As parts of the world reopen and tour operators begin to resume business activity, it’s important to prepare your guests and staff for what’s to come. Enhanced hygiene and safety procedures, as well as social distancing measures, will be a top priority for guests.

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We invited travel & hygiene expert Jon Peahl, president of SanSee Systems, to join us for a discussion about how to reopen intelligently. From the best cleaning chemicals to use, to training your staff how to deal with suspected COVID customers, the discussion with Peek’s Erik Hormann was full of crucial information for tour operators as they consider how to reopen their doors. You can watch that webinar recording here. Below, we’ve provided a rundown of 10 key best practices for reopening your doors, to help you get set for success.

Website

• The most important thing you can do is let your customers know that you are open. This should be made obvious on the homepage of your website. Garibaldi Charters have got this spot on, using a large, clear banner on their website homepage.
• Include relevant info and links in a banner at the top of your homepage, such as local authority regulations and your policy or operational changes. Thomson Family Adventures are a great example of this, they have a button on their homepage which is ‘above the fold’.
• Create a FAQ page that includes relevant information regarding updated booking procedures; current business hours; contact information; and safety measures. For reference, take a look at Wild Frontiers' FAQ page.
• Call out policy changes and new protocols in your booking flows so guests know exactly what they can expect before booking

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Emails

• Email a checklist to anyone who books an experience with actions to help them practice social distancing on your tours. Ensure to include anything they may need to bring themselves, e.g. a mask, and let them know what the procedure will look like once they arrive.
• Be sure to update your automated confirmation and reminder emails with any changes or new protocols.
• Contact past customers with an email blast to let them know you are open for business and update them about how you are keeping your customers safe - this might get those who put off booking another experience reengaged.

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In Person

• Put up physical signage with operational & safety guidelines so customers know exactly what to do, to keep to your regulations.
• Encourage your customers to book on their phone rather than interacting with the front desk by creating a QR code and bit.ly linking directly to your booking flow, print it out, and post it visible for your customers to see.

Waivers

• The rules of the game have changed. Collaborate with your legal counsel and take a good look at the language of your waivers. Decide on a plan of action and be sure to address Covid-19 in the waiver to further protect your business.
• If you’re not sure where to start, find out how Disneyland is approaching liability language and protocols in this article.

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Use custom activity questions as disclaimers

• Many operators use custom questions to work as a checkbox disclaimer, agreeing to the terms of their experiences. Configure custom questions within the booking flow to require customer agreement to adhere to your new policies - this will give you a digital record of the agreement and help ensure that everyone follows new protocol correctly.
• In Peek Pro, you can choose whether these questions are put to the customer before or after making a purchase - meaning there’s no need to disrupt the booking flow or negatively impact conversions.

Allow customers to book a tour or activity without paying upfront

• By allowing a “card on file” option rather than upfront payment, customers won’t feel "on the hook" for a reservation during periods of uncertainty. If this is a feasible option for you in terms of cash flow, providing this payment option could help drive bookings and also protect your business from refunds and chargebacks.
• This option will be particularly helpful if we see a second wave of COVID-19, and you are forced to cancel future experiences.
• Alternatively, consider using deposits. You can set up your tickets to have a non-refundable deposit to save their spot and charge the remainder at the time of the tour.

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“No Show Clauses”

• One way to protect cash flow using “card on file” is to charge guests a custom amount if they don’t show up for a reservation. This will help you recoup lost revenue from no-shows and will also encourage customers to show up for their booked experience.

Limit group sizes

• As reopening restrictions may differ depending on your state/country, your company may face capacity limits based on state and federal regulations. Consider using pre-purchase ticket options to control group sizes.
• Within Peek Pro, you can do this using the Ticket Cap feature. Create preset limits on tickets for tours to ensure that all of your experiences adhere to local group gathering recommendations.
• Reference local authority restrictions on number of people allowed to gather and make this information available to your customers

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Restrict groups to family / household members only

• Reduce the risk of spreading infection wherever possible by offering private tours for families or groups who already live together. Check the ‘Private Tour’ checkbox when editing an activity in Peek Pro.
• Another tip to maximize spots on a tour safely is to use private booking flow links for customers to share with friends and family in their “bubble”. On Peek, you can do this using the ‘Invite Friends Link’ which can be found in the Customer Details section of your account.

