• Funniest Story on the Job Contest Starts Now!

    Contest starts now and ends September 27th. Winner will receive a special user banner and $10 Amazon Gift card!

    JOIN NOW
  • Site Updates Coming Next Week

    Site updates are coming next week on Monday and Friday. Click the button below to learn more!

    LEARN MORE

COVID-19 infection and disability insurance

CoffeeGourmand

Full Member
7+ Year Member
Oct 14, 2013
253
118
216
  1. Attending Physician
Can we claim disability if we get COVID and not able to work? I'm 1099 so I am.concerned about substantial income loss. I suppose I can apply for payroll protection loan but it looks like most banks are not accepting applications.

What are the options for income protection if we get sick?
 
About the Ads

NYEMMED

Member
10+ Year Member
Sep 15, 2010
567
262
266
  1. Attending Physician
Can we claim disability if we get COVID and not able to work? I'm 1099 so I am.concerned about substantial income loss. I suppose I can apply for payroll protection loan but it looks like most banks are not accepting applications.

What are the options for income protection if we get sick?

Same as above, My Long term disability kicks in around 90 days. So unless you are completely debilitated you will probably be back to work before that. You may have a claim on short term disability if you have a policy.
 

CoffeeGourmand

Full Member
7+ Year Member
Oct 14, 2013
253
118
216
  1. Attending Physician
Thanks. Spoke to an agent today. Apparently, there were 0 and 7 day waiting period policies but those are now gone. 30 day waiting period with a hospitalization rider (no waiting period) was the least I could find through mutual of Omaha.

I may still try to get a payroll protection loan, seems like the deadline is the end of the month.

Stay safe out there.
 
  • Like
Reactions: 1 user

RustedFox

The mouse police never sleeps.
10+ Year Member
Aug 21, 2007
5,775
7,918
276
On a box.
  1. Attending Physician
Ppp loan if you're 1099. That can give you around 20k from the federal government. Whether you will be able to get that loan forgiven is another story :p

Got mine 2 days ago.
We will see what happens.

Had MUCHO reservations about taking it.
Then, I said to myself: I pay more taxes than a lot of folks. Time to take my money back.
 
  • Like
Reactions: 1 user

cyanide12345678

Full Member
10+ Year Member
Jul 27, 2011
1,349
1,071
276
Texas
  1. Attending Physician
Got mine 2 days ago.
We will see what happens.

Had MUCHO reservations about taking it.
Then, I said to myself: I pay more taxes than a lot of folks. Time to take my money back.

I got mine roughly 3-4 weeks ago. I wish i had applied for the full 20k, but i went conservative and only asked for 16.5k lol. I believe the Ppp program still has funding.
 

thegenius

Senior Wharf Rat
15+ Year Member
Jul 12, 2004
3,690
2,836
326
  1. Attending Physician
What is the interest rate if you can’t get forgiveness? And over how long?

I’m primarily a 1099 (I get about 1/5 from W2) and I never applied because I’ve thankfully seen little drop off in salary due to by enlarge a good contract. There was some but not much. I’m not sure i could claim financial hardship. I’m getting about 90% of our target pay.
 

cyanide12345678

Full Member
10+ Year Member
Jul 27, 2011
1,349
1,071
276
Texas
  1. Attending Physician
What is the interest rate if you can’t get forgiveness? And over how long?

I’m primarily a 1099 (I get about 1/5 from W2) and I never applied because I’ve thankfully seen little drop off in salary due to by enlarge a good contract. There was some but not much. I’m not sure i could claim financial hardship. I’m getting about 90% of our target pay.

1 percent interest rate.

My income dropped 60 percent in May, which is why i applied.
 

BoardingDoc

Don't worry. I've got my towel.
Volunteer Staff
10+ Year Member
Feb 23, 2010
1,980
3,194
376
  1. Attending Physician
What is the interest rate if you can’t get forgiveness? And over how long?

I’m primarily a 1099 (I get about 1/5 from W2) and I never applied because I’ve thankfully seen little drop off in salary due to by enlarge a good contract. There was some but not much. I’m not sure i could claim financial hardship. I’m getting about 90% of our target pay.
FYI, the phrase is "by and large." Etymologically it's a sailing term referring to sailing "by the wind" (into the direction of the wind) and sailing "large" meaning the wind is blowing from a point somewhere behind the ship. The combination of by and large thus encompasses all possible options/directions and has subsequently come to mean "in general."
 
  • Like
Reactions: 2 users

thegenius

Senior Wharf Rat
15+ Year Member
Jul 12, 2004
3,690
2,836
326
  1. Attending Physician
I guess the questions are

1) what is the probability the loan will be foregiven? What is the principal information needed to determine that? Just income loss?

I presume you have to provide proof of income loss? Or just attest to income loss?

2) when would you find out the loan will be forgiven?

big difference between getting 30k and keeping it, vs getting 30k and then repaying it back with 1% interest. It’s not due to the interest rate but actually repaying the money. What is the term of the loan? 1 year? 5 years? 10 years?
 

MD Financial Services Scott

Full Member
Sponsor
7+ Year Member
Feb 27, 2014
360
111
216
Denver, CO
www.mdfinancialservices.com
  1. Non-Student
Can we claim disability if we get COVID and not able to work? I'm 1099 so I am.concerned about substantial income loss. I suppose I can apply for payroll protection loan but it looks like most banks are not accepting applications.

What are the options for income protection if we get sick?
If you are sick you can claim but if you are just being prevented from working because of work slow down or closed doors then that is not a disability, that is a business interruption claim, different product.
 
About the Ads
This thread is more than 1 year old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.