Setting Your Budget For The Holidays

Setting Your Budget For The Holidays

How To Properly Budget For The Holidays

From Black Friday to Cyber Monday, the pressure to find the right gift for your loved ones and a great price begins.  Setting a personal budget for the holidays and sticking to it will help reduce the holiday stress that most of us experience.

  • The National Retail Federation expects 2020 holiday sales to rise between 3.6% and 5.2% year over year, amounting to between $755.3 billion and $766.7 billion. 
  • NRF President and CEO Matt Shay said he expects the industry could have a “strong finish” to 2020, in spite of the challenges from the coronavirus pandemic.
  • Americans have more money to spend that they were previously using on things like travel, NRF said, while there is also renewed hope for the distribution of an effective Covid vaccine. – per CNBC.
  • Some shoppers may look to avoid crowded stores, which will shift more spending online, the group said. Retailers have also been urging shoppers to use services like curbside pickup to try to ease the stresses on their supply chains. NRF is projecting a jump of 20% to 30% in online and other non-store sales, amounting to between $202.5 billion and $218.4 billion this holiday season, compared with $168.7 billion in 2019.

Stress and the Holidays

budget for the holidays

According to the American Psychological Association (APA), the leading cause of stress during the holiday season derives from money problems. If you are like most consumers, you have not planned ahead and may find yourself struggling for cash come January. A proper budget for the holidays and smart shopping techniques will help you stay within budget while finding something special for everyone on your list.

Use these tips to budget for the holidays:

  • Check your shopping list and make sure that everyone you are buying for needs a gift.
  • Write down a maximum dollar amount that you want to spend for your entire list and then track how much you are actually spending.
  • Buy items in bulk so you always have something little on hand for unexpected gifts.
  • Take advantage of post-holiday sales on gifts for next year.
  • Get a part-time job during the holidays, such as wrapping gifts at the local mall or being part of the Christmas display.
  • Consider opening a holiday savings account.
  • Be realistic about your purchases and ask yourself the following: Can I really afford this gift? Do I have the cash in my bank account to pay for it?
  • When shopping, leave your credit cards at home. Then, if you do not have the cash to pay for it, you can’t buy the gift.
  • Consider staying home and shopping online. Not only do many retailers waive shipping fees during the holidays, you’ll save money on gas by not having to visit the mall, too.

What to Know if You Use Your Credit Cards for Holiday Shopping

Tips for Those Who Want a Solid Credit Rating:

  • Treat your credit cards like cash; deduct money from your checking account every time you make a purchase.
  • Pay the entire balance of your credit card each month.
  • Limit the usage of credits to two or three maximum and select cards with no annual fees, 30-day grace bill periods, rebate incentives or other incentives (airline miles, auto points, etc.) programs and single-cycle billing.
  • Use your credit card with incentives for regular expenses such as groceries, utilities and gasoline.
  • Conduct an assessment of your expenses quarterly and make adjustments to your spending if you are going over budget.

Additional Tips For Those Who Need A Little Credit Boost:

  • Enroll in a pre-paid credit card program in which you load money onto the credit card for purchases. Once you’ve reached your set limit, the card will not work.
  • Establish a budget that includes a debt repayment plan monthly. As you pay off balances, call the creditor and ask them to close your account so that you are not tempted to use the card again.

Your personal credit score is just as important as some of the other important numbers in your life. Financial institutions calculate your credit score, which determines what type of interest rate you will receive on a mortgage or credit card. Many other institutions are now using credit scores to calculate how high your health and auto insurance premiums will be as well.

Plan Ahead For Less Stress

Instead of worrying about these money-related problems, get your finances in order and spend time worrying about what color to frost your holiday cookies instead! Take the time to budget for the holidays to help remove the stress for your holiday shopping.

It’s The Thought That Counts

budget for the holidays

The holidays are not all about shopping, instead taking the time to make a thoughtful gift can make a lasting memory.  With social sites, like Pinterest, you can find great ideas that your friends or family will love.

Some of my favorite gifts that I have received are Christmas Ornaments.  Each year, when I put my Christmas decorations out, I think of the person that gave me the ornaments and smile.  It’s the gift that keeps giving.

When you think of your budget for the holidays, remember it truly is the thought that counts.