Purchasing process online

• Encourage customers to book online before coming to your business, and make it easy for them to do so.
• Leave your online booking flow open right up until your activity takes place, allowing more time to secure digital bookings for those who want to book late.
• For in-person purchases, an easy way to keep transactions contactless is to use individual invoice links to process walk-in bookings. Send the link directly to the customer’s phone and have them pay “online” on the spot - this will avoid the customer having contact with your staff and your devices.

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Digital Check-ins

• Implement QR codes for contactless check-ins. Peek Pro’s iOS app allows you to scan the codes from your device on the move - cutting out the need for customers to enter the office.

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Digital Waivers

• Use digital waivers to eliminate the paperwork and process waivers contactlessly - this will also give you an easy-to-manage digital record of all of your customers’ waivers.
• Peek Pro’s waivers can be emailed out ahead of time, to avoid lines and limit unnecessary contact.
• For walk-ins, use an iPad to have customers sign digitally, reducing the need for staff interaction. This method also takes a photo of the customer as they sign, which can help you fight chargebacks.

Re-evaluate your cleaning schedules and practices

• Install sanitation gel and hygiene stations in high-traffic areas such as entrances and restrooms.
• Participate in contact tracing where possible; it’s recommended to reach out to your local authority to find out how best facilitate this.
• Test the temperatures of guests and staff through a protective barrier before allowing entry to buildings or closed spaces
• Mandate the use of masks and gloves for staff and guests - remember to handle masks only using the ear strings to maximize the functionality of the masks, and to dispose of or wash correctly and often.
• Implement strict sanitation procedures after each tour, and allow time in between to do so.
• Use barriers or strips of tape to create space between guests and staff, and mark appropriate standing distances.
• For further advice, have a read of these sanitizing tips produced by the CDC.

Availability Rules

• Adjust your tour schedule to allow for sufficient cleaning time between activities.
• Use Peek Pro’s Availability Rules feature to automate this process and automatically block out time when a certain tour is booked, saving you the hassle of organizing tour times manually.

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Rental Buffers

• Use Rental Buffer times to ensure you have enough time to deep clean equipment before it is taken out again. To find out how to set this up, head to the Duration section of this Helpdesk article.
• Where possible, leave 3 days between equipment use for added safety.

Obtain a safety certificate or complete a hygiene course

• Build trust with clients and boost customer confidence by showing them your business is operating safely. Third party certifications can create crucial external proof that you are operating responsibly, easing guests’ concerns.
• Display the certification on your website, in person and through your social media.
• Consider acquiring a safety certificate from SanSee, who specialize in tour and activity businesses. Jon Peahl has pulled together a team of experts, from microbiologists to layers, to determine a base level of safety for your experiences.

Store Credit

• Store credit is a great alternative to refunds - it ensures more money stays within your business, inspires brand loyalty and encourages customers to return in the future.
• You can also choose to easily offer additional credit to customers who have chosen to forgo a refund, to show customer appreciation.

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Batch store credit tool

• Peek Pro is soon announcing a new feature that will allow you to batch convert all bookings within a chosen date range to store credit.
• This will save you a ton of time and will help reduce the risk of refunds and chargebacks in case of another wave of COVID, or any future extenuating circumstances such as bad weather.

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Rescheduling

• Offer your customers extra flexibility by sending auto-reschedule links within confirmation emails, to allow them to self-reschedule if necessary.

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Cancellation insurance

• Give your customers the option to purchase cancellation insurance.
• This will help negate lost revenue if customers need to cancel, and will give your bottom line a little boost if they don’t. It also provides a reasonable consequence for cancelling a reservation, which should encourage customers to stick with their booking.
• You can include this option within your booking flow using Peek Pro’s Add-On feature.

