To access the carrier product and rate information provided by PRISM, check the box below indicating you have read and agree to the license agreement. A button will then appear to access PRISM.
This site uses cookies to track your agreement option. If the terms of the license agreement change or if you clear the cookies from your browser, this page will appear once again during the PRISM login process.
Starting July 1, Covered California for Small Business (CCSB) is offering new Blue Shield plans, providing more options for enrollees. These plans include the Access+ HMO Network with Platinum, Gold, and Silver metal tier options, as well as the Bronze Trio HMO 7000/70. The two most popular Blue Shield High Deductible Health Plans (HDHP), Silver Full PPO Savings 2300/25% and Bronze Full PPO Savings 7000 plans, are also now available.
All of these plans offer benefits such as Wellvolution, Teladoc Mental Health, Nurse Help 24/7, LifeReferrals 24/7, and the Blue Card program for when members are outside of California.
For assistance, please contact our Quotes team at quotes@claremontcompanies.com or 800.696.4543.
Login To PrismYes. On July 4, 2020, President Trump signed legislation that extends the previous June 30 deadline for applying for the program to August 8, 2020. More information can be found in these CNBC and NPR news articles.
President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) on June 5, 2020. The new law makes some significant changes to the Paycheck Protection Program (PPP), providing much flexibility to businesses who have taken a PPP loan. The new law makes five main changes to the PPP:
This helpful Forbes article provides more information.
Claremont Insurance Services and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
The Paycheck Protection Program created by the CARES Act includes a provision that loans will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities, provided the business maintains their payroll at a level equal to what it was before the Coronavirus impacted the business.
On May 15, 2020, the US Small Business Administration (SBA) released the Loan Forgiveness Application form.
To apply for loan forgiveness, businesses should submit the completed application to the lender that is servicing the loan, along with the required supported documentation, which is detailed in the forgiveness application form.
Businesses should consult with their financial advisor before applying for loan forgiveness.
Helpful Resources
The US Chamber of Commerce has created a very helpful guide to help small businesses understand the Paycheck Protection Program, and also a helpful guide to PPP loan forgiveness.
The US Department of the Treasury has a Paycheck Protection Program web page that includes several helpful resources, including a Paycheck Protection Program Factsheet for Borrowers that provides even more detail.
The US Small Business Administration (SBA) has a Paycheck Protection Program web page that provides information on the program, who can apply, how to apply, loan details and forgiveness, and more.
Claremont Insurance Services and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
The Paycheck Protection Program created by the CARES Act includes a provision that loans will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities, provided the business maintains their payroll at a level equal to what it was before the Coronavirus impacted the business.
But what happens if laid off employees refuse to come back to work? The Small Business Administration (SBA) addresses this question in an updated FAQ released on May 19, 2020. In short, loan forgiveness will not be impacted if the business laid off an employee, and then makes an offer of re-employment to the employee which the employee then refuses, as long as the layoff, offer of re-employment and refusal are all documented.
The full question and answer (#40) can be found in the SBA Paycheck Protection Program Loans, Frequently Asked Questions (FAQs).
Helpful Resources
Small Business Administration:
Paycheck Protection Program Loans, Frequently Asked Questions (FAQs). Updated May 19, 2020.
Paycheck Protection Program Loan Information
Claremont Insurance Services and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
The US Small Business Administration (SBA) has published rules on how Paycheck Protection Program (PPP) loans will be administered for individuals that have self-employment income (such as independent contractors and sole proprietors). These rules apply to many brokers and some of their small group clients.
See below an abridged summary of the new PPP loan rules.
Those considering applying for a PPP loan (especially in anticipation of loan forgiveness) are recommended to consult with their financial advisor.
(The full PPP rules, along with other helpful information, can be found on the US Department of the Treasury’s webpage: The CARES Act Provides Assistance to Small Businesses.)
SBA Paycheck Protection Program Rules, April 14, 2020
Individuals with Self-Employment Income who File a Form 1040, Schedule C
Abridged Summary
I have income from self-employment and file a Form 1040, Schedule C. Am I eligible for a PPP Loan?