GDI Insurance Agency, Inc. Your Trusted Insurance Broker

We hope that your holiday season is filled with love and great memories.  Be sure to contact us if you  do receive a gift of high value, as you will want to protect it with the proper insurance.  Jewelry and high value items are not always fully covered with your homeowner insurance.  209-634-2929

Unemployment Scams

Unemployment Scams

Unemployment Scams

The presence of unemployment-related scams has grown in the wake of the coronavirus (COVID-19) pandemic. Current unemployment scams include both fraudulent claims and unemployment-related phishing attempts. As many employers are currently dealing with the reality of a high amount of unemployment claims, organizations can take steps to prepare for fraudulent activity and to accurately identify legitimate requests. By taking proactive steps and preventive measures, your organization can be best prepared to identify and, if necessary, respond to fraudulent activity.

unemployment scams

The Presence of Unemployment Scams

According to the U.S. Federal Trade Commission (FTC), scammers often file fraudulent unemployment claims, sometimes even for people who are not unemployed. And, unfortunately, many scams are not revealed until it is too late. Many scam artists may not even be located in the United States. With the coronavirus pandemic leading to unemployment rates as high as they’ve been since the economic crash in 2008, more unemployment claims are being processed than ever before. Scammers seek opportunity, and this niche has received enough attention to warrant a fraud alert from the FTC.

How Scams Happen

Unemployment-related scams can happen to a current or former employee—regardless of an employee’s role at an organization. While scams were also present pre-coronavirus, current unemployment scams primarily fall under the following categories:

Employers should be prepared to identify these types of fraudulent activities. By educating workforces, reviewing emails with caution and preparing appropriate scam responses, organizations can be better prepared for attempted fraud.

Preventing Scams

Employers can take certain steps, such as the following, to help prevent fraudulent activities:

  • Educate employees on how to identify phishing attempts—By building awareness of how to identify scams, employees can help prevent fraud. Employers may consider providing formal educational opportunities on how to identify phishing attempts and highlighting the importance of this topic using internal employee communications.
  • Train appropriate teams on how to identify unemployment claim scams—By investing in specific training sessions, employers may be able to help designated teams look out for common scams. For example, HR professionals who will be administrating or responding to unemployment claims should be well-informed on current scam tactics.
  • Review cybersecurity best practices—The FTC provides guidance, including a guide for small businesses, that organizations can use to help determine the best steps to take in their own organizations.
  • Communicate effectively with employees—While strong practices, education and training sessions can help prepare your workforce to prevent scams, employee buy-in will be key to effectively preventing fraudulent activity. Ensure education and communication regarding scams are ongoing initiatives so that employees remain up to date on how to help prevent scams.

Employers should be aware that there has been falsified information about unemployment scams being shared on the internet. Federal agencies, including the FTC, generally provide the most accurate and up-to-date resources.

Organizations can take steps to prevent fraudulent activities—appropriate efforts will vary due to unique aspects of your workplace, but proactive measures such as increased awareness can be an effective first line of defense.

unemployment scams

Identifying Unemployment Scams

Government agencies and state representatives have standardized forms of messaging, which can be recognized by going through proper steps. According to a fraud alert issued by the DOL, the intent of phishing scammers is to have email recipients log in to an illicit account that impersonates the users’ personal accounts in order to steal various account numbers, passwords and Social Security numbers. Here are key points that employers should consider when receiving emails or evaluating unemployment-related internal practices:

  • Hover on and review links, but don’t click—By moving a mouse cursor over a link, you’ll be able to see the link without clicking and going to a potentially fraudulent site.  
  • Know that state workforce agencies do not use secondary accounts—Real government agencies do not ask users to log in to external sites and will only ask for an email address if you are creating a user account on their websites.  
  • Avoid following emailed directions to log in to a personal account—Common sites for which scammers have requested personal logins include Google, Microsoft, Apple and more. By logging in to what looks like one of these accounts, you may be providing your personal information, including a password, to scammers. 