Use photos and videos on your website

• Show your new safety practices in action, using photos and videos of recent tours to gain customers' confidence.
• For an example, have a look at Greyhound’s ‘Travel with Peace of Mind’. They have created videos clearly showing their new cleaning procedures and what customers should expect when they book with them.

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Display reviews

• Use Peek Pro's Reviews Widget to display recent top reviews of your tours - allowing customers to hear from previous guests all about how you have reopened safely.

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Extra Resources:

• General Industry Guidelines: Health & safety guidance from US Travel
• Protecting Your Staff: OSHA - Occupational Safety and Health Act
• Cleaning and disinfecting vehicles: CDC Guidelines for keeping your vehicles clean and COVID safe
• Reopening winery tasting rooms: Guidelines from the wine institute
• Considerations for Attractions and Amusement Parks: IAAPA Guidelines

As lockdown conditions persist across most of the world, virtual tours are proving a popular choice for those craving interactive experiences. But will this interest last? And is it worth it to invest in these products as restrictions start to lift within the next few months?

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Within the tour operator community, there has been much conversation around the opportunities that virtual solutions pose. Though it’s likely that interest for completely virtual tours won’t be too high for too long, many operators are confident that virtual content may help to shape and upgrade their current and future experiences, bringing more customers to their business.

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If you think virtual tours may be right for you, here is some key information to help you get set for success in the virtual world.

Are virtual tours a long term investment?

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It’s all well and good producing a product that could save you while customers are trapped inside - but when things are back to normal, will these products really be relevant? Yes! As with all products, they need to be done right - but if they create a meaningful experience, there will be a place for them in a post COVID world. Here’s why virtual tours can be a powerful asset for your business in the long term:

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1. They are a powerful marketing tool

• In a world of social proof, customers want as much info as possible about products before they commit to a purchase.
• Virtual tours can help give a much clearer idea of what customers can expect when buying your experience.
• 90% of users say that product videos are helpful in the decision process - consider the amount of times you’ve been tempted to visit somewhere after seeing a 1 minute video.

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2. They can help you engage with new customers

• Post them on your website home page to increase website conversions.
• Use the content on your social media channels to drive more traffic to your website.
• Did you know that companies with video content on their websites see 41% more web traffic than other businesses!

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3. They can boost your experiences and upgrade your products

• Cindi Richardson, founder and owner of French Quarter Phantoms, joined our Tour Operator Roundtable and shared how her tour company is successfully selling virtual products - and how she will use the content they are selling right now to upgrade her tours in the future.
• They have filmed their tour guides sharing unique stories or recipes that relate to the culture and history of the local area.
• Take a look at the recording for some more ideas: Tour Operator Roundtable #2: Recording

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4. They can help diversify your offering as a business

• Say you run kayak tours - you could launch a series of virtual kayaking classes. Run through the gear you recommend buying, tips and tricks of looking after and storing kayaks, and how to train your body to help you when you're on the water
• If you get a lot of international customers, why not develop some virtual language lessons to help them with the basics and engage with them before they do your tour, get them excited for their visit and raise awareness about your brand.
• Our partner Andrea Cheriechi, founder of Taste in Bologna, normally operates food walking tours. With the current situation in Italy he is now looking into virtual cooking classes. He is excited to open this new arm of the business and believes this new offering will boost his business when things are back to normal.

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Here’s an example of virtual tours selling before lockdown:

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Clio Muse are a virtual tour company that specialize in audio tours; they have since pivoted to incorporate visual content. Co-founder Daphne Tsevreni has highlighted the adaptations they have made to their products to account for the shorter attention span of audiences, given the current climate.Their top tips are to include fun facts, history and personal stories to keep people engaged.

What is a virtual tour?

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A virtual tour is digital content that tells a narrative. That can be actual stories about your local area for walking tours, visual content of stunning landscapes for zip line parks, or surf inspired work-out videos for beach rentals. Virtual tours are a chance for you to get creative about the products you sell and tell a story to your customers. They often take form in three mediums:

1. Pre-recorded tours
2. Live tours
3. Tours with a physical element

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1. Pre-recorded tours

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‍In this case, you would create content and sell to your customers for them to enjoy any time - you relinquish responsibility when you send over the link.