(Pages 4-6)
Yes. Individuals with self-employment income (such as an independent contractor or a sole proprietor) generally are eligible for Paycheck Protection Loans.
Specific requirements are outlined in the full rules, including for those individuals that are also a partner in a business.
How do I calculate the maximum amount I can borrow and what documentation is Required?
(Pages 6-8)
It depends on whether or not you employ other individuals. If you have no employees, the general calculation for the maximum loan amount is:
The net profit amount in your 2019 Schedule C (up to a maximum of $100,000), divided by 4.8.
(Rationale for this calculation: For sole proprietors with no employees, the maximum loan amount is 2.5 times average monthly net profit. See the full rules for more detail.)
There are also further rules if you have employees, or if you have also received an EIDL loan.
How can PPP loans be used by individuals with income from self-employment who file a 2019 Form 1040, Schedule C?
(Pages 7-11)
The proceeds of PPP loans can generally be used to replace your income, any employee costs, business mortgage and other debt interest payments, and business rent and utility payments.
At least 75 percent of the PPP loan proceeds must be used for payroll costs (which includes sole proprietor net profit).
What amounts shall be eligible for forgiveness?
(Pages 11-13)
Generally, the amount of loan forgiveness can be up to the full principal amount of the loan plus accrued interest. There are a couple of important qualifications:
Firstly, there is a limit for the amount of forgiveness available for owner compensation (sole proprietor net profit). The calculation is:
The net profit amount in your 2019 Schedule C (up to a maximum of $100,000], divided by 6.5.
(Rationale for this calculation: For sole proprietors, the amount of forgiveness available for owner compensation is eight weeks of net profit. See the full rules for more detail.)
Note that this calculation is different than that used to calculate the total amount that can be borrowed. The full rules provide background on the rationale for this calculation.
Secondly, at least 75 percent of the amount forgiven must be attributable to payroll costs (which includes sole proprietor net profit).
Claremont Insurance Services and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
No. The cost of independent contractors (1099s) cannot be included when calculating the loan amount. The total loan amount is based on average monthly payroll. The exact definition can be found in this US Department of the Treasury Paycheck Protection Program Factsheet for Borrowers. The resources below provide more helpful information.
Helpful Resources
The US Chamber of Commerce has created a very helpful guide to help small businesses understand the Paycheck Protection Program and help them prepare to file for a loan.
The US Department of the Treasury has a Paycheck Protection Program web page that includes several helpful resources, including a Paycheck Protection Program Factsheet for Borrowers that provides even more detail.
The US Small Business Administration (SBA) has a Paycheck Protection Program web page that provides information on the program, who can apply, how to apply, loan details and forgiveness, and more.
Claremont Insurance Services and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
The CARES Act created a Paycheck Protection Program administered by the US Small Business Administration (SBA) that provides low cost forgivable loans to small businesses in order that they can continue to fund employee payroll and benefits. The loans are forgiven as long as payroll costs are maintained equal to what they were before the Coronavirus impacted the business. Many financial experts are explaining that in essence, the loans become grants if the business maintains its payroll costs.
Funding amount. Payroll costs for up to 8 weeks plus an additional 25%, capped at $10 million.
Funds can be used for:
Fully Forgiven. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities, provided the employer maintains their payroll at a level equal to what it was before the Coronavirus impacted the business.
Loan Payments/Interest. If the loan must be repaid, payments will be deferred for six months. The loan has a 0.50% fixed interest rate.
Collateral/ Fees. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
All Small Business Eligible. Small businesses with 500 or fewer employees—including: nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Businesses with more than 500 employees are eligible in certain industries.
Resources
The US Chamber of Commerce has created a very helpful guide to help small businesses understand the Paycheck Protection Program and help them prepare to file for a loan.
The US Department of the Treasury has a Paycheck Protection Program web page that includes several helpful resources, including a Paycheck Protection Program Factsheet for Borrowers that provides even more detail.
The US Small Business Administration (SBA) has a Paycheck Protection Program web page that provides information on the program, who can apply, how to apply, loan details and forgiveness, and more.
Claremont Insurance Services and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.