon's loan they input the information into the SBA system and secured the funds for the loan amount I requested.  Once it was locked in I received an email confirming my loan was funded but still needed to be underwritten.  This is critical in my opinion because they locked in the money for the loan first then they did the final underwriting.  Then I waited another 8 days to get confirmation that the underwriting was complete and once I signed the paperwork the funds would be released.

By no means am I an expert on the loan process but in my opinion you want your lender to be SBA approved for direct access and you want them to secure your funds right away. 

I hope this helps and as always Karen and myself are here to help you in any way we can.

On March 11, 2020, the Internal Revenue Service (IRS) issued Notice 2020-15 to advise that high deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19) testing and treatment before plan deductibles have been met, without jeopardizing their status. According to the IRS, this also
means that individuals with HDHPs that cover these costs may continue to contribute to their health savings accounts (HSAs).
The IRS also noted that any COVID-19 vaccination costs count as preventive care and can be paid for by an HDHP without cost sharing.

Key Points

• HDHPs can pay for COVID-19
  testing and treatment without
  imposing a deductible.
• As a growing trend, states are
  directing or encouraging health
  insurance issuers to cover this
  testing without any cost sharing.
• Employers with HDHPs should
  consult with their plan’s issuer
  or benefits administrator
  regarding their plan’s coverage
  for COVID-19 testing and
  treatment.

Employers with HDHPs should
consult with their plan’s issuer
or benefits administrator
regarding their plan’s coverage
for COVID-19 testing and
treatment.

Action Steps

Keep up to date with the latest Coronavirus information at the Centers for Disease Control website. 

Employers with HDHP's should consult with their plan’s issuer or benefits administrator regarding their plan’s benefits for COVID-19 testing and treatment, including the potential application of any deductible.