• This could be a single video that you have previously created of a dramatic story telling, or cooking lesson.
• You could also divide up your narrative into physical locations, and release each video or audio as the customer virtually travels on a map -  to give the feel of a real walking or driving tour.

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Lights over Lapland have created a stunning pre-recorded tour of the Northern Lights using incredible 360º footage.

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2. Live tours

• For a live tour your tour guide would present at a specific time, allowing the opportunity to interact with customers.
• On a small scale - this could be a private video call where the customer could engage in a dialogue with the guide and the tour could be personalized to them.
• On a larger scale - you could open the tour to a range of people and still interact with customers through a chat box.

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Avital Tours usually run walking food tours. Over the last couple of months they have created and launched a series of ‘chefinars’ and mixology classes. They have pivoted their offering and are now operating live sessions where customers can learn a new skill and have a laugh.

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3. Tours with a physical element

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‍You could send customers a physical component to compliment the virtual experience.

• For a tour of a vineyard, send them some of your wine.
• For a walking tour, partner with a local business that you pass on the way and send them some of their food or products.
• Email customers a document to print out - this could be a map or a riddle related to your tour.

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‍Unexpected Atlanta has gone viral with their new offering. They launched virtual tours that are accompanied by a delivery of ingredients for the customer to whip up all the samples they would have eaten on the physical food tour - and have proven very popular!

How can I start from scratch?

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Pre-recorded tours:

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‍Use a specialized software to easily create virtual tours that customers can use to take your full tour from the comfort of their homes. For example, the Junket app allows you to draw your tour on a map and release video or audio content when a customer virtually arrives at each stop.

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Junkets also have a physical element - they are GPS enabled so the customer can experience the tour in real-location. They can wander round all of your stops and when they get there a new video will pop up with your pre-recorded tour guide telling them all about the spot they’re in. They’ve already been a hit - and they tend to sell at $5-10.

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Give it a go by downloading the app here. To find out more about how to get started and top tips for successful Junkets check out our webinar with Junket CEO Lance Zaal. You can view more information here and check out this example of the software in use.

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‍Live tours:

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‍One of the ways you can launch interactive virtual tours is using Zoom.

• For larger groups, the Q&A and chat boxes provide an easy way of getting input from your customers and answer questions efficiently without detracting from other customers’ experience.
• For smaller groups, you can have open discussions with your customers and completely personalize the experience for them.
• Zoom resources:
• Best Practices for Hosting Digital Events
• eBook: Running Engaging Online Events

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G Adventures are hosting live virtual tours using zoom. They want to bring people together and keep travellers inspired while they are stuck at home. They allow up to 16 people on the live zoom call with a tour guide or expert. Their first session was led by their CEO, Stefano Paris - it was based in Italy and stopped off  in Venice, Tuscany, and even a football match!

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Visit Las Vegas is an awesome example of a tour business using Zoom to engage their customers. They are also teaching customers how to change their Zoom background to help them imagine themselves in Las Vegas and keep them dreaming of these tours.

How can virtual tours help you reopen your doors?

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Virtual tours are a great way to drive business to your local area and show that it’s safe and open for business. Video is the most appealing content, so it’s a great way to entice people in.

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This is especially important for companies that rely largely on international travel - it’s crucial to keep your location front of mind and keep customers dreaming about their future vacations.

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Reintroduce your area to the world by recording a virtual tour of busy streets and businesses up and running. Customers will need a bit more encouragement now to visit new places and visual content is a great way to boost customer confidence.

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For a great example of this - check out these virtual live tours of Wuhan, China.

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• People are extremely interested to take a look at how the city is coping after the eruption of COVID-19. This is a great reason to create a virtual tour and will help show that things are getting back to normal.
• Walks market this tour at $10 for an hour live session with their guide in Wuhan, and also include a $25 voucher towards any of their physical tours in the future, valid for two years. This is a great way to boost future sales and keep customers engaged with your business.