Responding to an Unemployment Scam

While employers and employees hope to avoid being victims of a scam in the first place, a timely and well-planned response can minimize damage and sometimes even prevent future fraudulent activity after a scam attempt does occur. The FTC offers the following steps for how to respond to a scam attempt:

  • Alert your workforce—Alert your employees that a scam has taken place and remind them of the need to be cautious. Ensure that employees know where to direct any notice from an entity claiming to be a government agency. This may be to a specified resource, such as IT.
  • Report the fraud—Best practices for reporting fraud vary by state, so check your state unemployment agency’s website for the correct instructions.
  • Retrain teams on what to look for—By investing in additional education on relevant scams, employers may be able to continue to help their teams look out for common scams. 
  • Refer affected employees to identitytheft.gov—By reporting any fraudulent activity, including any identity theft, victims can get step-by-step help and the resources they need. 
  • Ensure employees are aware of cybersecurity best practices—Effective cyber protection measures require buy-in from employees. Ensure employees are aware of how they can help prevent fraudulent activity.

Protecting Your Workplace

No workplace is immune to the threat of scams, and now is as good a time as ever to ensure your organization is taking adequate steps to both prevent and respond to any fraudulent activity. Employers should continue to follow guidance from the FTC and consult with local legal counsel when updating or changing policies. For additional resources, contact GDI Insurance Agency, Inc.

GDI Insurance Agency, Inc.

California’s Leader in Insurance and Risk Management

As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more. The GDI team has developed an “insurance cost reduction” quoting plan, that provides you with the best coverage at the best rate!

We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business.

Contact us today 1-209-634-2929 for your comprehensive insurance quote!

Are You Prepared For Wildfire Season?

Are You Prepared For Wildfire Season?

Are You Prepared For Wildfire Season?

Wildfires are a natural and essential part of a healthy forest’s life cycle, helping to recycle nutrients and allow vegetation to spread and diversify. However, wildfires also pose a threat to both the lives and property of anyone who lives in or near a forested area. On average, more than 100,000 wildfires clear 4 to 5 million acres (1.6 to 2 million hectares) of land in the U.S. every year. Being prepared for wildfire season could save your home and your family.

prepared for wildfires

If you weren’t personally effected by a California wildfire last year, odds are you know someone that was. The 2018 wildfire season was the deadliest and most destructive wildfire season on record in California, with a total of 8,527 fires burning an area of 1,893,913 acres, the largest amount of burned acreage recorded in a fire season, according to the California Department of Forestry and Fire Protection (Cal Fire) and the National Interagency Fire Center (NIFC).

What Causes Wildfires?

Nearly 85 percent of wildfires in the U.S. are caused by humans. Often, these fires are the result of unattended campfires, the burning of debris, equipment use and malfunctions, negligently discarded cigarettes and intentional acts of arson. The remaining wildfires are typically caused by lightning or other weather events.

Whatever the cause, these wildfires can spread to communities and force people to evacuate their homes. While firefighters will do all they can to prevent the spread of a wildfire, their limited manpower and resources may prevent them from defending your home.

Although you may not be able to reduce the risk of wildfires occurring in your area, there are measures you can take to be prepared for a wildfire and reduce the risk of your property being lost to a wildfire. This guide includes methods for reducing the chances that a wildfire will damage or destroy your home.

prepared for wildfire

Getting Prepared For Wildfire Season

Wildfires are unpredictable, and preparation is key. While specific, preventive action is the primary way to protect your home from the elements, there are some additional, up-front steps to consider:

  1. Evaluate your home and vulnerabilities—Every property is different and has its own set of unique risks. As such, it’s critical for homeowners to have a thorough inspection done to better understand the risks specific to their property. Inspections, when completed by a certified professional, can provide valuable insight into your property’s ability to withstand a wildfire.
  2. Work with a qualified insurance broker—While wildfires pose a real threat to your property, many of the risks can be addressed through the proper insurance. To get a better understanding of your options, it’s important to meet with a qualified insurance broker. They can provide a review of your unique exposures and the policies available to you.
  3. Reach out to your local government—In many cases, your local government can prove invaluable when it comes to protecting your home from the elements. Government websites, public works organizations, utility companies and building departments can all provide expertise and tips on protecting your home.

When completing the above steps, it’s critical to take any home protection advice you receive seriously, whether it be securing additional property insurance or completing an inspection to help you improve your home’s defenses. Only then can you begin taking steps toward protecting your home from specific wildfire risks.

