COVID-19 Coronavirus Updates

At MBSi, we are taking necessary precautions to help keep our customers safe. As information regarding Coronavirus becomes available, we will keep this page updated related to business resources or MBSi policies.



Paycheck Protection Program (PPP) Update 

Thursday, July 23, 2020

As you may now know, the application deadline for the Paycheck Protection Program (PPP) was extended to August 8, 2020.

Click below to review the current rules on loan terms, loan forgiveness reduction and loan forgiveness requirements and application. 

Paycheck Protection Program Website



The Road Ahead Survey - Results Are In!

Thursday, April 23, 2020

We want to send a big thank you to all of you for taking the survey! The survey was a huge success with over 360 agency owner responses. This invaluable information will help pave the way for the future of our industry and a world with COVID-19 in our rear-view mirror. Download the results using the button below.

Download Survey Results


Additional Funding for PPP and EIDL Expected 

Wednesday, April 22, 2020

Yesterday, April 21, the US Senate passed legislation to expand the funding for the Paycheck Protection Program (“PPP”) and the Economic Injury Development Loan (“EIDL”). Before the legislation can become law, it needs to pass the US House of Representatives and be signed by the President. We are hopeful that this gets done in a timely manner.

As you may recall, the PPP exhausted the initial $349 billion within 10 days of starting the application process. The new legislation would make available an additional $310 billion for loans to those companies that have less than 500 employees; $250 billion would be made available through traditional lenders and $60 billion would be made available through small lenders and community-based financial institutions. We have not seen the details on the process for the $60 billion funds through the community lenders however, we will share details as they become available. 

The EIDL funding will provide an additional $50 billion in appropriations, which the Senate projects will permit $300 billion in additional loans to small businesses. We have not seen the details on the process suggested that would leverage the $50 billion to $300 billion – it may be a guaranty by the federal government that is limited to 20% of the principal. As we obtain additional details on the expanded EIDL we will share.

We encourage network participants who wish to apply to immediately contact their lender (or seek out an SBA approved lender). Applications for the program are available on the SBA’s website. If you have already submitted an application and are waiting for details from your lender, or you were informed that your application could not be processed as the program exhausted the available funding, you should re-contact your lender. It is Important to note, the most recently available PPP regulations only permits one loan – those who have already received a loan under the program cannot obtain a second loan.



Paycheck Protection Program (PPP) Update 

Friday, April 17, 2020

  • The Small Business Association (SBA) announced yesterday that they have reached the allotted amount of $349 billion for the Paycheck Protection Program (PPP) under the CARES Act. Our hope and expectation is that Congress will apply additional funding to this program in the near future. Therefore, we encourage our Service Providers who are looking for assistance to continue preparing your materials and having any necessary discussions with your lenders, so you're ready if they re-open the application process.

Additional PPP clarifications released by the Treasury Department and SBA:

  • Lenders must fund a PPP loan no later than ten calendar days after the loan is approved.
  • Prior to submitting the loan in the SBA's system, Lenders must have collected borrower certifications and reviewed borrowers' payroll cost calculations and documentation. Please note: Lenders who did not complete the steps in this order do NOT need to withdraw applications submitted before April 14th, but must fulfill their duties on those applications as soon as possible.
  • Link to FAQ


CARES Act - Paycheck Protection Program (PPP) Updates

Tuesday, April 14, 2020

  • On Monday, April 13, a federal court held that banks can prioritize their existing clients. The court refused to force Bank of America to cease the bank’s policy of limiting PPP applications to only from small-business checking customers that either are already borrowers at Bank of America already or aren't borrowers at any other bank. The court held that the SBA program does not prohibit a lender from setting conditions on the clients that it will work with. 
  • Over the last three days, the PPP loan activity has expanded to include PayPal, Intuit, Kabbage and Square. These are non-traditional parties that now have the ability to provide access to the PPP loan program. Square in its release stated that it would start making applications available this week.
  • As of Monday, April 13, one of the trade associations for banks estimated that $205b loan applications have been processed for the PPP loan program. Bank of America stated that it has received over 300k applications for PPP loans of $45b.
  • If you secure PPP funding, remember that the loan forgiveness is based on expenditures that you incur over the 8-week period after the loan – to comply with the rules for the forgiveness, at least 75% of the loan proceeds are to be used on payroll costs (other amounts are limited to use for rent, utilities, and mortgage interests). What is not used during the 8-week period will continue to be available to you as a loan for the two-year period with an interest rate of 1% - still to be limited to use for payroll, rent, utilities, and mortgage interest payments.