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Another example is Discover Puerto Rico.

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• They are streaming free 30-minute guided tours via Google Earth, over the next couple of months to keep Puerto Rico on the map.
• They're also using this as an opportunity to collaborate with other tour operators and highlight other local businesses - this is a great way to use your community to produce juicy content and keep your customers engaged.

Technical tips

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When selling a virtual product the standards are often higher - they need to look professional. Here are a few technical tips:

1. Keep them short and snappy - the audience has a much shorter attention span when they are not in the physical location dn watching a screen - don’t drag, include personal stories and shocking facts to keep them hooked. Remind people to turn their phones off / close other tabs - this will help them concentrate.
2. Audio is crucial - make sure you have done at least one test version with a family member or friend to test the audio and get their feedback.
3. Cancellation / rescheduling policy - in this turbulent time, boost customers confidence by giving them flexibility.
4. Include a Virtual Experiences FAQ on your website - break down exactly what will happen on the tour to increase customer confidence.

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For more practical tips watch our webinar with Kelsey Tonner and Ingo Albrect from Be a Better Guide: How to Design, Launch and Sell Online Tours & Experiences. They cover all you need to know from how to set up your lighting to where is best to sell your virtual activities.

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How can I make them sell?

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Virtual tours are a relatively new concept, so you may need to convince your customers a bit more than usual.

Record a 30 second video introduction

• 64% of customers are more likely to buy a product online after watching a video.
• This is a great way of giving your customers a quick taste of your experience and making sure they have all the info they need to purchase.

Include reviews and testimonials on the your virtual products landing page

• Include reviews of the tour guide who will be leading the session.
• Reviews of your physical products are still relevant - include a reviews widget on your virtual tours web page or link particularly positive reviews of your tour guides.

Target your audience

• Create tours for kids at home, or target people that are super interested in your niche - and clearly explain this in the title and description.

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‍From virtual paella classes in Barcelona to Q&As about the coliseum with tour guides in Rome, The Tour Guy has produced some incredible experiences and doing a great job at marketing. Have a look at the short videos they have created to market each virtual product, they are quick, informative and fun.

How can I market my virtual tours?

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Your past customers are a great place to start. They’re an audience who have paid for your products before, and you’ve had a chance to interact with them in person - this is a great way for them to support your business.

Email customers who have had to cancel a physical tour with you.

1. Include a  link to your virtual products to offer them an alternative. Make sure to jazz them up with screenshots, testimonials and a video introduction. Including video content in emails translates to a 200-300% increase in click-through traffic!

Put a button linking to your virtual products on the homepage of your website.

1. Make sure it's ‘above the fold’! This is often the first place people look to see what you’re offering, and if it’s not obvious a visitor will not click through your website. Make sure this button is one of the first things they see when they land on your website.

Use your social Media

1. Use short clips of your virtual content as instagram posts to give viewers a taste of what's on offer.
2. Write blogs about your local area and use them to launch a facebook campaign for your virtual tours.

Can I see an example?

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Some of our incredible Peek Partners have already kickstarted their virtual tours. For some clever ideas and super fun activities to enjoy have a look at these examples:

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Miranda Peterson, founder of Namaste in Nature, is holding some virtual yoga classes. She has also been developing virtual content using a 360º camera - head over to her youtube channel to find out more.

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Winchester Mystery House, based in San Jose, California, are offering an immersive 360º virtual tour. They have also created a coloring book and crossword puzzle to keep their young fans engaged.

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‍Arthur Avenue food tours have launched a virtual cooking course. They email customers recipes over six weeks, they cook with them, share tips and photos and then work with them to write up a personalized cookbook for the customer at the end of the course.

With the spread of COVID-19, the tourism sector has suffered a massive blow. In these times, access to capital, as well as ways to protect it, has become more crucial than ever for tour and activity operators.

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However, navigating the wealth of information on the loans and financial assistance available can be challenging. To help simplify the process, we’ve created this running blog.