Wildfire risks can vary depending on the location and makeup of your property. While you cannot relocate your home, there are steps you can take to protect your home and be prepared for wildfire.

wildfire preparation

Be Prepared For Wildfire: Clear the Zones Around Your Home

Wildfires rely on heat and embers moving between fuel sources in order to spread. Accordingly, one of the most effective ways to prevent the spread of a wildfire to your home is to provide less fuel for the fire to spread. You can achieve this by creating cleared zones around your home. This entails moving or removing vegetation and other sources of fuel from close proximity to each other in a way that makes it difficult for a fire to reach your home.

prepared for wildfires

First Cleared Zone: 30 Feet Surrounding Your Home

The area immediately surrounding your home, or about 30 feet in any direction from your home, is the most important zone to clear from anything that a wildfire could use as fuel. Flammable species of plants, such as pine, spruce and juniper trees, should not be present in this zone at all. If you are unsure about the flammability of various plants, contact your local fire department for more information.

In addition to vegetation, it’s important to keep this area clear of other objects that might easily catch fire. Regularly clear your yard and gutters of sticks, leaves and other debris that might collect there, move any piles of firewood away from your house, keep grass cut short and avoid using bark mulch or pine needles for decoration. Debris can also collect beneath stairs, in pots or barrels and underneath decks. While these may seem like small hard-to-reach places, it only takes a single spark to start a dangerous fire.

Additionally, there are ways that you can prepare your home to withstand a fire, such as using fire-resistant materials and protecting compromised areas from sparks and embers. For example, windows should be tempered and double-paned, doors should be fire-rated with a good seal and solid shutters, and metal fire screens can provide additional protection for windows and doors. Wooden fences or boardwalks should have a metal gate to slow the advance of a fire. Vents can be screened with wire mesh, and eaves can be fitted with soffits and fascia to reduce the chances of embers and heat reaching wooden rafters. As for the largest surfaces of your house, the roof and siding, below are some fire-resistant materials to consider:

Roof

  • Metal
  • Asphalt
  • Clay
  • Composite rubber tiles

Siding

  • Stucco
  • Metal
  • Brick
  • Concrete
  • Fiber cement

Second Cleared Zone: 30 – 100 Feet Surrounding Your Home

Slowing or stopping the spread of fire in the area between 30 and 100 feet of your home can greatly reduce the chances of a fire spreading closer to it. In this zone, fire can spread easily between trees. Accordingly, it’s important to prune trees and clean up fallen branches, leaves and needles. Space trees in this zone at least 10 feet apart, measured by the outermost branches of each tree, and prune all tree branches that are within 6 feet of the ground. This helps prevent fire from spreading from tree-to-tree, as well as ground fire from moving into the treetops. To avoid damaging a tree, never prune more than a third of the canopy, and leave the main trunk and bark of the tree intact when pruning branches.

Third Cleared Zone: 100 – 300 Feet Surrounding Your Home

For any area between 100 and 300 feet around your home, the goal is to create an environment where fires will be less intense and easily extinguished. To do this, continue to thin and prune trees as in the second zone, creating firebreaks that make it difficult for fires to jump between trees and other vegetation. If your house is on a hill, consider extending this zone further since fire moves quickly uphill. If you do not own the property within 300 feet of your home, talk to your neighbor about agreeing to follow these methods to keep each other’s houses safe from a wildfire.

wildfire prevention

Avoid Becoming the Source of a Wildfire

Large wildfires can be started by a single small accident, and all the preparation to the area around your home will be for naught if your property is the source of a wildfire. Make sure your chimney is up to current building code requirements and includes spark arrestors. Keep burn barrels and fire pits away from buildings and at least 10 feet away from woodpiles and other materials that may catch fire. Burn barrels should also be properly ventilated, covered with a screen and never unattended. Clear vegetation from possible sources of fuel, such as propane tanks and power lines. Keep fire extinguishers, garden hoses, sprinklers, shovels, rakes, axes and other tools on hand that could be used to put out or cut off a small fire before it grows into a wildfire. In the event of a fire at your property, do not hesitate to contact local fire officials.