CARES Act - Economic Injury Disaster Loan (EIDL) Application Submission Change

Monday, April 13, 2020

Late last week the SBA announced a change in order to streamline the application submission process of the Economic Injury Disaster Loan (EIDL) as part of the CARES Act. The applications now can be submitted digitally, no longer require documentation to upload and allow for self-certification. This revision eliminates the previous manual submission process. However, please note that due to this change, EIDL applications submitted manually to the SBA prior to March 27, 2020 may require resubmission.

Click Here to Access the Online Application



CARES Act - Supplemental Information &  Webinar Questions Answered 

Friday, April 10, 2020

Below is a link to supplemental details and answers to some of the questions relating to the Paycheck Protection Program (PPP) asked during the live webinar hosted by Agero's Chief Legal Officer, Peter Necheles about the CARES Act. These details include Lender information, loan use and forgiveness requirements, calculating payroll costs, evidence to payroll costs and size of borrower, loan forgiveness and use of PEO's. 

For full details CLICK HERE  

*This presentation is intended to provide a summary of the legislation and should not be relied upon as legal advice.


CARES Act Webinar

Thursday, April 9, 2020

Thank you to everyone who attended our CARES Act webinar with Agero's Chief Legal Officer, Peter Necheles. We have heard a lot of great feedback and hope you all found this useful. 

In addition to this great content, we had an agent share XLS payroll templates to help prepare the information needed for the application process. See the Additional Resources on the right side of this page.

As a reminder, the application opens tomorrow, Friday, April 10, for independent contractors or self-employed individuals. 

You can find links to download the slide deck as long as the webinar recording below. If you have any questions, please submit them to


CARES Act Details

Friday, April 3, 2020

On Friday, March 27, 2020, the federal government passed the CARES act. This massive piece of legislation is aimed at providing a lifeline to the economy and the businesses that fuel it. It can be difficult to digest all the information so we have created a summary of what it includes as it relates to small businesses.

Paycheck Protection Program (PPP)
  • Help with payroll, utilities and rent.
    • The Payroll Protection Program will make funds available of up to 2.5 times the monthly average payroll cost of small businesses during the past year (capped at $10 million).
    • Small businesses/sole proprietors can start applying on Friday, April 3rd. Independent contractors and self-employed individuals can start applying on Friday, April 10th. Click here to access the application. Note! There is a limited amount of funding under this program so apply as early as possible.
    • The amounts can be used to cover payroll, salaries, rent and utilities through June 30, 2020.
    • PPP loans are set at a 0.50% fixed interest rate, payments are deferred for 6 months, and the loan term is 2 years. There is no prepayment penalty.
    • You may not have to pay back these loans provided you have used the funds to cover your payroll costs, utilities and rent over the 8 week period after the loan is made, and provided that you have maintained employee and compensation levels.
  • Help with existing Small Business Administration (SBA) loans you may have.
    • This legislation will also permit the SBA to make payments on your behalf for certain outstanding SBA-guaranteed loans for six months. We'll be watching the SBA to see if they announce the guidelines for this payment program.
  • The US Chamber of Commerce has a guide on these emergency loans.

SBA Coronavirus Disaster Assistance Loans

Preparing for Application

  • Understand and calculate your maximum loan size
    • Average monthly payroll x 2.5 (up to $10 million)
  • Gather organizational documents
    • Articles of Incorporation
    • DBA Documentation
    • List of Ownership
    • Proof of Payroll
    • Business Tax Returns
  • Connect with a trusted lender
    • SBA 7(a) Lenders: Banks, savings and loans, credit unions, Community Development Financial Institutions



Re-open Assignment Fees Waived

Friday, March 20, 2020

We hope that you, your staff and your family are healthy and safe. As we all learn to navigate this new normal, we want to let you know that any assignment that is closed due to COVID-19 (coronavirus) and later reopened will not be charged an assignment fee for the reopen.