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Commercial Lines PPP Loan Forgiveness UpdateLast month, Congress was considering a law that would automatically forgive Payment Protection Program (PPP) loans under $150,000. If this law is approved, small businesses who received a PPP loan of less than $150,000 would have their loan automatically forgiven without having to file the forgiveness application with their bank.

As of now, Congress still has not approved automatic forgiveness of PPP loans for small businesses.

Because the forgiveness application is lengthy, many small businesses are waiting to file their applications in the hopes that Congress will approve automatic forgiveness. And many banks are encouraging PPP recipients to wait since interest is not incurring and there is not a tight deadline at this point to apply for forgiveness. Businesses have 24 weeks from the date of their loan to apply for forgiveness.

To apply for loan forgiveness, you will need to file an application (Form 3508) with the bank that issued the loan to you. If your business did not reduce the number of its employees or their wages, you can use the more streamlined Form 3508EZ.

You can download the forgiveness application [Form 3508] by clicking here, and the instructions by clicking here.

The simplified forgiveness application [Form 3508EZ] can be downloaded by clicking here and the instructions by clicking here.

We will continue to share information as it becomes available and keep you informed.

Ryan Schmidt is a Client Advisor and Partner with Gulfshore Insurance. Ryan specializes in working with commercial clients. Comments and questions are welcome at rschmidt@gulfshoreinsurance.com.

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

We recently sat down (over Zoom) with one of Gulfshore Insurance’s greatest assets, Senior Claims Advocate, Cheryl Roberts.  In the video below, we discuss some of the most common claims community associations are facing, and how associations can mitigate and protect themselves when claims arise.

Cheryl has been a licensed claims adjuster for more than 15 years.  For much of that time, she worked for the insurance companies, adjusting claims.  But for the last several years, she has been part of the team at Gulfshore Insurance working closely with our clients, handling hundreds of claims annually.  Her experience and expertise is invaluable during the process of a claim.

Whether you are a board member or an association manager, this video has a lot of great tips.  Enjoy!

Jeff Sanders, works with associations and companies throughout the state of Florida to meet their insurance and risk management service needs. Jeff and his team have a proactive style and hands on approach to providing insurance services to their clients. Not only is Jeff a commercial property and casualty specialist, he also holds a TRIP designation, is a member of the Community Association Institute (CAI), Hospitality Financial & Tech Professionals (HFTP) association, and Community Owners – Managers – Associates (COMA). Jeff is also a certified Continuing Education instructor for the community management and construction industries. Comments and questions are welcome at jsanders@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Commercial Lines Proposed Decrease to Florida Work Comp Rates 2021The National Council on Compensation Insurance (NCCI) recently delivered its annual workers’ compensation insurance rate filing to the Florida Office of Insurance Regulation.

Based upon its review of the most recent data available, NCCI has proposed an overall average rate level decrease of 5.7 percent, effective January 1, 2021 in Florida.

To view NCCI’s Overview of the proposed rate filing, click here.

Ryan Schmidt is a Client Advisor and Partner with Gulfshore Insurance. Ryan specializes in working with commercial clients. Comments and questions are welcome at rschmidt@gulfshoreinsurance.com.

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

 

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Employee Benefits New FMLA Forms Issued by the DOLThe Family and Medical Leave Act (FMLA) provides certain employees with up to 12 weeks of unpaid, job-protected leave per year and that their group health benefits be maintained during the leave. This law applies to all public agencies, public and private elementary and secondary schools, and companies with 50 or more employees. Covered employees may take leave under FMLA for the following reasons:

  • The birth and care of a newborn child
  • The placement of a child with the employee for adoption or foster care
  • To care for an immediate family member with a serious health condition, including a spouse, child, or parent
  • If an employee has a serious health condition and is unable to perform the essential functions of their job
  • Any qualifying exigency relating to a spouse, child, or parent who is a military member and on covered active duty or called to covered active duty status

 

What Changes Were Made to New FMLA Forms?
New FMLA forms were released in July 2020 by the Department of Labor (DOL). The new forms make it easier for employers, employees, leave administrators, and healthcare providers to gather and deliver data. DOL’s Wage and Hour Division (WHD), which made the announcement and oversees FMLA enforcement, indicates that the updates will result in the following improvements:

  • Reduce the time users spend providing information
  • Improve communications between leave applicants and administrations
  • Reduce the likelihood of violations

 

In-Depth: How Do the Updated FMLA Forms Work?
In a recent article, legal publication The National Law Review points out while the forms are optional, they “include information that must be communicated to the employee.” The updated forms include:

  • Form WH-381 (Notice of Eligibility & Rights and Responsibilities): This form alerts employees about eligibility requirements under the FMLA, and should be delivered to workers upon requesting FMLA leave. The new version of this form makes it easier for employees to indicate why they’re requesting leave and when they plan to return.
  • Form WH-382 (Designation Notice): This form is delivered to employees to alert them if a requested leave has been designated as covered under FMLA. It also includes the approved amount of FMLA leave. According to SHRM, the latest update outlines steps employees should take if they filled out an insufficient request.
  • Forms WH-380-E and WH-380-F (Certification of Health Care Provider for Employee’s Serious Health Condition): Each of these forms should be used when an employer requests an employee to submit verification of their medical reason for leave. The first form is reserved for employees with serious health conditions and the second applies to employees’ family members with serious health conditions. Now, these forms require providers to include a “best estimate” of future treatment.
  • Forms WH-384, WH-385, and WH-385-V (Certifications for Military Family Leave): Form WH-384 applies to eligible employees whose spouse, child, or parent is an active duty member of the military or has been notified of an impending call or order to active duty. Form WH-385 applies to eligible employees who need to care for a covered servicemember with a serious illness or injury. Finally, Form WH-385-V applies to eligible employees seeking to take FMLA leave to care for a covered veteran with a serious illness or injury.

 

We will continue to share information as it becomes available and keep you informed.

Ryan Laude is a Client Advisor at Gulfshore Insurance specializing in employee benefits. Ryan works with a wide range of businesses to create the best funding options that fit their needs. Comments and questions are welcome at rlaude@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Gulfshore Insurance Flood Insurance Webinar for Realtors on Sept 23 2020

Join us for an informative Flood Insurance webinar where we will discuss the most up-to-date information real estate professionals should know when advising clients on their properties.

In this webinar, we will cover:
• Flood Program Updates
• Insurance Markets & Rate Changes
• FEMA’s 50% Rule
• Map Revisions
• Compliance Considerations

Guest Speakers:
• Andrea Pelletier, CPRIA, CPIA – Client Advisor, Gulfshore Insurance
• Christa Carrera, CFM – Floodplain Coordinator, City of Naples
• Ashley Tharp, AIS, AINS, ANFI – Corporate Training Manager, Wright Flood

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