Wildfire-related risks can affect your home unexpectedly, often leading to major property damage. While you can’t always predict the movement and spread of a wildfire, the proper insurance can go a long way toward protecting your finances. To learn more about the specific policies available to you, it’s important to work with a qualified insurance broker.

Contact GDI Insurance Agency, Inc. today to learn more 209-634-2929. Download our checklist to make sure you are prepared for a wild fire.

GDI Insurance Agency, Inc.

California’s Leader in Insurance and Risk Management

As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.

We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive home insurance quote!


Stay Safe and Cool in the Summer Heat

Stay Safe and Cool in the Summer Heat

Stay Safe and Cool in the Summer Heat

Extreme summer temperatures are not only uncomfortable, they are also dangerous for your health. This is particularly true for older adults and children who are more susceptible to illness. Read on to learn more about heat-related illnesses and tips for preventing them in the summer heat.

Stay Cool In The Summer Heat

Summer heat

Heat Exhaustion occurs when the body is not able to sweat enough to cool itself. Symptoms of heat exhaustion include:

  • Dizziness, weakness, nausea, headache and vomiting
  • Blurry vision
  • Body temperature of 101° F
  • Sweaty skin
  • Feeling hot and thirsty
  • Having difficulty speaking

When someone is suffering from heat exhaustion, he/she should move into a cooler place and drink plenty of water immediately.

Heat Stroke is the result of untreated heat exhaustion and includes the following symptoms:

  • Sweating
  • Unawareness of heat and thirst
  • Body temperature rises rapidly above 101° F
  • Confusion or delirium
  • Loss of consciousness
  • Seizure

When someone is suffering from heat stroke, medical personnel should be called immediately, as the condition is life-threatening. Place ice packs on the person’s armpits and groin until help arrives.

summer heat

Healthy Summer Heat Hints

To avoid heat illnesses in summer temperatures, remember to drink lots of water – even if you are not thirsty. Additionally, wear light-colored, lightweight clothing made of natural fibers and put on a well-ventilated hat. Lastly, avoid leaving air-conditioned areas in the middle of the day if you can. Instead, get things done outside in the early morning or evening when temperatures are cooler.

The combination of heat and humidity in the summer months can be downright uncomfortable and even dangerous. Stay cool by following these safety tips:

  • Drink plenty of water. The average adult needs eight 8-ounce glasses of water a day, and even more during hot weather.
  • Skip the caffeine and soda; drink water instead.  
  • Dress for the weather. When outside, wear lightweight clothing of natural fabric and a well-ventilated hat.
  • Eat light. Replace heavy or hot meals with lighter, refreshing foods

For more tips, click here to view the American Red Cross recommendations for summer safety.

Stay Safe in the Summer Heat

summer heat

Though basking in the sun is relaxing and fun, it is also dangerous for your health. Skin cancer is both dangerous and common – it is the most common form of cancer in the United States and over two million people are diagnosed annually. Even more startling, sun exposure is the primary cause of over 90 percent of non-melanoma skin cancer cases reported in the United States.

Stay Safe in the Sun

Some people possess characteristics that place them at a higher risk for developing the disease. These risks include:

  • Having a large number of moles on the body.
  • Red or blonde hair, blue eyes, fair skin and freckles.
  • Difficulty tanning and skin that burns easily.
  • Family history of skin cancer.
  • Taking medication that increases sun sensitivity.

Use These Prevention Techniques While You Are Out in the Sun:

  • Avoid getting a sunburn while outside.
  • Stay out of the sun between 11 a.m. and 3 p.m. when the sun is at its peak in the sky.
  • Wear clothes made of tightly woven fabrics and a hat that shields your face, neck and ears.
  • Wear sunglasses to protect your retinas and prevent the development of cataracts.
  • Use sunscreen that is at least SPF 15, applying it all over your body and lips.
  • Do not use tanning beds; they are just as damaging as natural sunlight.

Healthy Summer Safety Hints

Avoiding excessive sun exposure is ultimately the best way to protect your body from skin cancer.

If you must go in the sun, routinely inspect your body for any changes such as a new freckle or enlarged mole. If you suspect that a spot on your skin is new or has changed in appearance, consult a dermatologist immediately.

California’s Leader in Insurance and Risk Management

As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.

We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive personal insurance quote!

