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Yes; all WIMPER Program benefits may extend to participants' spouses and dependents.
Yes. In most cases, WIMPER Program participants may apply a portion of their allotment balance to optional ancillary benefits, including accident insurance, critical illness with cancer, hospital insurance, life insurance, and more.
A Wellness and Integrated Medical Plan Reimbursement (WIMPER) program is an innovative tax strategy that yields an immediate reduction of payroll expenses for employers and access to health and wellness benefits at zero net cost for employees. It comprises a Section 106 Wellness Plan, a Section 105 Self-Insured Medical Reimbursement Plan (SIMRP), and a Section 125 Cafeteria Plan.
No; WIMPER Program benefits are generally not taxable due to the tax codes that apply.
No, participants are not asked health-related questions since our WIMPER Program leverages exclusively group policies.
WIMPER Program participants will see additional line items on their pay stubs to account for pre-tax deductions and post-tax reimbursements. However, the net pay amount will show no change or up to a $50 increase.
A business line of credit allows you to borrow up to a specific limit and only pay interest on the money you borrow — similar to a credit card. When you repay the money you borrow, your credit line is replenished. Business lines of credit can be used for a variety of short-term needs, including paying for operational expenses, purchasing new equipment or upgrades, jump-starting growth initiatives, and covering cash flow gaps.
Any business that has regular, short-term expenses they need to or would like to float in order to smooth cash flow gaps would be fit for a line of credit.
A business line of credit is intended for large draws that may be paid back over several months. While you will pay interest on the entire draw amount, the cost may be lower than a business credit card. In contrast, a credit card is designed for day-to-day expenditures and typically requires a minimum monthly payment while your balance revolves. A business credit card often has other fees attached as well.
Equipment financing is a loan option for purchasing, repairing, or replacing machinery and equipment that is essential to your business. Use cases include everything from office furniture and medical equipment to farm machinery or commercial appliances. Equipment loans are easier to qualify for, don’t require additional collateral, and are quick to fund.
There is a broad range of equipment types that can be financed. Startups, new, and existing businesses may finance any of the following for example:- Computers, Printers, and Other Hardware- Office, Restaurant, or Retail Furniture- Commercial Kitchen Appliances- HVAC Units- Commercial Vehicles- Construction Equipment- Farm Equipment- Fitness Equipment- Industrial Equipment- Medical Equipment and More
An equipment loan is one of the easiest forms of business financing to qualify for since lenders typically use the equipment as collateral.
Yes, you can apply a Section 179 tax deduction for equipment financing. This write-off allows you to deduct the entire purchase price of the equipment you purchased in the applicable year.
This comparison is akin to a car loan versus a car lease. The biggest difference between equipment financing and equipment leasing is ownership. Equipment financing is a loan option that assigns ownership to the borrower. When you pay off an equipment loan, you own the equipment free and clear. Financed equipment can also be paid off early, sparing you additional interest.On the other hand, equipment leasing is not owned by the lessee. Leased equipment also cannot be paid off early without penalties. It is not uncommon for an equipment lease to be structured as lease to own or have a purchase option at fair market value after a set term or upon termination.
A commercial loan is a debt-based funding arrangement for purchasing, developing, or constructing commercial properties. It is affordable, long-term, and uncapped. Businesses that do not qualify for an SBA 7(a) or 504 Loan or need more funding than can be secured through an SBA program may consider a commercial loan viable.
Commercial loans work similarly to residential mortgage loans. One of the key differences, however, is that a commercial loan is secured against a commercial property instead of a residential property. Another key difference is that the Loan-to-Value (LTV) for a commercial loan may be limited to 75-80%. Lenders will also consider your business’s Debt Service Coverage Ratio (DSCR), so cash flow is important. The higher your business’s DSCR, the higher your likelihood of approval. Exact terms will vary based on the lender, property type, DSCR of the business, creditworthiness of the borrower, and other factors.
Any business seeking a significant capital raise for a real estate investment, and whose options do not include an SBA loan, should consider applying.
A business term loan is a lump sum of capital you borrow from a lender and repay on a fixed schedule over a set period (i.e., a “term”). The cost of capital for small businesses is generally cheaper than conventional financing, while the turnaround on funds is faster than SBA loans. Business term loans may be used for a variety of purposes, including long-term investments.
Established businesses with good financial health, credit history, and positive cash flows are best suited for term loans. Newer businesses and startups that have been operating for less than two years are unlikely to qualify.
The advantages of business term loans include affordable interest rates, short- and long-term options, predictable repayment schedules, and a wide variety of permitted uses.The disadvantages, however, are that the application process can be more cumbersome, and newer businesses and startups are unlikely to qualify.
SBA Loans are backed by the Small Business Administration (SBA), a government agency that supports small businesses, offering lower interest rates and more flexible terms than conventional loans. You apply for SBA loans through a private lender or broker, like Better Way Solutions.
When you apply for an SBA loan, you may be asked to provide the following documents:- Personal Background Statement- List of Business Loans You’ve Applied For- SBA Form 1919 (“Borrower Information Form”)- SBA Form 413 (“Personal Financial Statement”)- Copies of Financial Statements- Copies of Income Tax Returns- Copies of Business License(s) and Registration(s)- Copies of Articles of Incorporation and Bylaws, or Operating Agreement- Copy of Business Plan
SBA loans are more challenging to qualify for than some alternative financing options. However, they’re also easier to qualify for than conventional loans. SBA lenders and brokers tend to be more accommodating than most banks.
SBA disaster loans are a long-term, low-interest financing option for businesses negatively impacted by a natural disaster such as a wildfire or hurricane. For example, those affected by recent wildfires and straight-line winds in Los Angeles County, California, may be eligible for a Physical Disaster Loan and a Non-Covid Economic Injury Disaster Loan (EIDL). Businesses in the neighboring counties of Kern County, Orange County, San Bernardino County, and Ventura County may be eligible for a Non-Covid EIDL loan.
Once approved for an SBA loan, you will typically receive your funds in 30 to 60 days.
The minimum down payment for an SBA 7(a) Loan, Express Loan, or 504 Loan is 10%. However, down payments will vary based on creditworthiness, cash flow, collateral, and other factors.
No. There are no limitations on how qualifying employers use the funds they receive from ERC funding options (i.e., ERC Advance Loans or ERC Buyouts).
Yes, ERC loans are secured against employers’ anticipated ERC refund amount. Personal guarantees may also apply depending on the viability of employers’ businesses, creditworthiness, and other factors.
Pre-approvals can take as little as 24 hours, but the time it takes to receive funds for an ERC Buyout or an ERC loan is closer to one to two weeks. ERC Buyouts can be faster. Turnarounds are primarily determined by applicants’ responsiveness to requests for documentation or information and lenders’ capabilities.
Lenders’ requirements for ERC Advance Loans and ERC Buyouts vary but generally include the following:- Satisfy the IRS’s ERC Eligibility Criteria- Proof of IRS Form 941-X Report Submission(s)- Minimum ERC Refund of $75,000 (ERC Buyout) or $100,000 (ERC Advance Loan)- Minimum Credit Score of 500 (ERC Buyout) or 600 (ERC Advance Loan)- No Tax Liens or Judgements
The IRS will include accrued interest when issuing employers’ ERC refunds based on the dates the refund amount applies and their processing time. This IRS-paid interest accounts for the time value of outstanding ERC balances with the agency.
