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Cares ACT Highlight

3/27/2020

The CARES act passed the House and Senate this week, with the President signing it into law on Friday March 27th 2020, and this is the third Coronavirus related bill to be passed and signed by the bill.

With over 1,00 pages there are many different items in the bill, here are some highlights of the overall bill:

Paycheck Protection Program (PPP)
1. Businesses fewer than 500 employees
2. Self-Employed
3. Loan for payroll, rent/mortgage, utilities and debt
4. 2/15/20 - 04/30/20
5. year later not reduced anything by more than 25% loan forgiveness
Retirement Savings
1. RMD's are suspended for 2020
2. Participants can borrow up to $100,000 for coronavirus related with stretched out repayment
3. Waives penalty tax on early withdrawl
4. Allows a single employee db plan to stretch out contributions
Employee Retention Tax credit
1. 50% tax credit on employer portion of payroll taxes
Deferment of Payroll Taxes, spread over 2021 and 2022
Unemployment Compensation Benefits
1. Bill expands @ federal expense to 4 months with an additional $600 a week,
Direct payments to individuals
1. Cash payments 1200 to each adult and 500 for each child up to 75,000 single and 150,000 married, and reduced and phased out up to $99,000.
2. Loan program for business

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Ways to sell more DI(part 1)

3/17/2020

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Coupling Disability sales with other product sales you do on a regular basis. In this article from NAIFA Advisor today, see some suggestions on how to pair Di sales with other sales to increase your odds.

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March 20, 2020 Newsletter

3/17/2020

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Underwriting concerns to be aware of with the Coronavirus:

Key considerations
· New Business and Underwriting is not accepting applications from anyone residing in or traveling to China.
· Postpone submitting applications on clients with B1/B2 or F1 visas from China. This includes their children who are U.S. citizens.
· Postpone new business from countries or areas of countries ranked Level 3 or 4 by the U.S. State Department, generally for 30 days after residence/travel is completed. South Korea and Italy recently were added to this list at a Level 3 ranking. The State Department ranks countries from Level 1 (very safe) to Level 4, based on risks to safety and security.
· Applications from clients with resident visas from China expiring within 90 days may be considered on a case-by-case basis, based on travel details and visa type.
· Residents of A and B countries or travelers to A, B, or C countries are generally acceptable, except in countries ranked Level 3 or 4 by the State Department.
· Applications from U.S. residents with acceptable temporary visas, such as an H-1B or conditional visa, who have no plans to travel to China, are generally acceptable.

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Cares ACT Highlight

Ways to sell more DI(part 1)

March 20, 2020 Newsletter

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