Understanding the Historic $2 Trillion Stimulus Package

Understanding the Historic $2 Trillion Stimulus Package

Understanding the Historic $2 Trillion Stimulus Package

The Coronavirus (COVID-19) pandemic has put a major strain on every aspect of daily life around the world, including the United States. As spread of the disease shows no sign of slowing down, there is a steadily increasing concern in the United States regarding the health and wellness of not only our citizens, but the economy as well. In response, the United States Congress has been negotiating a historic stimulus package to address the havoc caused by the pandemic. 

It appears Congress’ hard work has paid off, as they just passed a $2 trillion package to provide a jolt to the economy reeling from the deadly virus. All Americans would do well to understand the package’s provisions, as it will offer direct relief to businesses and individuals alike.

Stimulus Package

What is in the stimulus package?

The $2 trillion stimulus package, negotiated by Republican and Democratic leaders, is the largest economic stimulus measure in modern history. The bill is a $2 trillion combination of tax provisions and other stimulus measures, including emergency business lending. The measure promises to provide help for struggling American families and businesses, as well as health care workers on the front lines of the coronavirus outbreak.

Significant Provisions Affecting Businesses

The tax package itself is broad, with tax payment relief and significant business tax incentives. Here is a list of the most significant provisions affecting businesses:

  • $367 billion will be made available in loans for small businesses and $150 billion for state and local governments. The loans will be forgiven so long as businesses pledge not to lay off their workers.
  • Small businesses forced to suspend operations or that have seen gross receipts fall by 50% from the previous year will be eligible for a tax credit worth up to 50% of wages paid during the crisis, so long as they keep their workers employed throughout.
  • The Treasury Department will distribute $500 billion in loans to struggling industries (e.g., passenger airlines and businesses critical to maintaining national security). Additionally, an oversight board and inspector general will be created to oversee loans to large companies.
  • Health care providers will receive $100 billion in grants to help fight the coronavirus and make up for revenue lost by delaying elective surgeries and other procedures.
  • $200 million will be carved out for the Federal Communications Commission to provide health care providers with connected devices to facilitate telemedicine services, with the goal of freeing up hospital beds. Another $25 million will go to a grant program that helps rural communities purchase broadband equipment for telemedicine.
  • The Commodity Credit Corporation, an institution that USDA uses to stabilize the farm economy, would see its spending authority increased to $14 billion. The package also sets up a $9.5 billion emergency fund for producers, including fresh fruit and vegetable growers, dairy farmers and cattle ranchers, along with local food systems like farmers markets.
  • Colleges and universities, as well as school districts, will receive more than $30 billion.
  • State and local governments will receive $150 billion, with $8 billion set aside for local governments.
  • The package will provide the U.S. Postal Service with a $10 billion Treasury loan to stave off insolvency. Retailers, restaurateurs and hotels will be able to immediately deduct from their taxes what they spend on property improvements.
  • Employers can defer the 6.2% tax they pay on wages used to fund Social Security.
Stimulus Package

Significant Provisions Affecting Individuals

The major piece of the individual tax changes will offer rebate checks based on a new tax credit of $1,200 per filing adult and $500 for each qualifying child. Additionally, unemployed individuals will receive an unprecedented expansion of benefits and payments.

Here is a list of the most significant provisions affecting individuals, many of which will be discussed in detail later in this piece:

  • Single Americans will receive $1,200, married couples will get $2,400 and parents will receive $500 for each child.
  • Unemployed individuals, including freelancers and furloughed employees, will get an extra $600 per week for up to four months, on top of state unemployment benefits.
  • The package also calls for a new pandemic unemployment assistance program, which will provide jobless benefits to those who are unemployed, partially unemployed or unable to work because of COVID-19 and don’t qualify for traditional benefits.
  • The Department of Education will suspend payments for student loan borrowers without penalty through September 30.
  • There will be housing protections against foreclosures on mortgages and evictions for renters. Anyone facing a financial hardship from the coronavirus will receive a forbearance on federally backed mortgage loans of up to 60 days. Those with federally backed mortgage loans who have tenants are not allowed to evict tenants solely for failure to pay rent for a 120-day period.

As you can see, the package will have a far-reaching impact as it drives money toward workers, small businesses and industries that have been impacted by the economic downturn due to the pandemic.

Overview of Major Bill Provisions

Now that you’re aware of the major implications for both businesses and individuals, let’s take a more in-depth look at the most important provisions.

Stimulus Package

Loans and Tax Credit Available to Small Businesses

Keeping businesses afloat and workers under the wing of their employers is critical for ensuring the economy can quickly restart after the pandemic subsides. To this end, the stimulus package creates a $367 billion federally guaranteed loan program for small businesses that employ 500 or fewer people who must pledge not to lay off their workers. The loans will be available during an emergency period ending June 30, and would be forgiven if the business uses the loan funds for approved purposes and maintains the average size of its full-time workforce, based on when it received the loan.

Additionally, small businesses forced to suspend operations or that have seen gross receipts fall by 50% from the previous year, will be eligible for a tax credit worth up to 50% of wages paid during the crisis, so long as they keep their workers employed through the crisis. Wages remain eligible until business is no longer suspended or gross receipts for a quarter reach 80% of the prior year. The credit could be applied to all wages for employers with fewer than 100 employees, while the benefit is capped at $10,000 in wages per employee for larger employers.

Expansion of Unemployment Benefits

The stimulus package includes a significant expansion of unemployment benefits that will extend unemployment insurance by 13 weeks and include a four-month enhancement of benefits (for reference, many states already provide 26 weeks of unemployment benefits, and thus participants in such states would be eligible for a total of 39 weeks when adding the 13 weeks of federal relief). The enhanced benefits will provide an additional $600 per week on top of what state unemployment programs pay.

Note that many individuals who typically do not qualify for unemployment insurance will qualify under the package, including independent contractors and self-employed individuals. In sum, those who are unemployed, partially unemployed or who cannot work for a wide variety of coronavirus-related reasons will be more likely to receive benefits.

Individual Checks to Taxpayers

As noted earlier, the package will provide direct payments to taxpayers based on the adjusted gross income found on their 2019 federal tax return. All U.S. residents with adjusted gross incomes up to $75,000 ($150,000 for married couples) will get a $1,200 ($2,400 for couples) payment. Families will receive an additional $500 per child, as a way to create a safety net for those whose jobs and businesses are affected by the pandemic. However, the payments will start to phase out for individuals with adjusted gross incomes greater than $75,000. Those with incomes higher than $99,000 will not qualify for payments under the stimulus package.

It is unclear how long it will take the IRS to process every payment. The Trump administration has indicated that Americans could be seeing direct payments as soon as April 6.

How can I take advantage of the stimulus?

Now that you’re acquainted with the impact of the stimulus package, let’s discuss how you might take advantage of these benefits:

How can I obtain a small business loan from the government?

The U.S. Small Business Administration (SBA) is offering loans for qualifying small businesses. These are low-interest (3.75% for small businesses and 2.75% for nonprofits) loans with terms potentially as long as 30 years. You can apply for an SBA loan through its website. Be prepared to provide the following information:

  • Tax Information Authorization (IRS Form 4506T), completed and signed by each principal or owner
  • Recent federal income tax returns
  • Personal Financial Statement (SBA Form 413)
  • Schedule of Liabilities listing all fixed debts (SBA Form 2202)

You may also need to provide profit and loss statements, recent tax returns and balance sheets.

After you apply, the SBA will review your credit before conducting its own inspection to verify your losses. The SBA says its goal is to arrive at a decision on any disaster loans within two to three weeks. If it determines you are eligible, it will send you a loan closing document for your signature.

How can employees collect unemployment assistance?

If your business is closed because of COVID-19 and your employees cannot work from home, or your employees are unable to work due to the disease or need to take care of someone who has it, they can likely collect unemployment. As each state administers a separate unemployment insurance program, employees should be told to visit their state’s unemployment insurance website, which will provide the relevant details regarding their individual programs. The information employees will need includes their Social Security number and driver’s license or state ID.

Conclusion

If there’s anything that is certain, it is that the full economic impact of this unprecedented pandemic is yet to be understood. Despite the unpredictability, Congress’ historic economic stimulus package is a sight for sore eyes for struggling businesses and individuals alike.

As the pandemic develops and the stimulus package is rolled out, look for more relevant guidance from GDI Insurance Agency, Inc. in the near future, and continue to stay abreast of the latest state and federal developments.

GDI Insurance Agency, Inc.

California’s Leader in Insurance and Risk Management

As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.

We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive business insurance quote!

Surviving Holiday Travel

Surviving Holiday Travel

Surviving Holiday Travel

As the holiday season approaches and many Americans are planning their holiday trips, we have put together a few tips on surviving holiday travel. Whether you are driving or flying or some of each, being prepared can make the trip less stressful and more fun.

Many Will Take The Holiday Road Trip

Surviving Holiday Travel

More than 100 million Americans travel during the holidays. Will you be one of them? By taking the time to pack a few extra items and plan accordingly will help you to survive those holiday road trips.  I like to say “the journey is part of the trip.”  Making the most out of your miles extends your holiday.

If you can take frequent breaks so legs can be stretched, get some fresh air and, of course, go potty. It will take longer to get there, but getting out of the car frequently will break up those long stretches of open road that have you cooped up for hours on end.

Find interesting places to stop, if you are taking breaks anyway, why not find a place that you will enjoy.  By planning these stops, you have something to look forward and it will break up your journey.

What Should You Take On Your Holiday Road Trip?

  • Sunglasses
  • Blankets
  • Travel Pillow
  • Travel Mug
  • Reusable Water Bottle
  • Great Playlist
  • Extra Sweater/Sweatshirt
  • Hand sanitizer
  • Ibuprofen or Pain Relief Medication
  • Bag For Travel Garbage
  • Mints
  • A Towel
  • Day pack
  • Emergency Kit 
  • Auto Insurance

Surviving Holiday Travel At The Airport

Surviving Holiday Travel

TSA has already announced that Thanksgiving air travel will be unprecedented this year. Airports will see around 25 million travelers this Thanksgiving.

According to Parents.com you should consider the following when traveling with children:

  1. Fly as early in the day as possible. It’s your best chance to avoid delays at takeoff and landing, a flight attendant named Patrick explains. …
  2. Do layers, skip laces. …
  3. Switch strollers. …
  4. Seat kids away from the aisle. …
  5. By all means, use Pull-Ups. …
  6. Beware of germs. …
  7. Bring surprises. …
  8. Keep your composure.

According to CheapAir The Best Thanksgiving Travel Days:

  • Monday, November 19
  • Sunday, November 18
  • Thursday, November 22 (Thanksgiving)
  • Friday, November 23
  • Tuesday, November 27

The Worst Thanksgiving Travel Days:

  • Tuesday, November 20
  • Wednesday, November 21
  • Sunday, November 25

What Holiday Items Can You Bring Onboard?

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  • Turkey and stuffing are allowed in carry-on bags. So are pies and cakes, because they’re considered solids.
  • No gravy or mashed potatoes because they’re considered a liquid.
  • The TSA says you can bring wrapped gifts on board, but it’s not recommended. Why not? Because if it sets off an x-ray machine officials will have to unwrap it to find out what’s inside.

“So a popular Thanksgiving dish is yams. If it’s wet and already made liquid it has to go in checked baggage. If it’s not made yet, dry yams that can go in carry-on baggage,” said the TSA’s Shatimah Brathwaite.

Don’t be “that traveler”, when going through security at the airport.  Know what you can bring and what you can’t.  Security lines will already be long and nerves will be fried.  Check out the TSA website for a full list of items that you can and cannot bring on your flight.

A Step Ahead For Surviving Holiday Travel

“People are trying to get a jump-start, head start on the crowds, but actually it’s just as busy the Friday before Thanksgiving and the Monday before Thanksgiving,” TSA spokesperson Lisa Farbstein said. “It starts to ramp up on Tuesday. Wednesday is huge, of course, the day before Thanksgiving. And Sunday, right after Thanksgiving, is probably one of the busiest days.

Plan Ahead For Surviving Holiday Travel

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By taking the time to plan your trip, bring your necessary items, and be prepared for crowds will help take the stress out of your trip.  Make the most out of your travel time and the time with your family.

GDI Insurance Agency, Inc Is Your Trusted Insurance Broker

California’s Leader in Insurance and Risk Management As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.

We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive auto insurance quote!