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Below, we’ll share the news on the latest loans, financial aid, and similar relief opportunities being provided, so that you can find the help you need, when you need it most.

Access to Capital: U.S. Government Aid

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On Tuesday, April 21, the US Congress reached an agreement to allocate an additional $310 billion in funds to its Paycheck Protection Program (PPP), as well as an additional $60 billion for the Economic Injury Disaster Loan program (EIDL), to aid small businesses during the COVID-19 crisis.

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Because lenders now have a backlog of applications, this money is expected to go as quickly as the first wave of funding - business owners must act fast if they haven’t yet applied for this financial assistance.

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Below we’ve compiled some updates on the loan programs and guidance on your options:

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Key Updates

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• The $484 billion stimulus package includes a total of $370 billion in new funding that will be available in the form of government-guaranteed PPP and EIDL loans, specifically designated for small businesses.

• At least $30 billion of the new funds will be designated for community banks so that they don't have to compete with larger institutions, which will help businesses in more rural areas.

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Next Steps

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• Apply for PPP Loans with Peek & Womply – If you haven’t yet applied for a PPP loan, we recommend that you do so immediately through our partner Womply -- this means if more funding is allocated, your application will already be in the queue. You should also apply through Womply if you have applied through your bank and they have not yet submitted your application to the SBA -- Womply’s lenders move fast and have already been able to help businesses rejected or ignored by their bank get approved. If you do this, you should ensure you’re notified before either lender submits your application, or withdraw your application with your bank, to avoid applying for multiple loans.

• Access Multiple Private Lenders at Once with Peek & SoFi - Get matched to a qualified private lender based on capacity, which may increase the likelihood of timely funding. Peek has teamed up with personal finance company SoFi to help our small business partners access financial assistance quickly through their Lantern marketplace. Here, you can shop across multiple lenders and compare financing solutions, including those that are also part of the SBA Paycheck Protection Loan Program (PPP) mentioned above.

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Update on SBA Economic Injury Disaster Loans (EIDL)

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• Allocation per business is being reduced and the EIDL Grant Advance will be based on a formula of $1,000 per employee.
• If you’ve applied for an EIDL, you should wait to hear updates from the SBA via email.

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Access to Capital: EU Recovery Fund

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EU Leaders Approve Half-Trillion Bailout Package – EU leaders agreed on Thursday, April 23, to draw up plans for a recovery fund worth 540 billion euros ($580 billion), set to be available by June 1. Details such as how it will be distributed have yet to be determined.

Access to Capital: Other Entities Offering Aid

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Major Companies Providing Aid:

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• Google’s $800M+ Aid to Support Small Businesses and Crisis Response – Read Google’s announcement to provide aid to small- and medium-sized businesses (SMBs). Its commitment includes a $200M investment fund to help provide small businesses with access to capital, $340M in Google Ad credits for SMBs, and more.
• Goldman Sachs’ Small Business Stimulus Package – The investment banking leader has announced a slew of initiatives to support small businesses impacted by COVID-19, including a Small Business Stimulus Package, which allocates $250 million in emergency loans and $25 million in grants. In total, the company has committed $300 million.
• $100M in Cash Grants and Ad Credits from Facebook – Browse the aid Facebook is providing for up to 30,000 eligible small businesses in over 30 countries. It is not yet live, so sign up here for updates and get your application in when it’s released.

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Sources You May Have Missed:

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• Hello Alice's Small Business Grants - Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of our broader mission to ensure Business for All. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community.
• Honeycomb Credit’s Relief Loan Program for Small Businesses - Honeycomb credit, an investment crowdfunding platform, has launched a small business relief loan program that’s providing $10,000 to $50,000 in working capital to qualifying businesses.
• Spanx by Sara Blakely Foundation Partners with GlobalGiving to Offer Grants -  Spanx by Sara Blakely Foundation has donated $5 million to support women-owned businesses affected by COVID-19. It has also teamed up with GlobalGiving to establish The Red Backpack Fund, which will provide 1,000 grants of $5,000 to female entrepreneurs throughout the U.S.
• Kiva Increases Loan Limits, Extends Grace Period - Kiva is now offering expanded eligibility for its loans, so more businesses in the US will be able to access them. It’s also providing larger loans, with the maximum loan on its platform now at $15,000, and a longer grace period of up to 6 months for greater financial flexibility.
• The Jewish Loan Association to Grant 250K in Loans without Fees - JFLA is offering fee-free loans for up to $10,000 to small businesses facing coronavirus-related losses. Individuals dealing with lost wages, child care costs, and funds lost due to canceled travel plans are also eligible.
• The Opportunity Fund’s Relief Grants and Loans - This non-profit organization, which specializes in money lending to small businesses owned by women, immigrants, and people of color, is collaborating with investors and nonprofits to put together a coronavirus relief fund that will provide grants and low-interest rate loans to business owners in need.

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Protect Your Capital

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Ads and Services:

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• Google Provides Free Video Conferencing - The tech leader is offering free access to its advanced Google Meet video conferencing capabilities for both domestic and international G Suite and G Suite for Education customers until September 30, 2020.
• Yelp Waives Ad Fees and Grants Free Products and Services - Yelp is providing $25 million in coronavirus relief for independent restaurant and nightlife businesses in the form of waived advertising fees, free advertising, and products and services. The latter offerings include free access to Yelp page upgrades, including Business Highlights and Call To Action, as well as Connect, which will help with timely communication with customers. Restaurants can also receive three months of free access to Yelp Reservations and Waitlist.

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Telecommunications:

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Telecommunication companies providing free hotspots and unlimited data, and halting disconnects and late fees.

• Comcast
• AT&T

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Telecommunication companies waiving late fees and halting disconnects for nonpayment

• Verizon
• Atlantic Broadband

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Telecommunication company providing free public hotspots and free WiFi to homes with students (kindergarten to university)

• Charter Communications

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Utilities:

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Utility companies suspending shutoffs for nonpayment and waiving late fees

• Consolidated Edison
• Duke Energy

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Utility companies suspending shutoffs for nonpayment

• National Grid
• Northern Indiana Public Service Company
• Green Mountain Power
• Southern California Edison

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Credit Cards:

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Credit card companies lowering or waiving interest rates and halting late fees (for select cardholders)

• Chase
• American Express (Also, check out its Working Capital Initiative to help with vendor payments)

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Mortgages:

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Provisions of the CARES Act mean most homeowners impacted by the coronavirus pandemic are eligible to receive mortgage forbearance. Some mortgage lenders are also offering additional mortgage relief programs to borrowers.

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To take advantage of these programs, you’ll need to contact your lender. Below is an alphabetical list of mortgage lenders who are offering relief. Lenders are being inundated with phone calls, so whenever possible, it’s best to reach out for mortgage help online.

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• Ally Home
• Bank of America
• BB&T
• BNC National Bank
• Caliber Home Loans
• Carrington Mortgage Services (Vylla)
• Chase
• Citibank
• Citizens Bank
• Fairway Independent Mortgage
• Flagstar Bank
• Freedom Mortgage
• Guaranteed Rate
• Guild Mortgage
• Homebridge
• LenderFi
• LoanDepot
• Mr. Cooper
• Navy Federal Credit Union
• NBKC Bank
• Network Capital
• New American Funding
• PennyMac Loan Services
• PHH Mortgage
• PNC
• PrimeLending
• Quicken Loans
• Rocket Mortgage by Quicken Loans
• RoundPoint Mortgage Servicing
• Shellpoint Mortgage Servicing
• SoFi
• SunTrust (Truist)
• USAA
• U.S. Bank
• Veterans First (WinTrust)
• Veterans United
• Wells Fargo

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We were joined by Mike Lousteau, General Counsel and a partner at 12BF Venture Capital, for a couple of webinars to breakdown the SBA loan offering and clarify how to apply. We have summarized the key insights he shared with us in the form of an FAQ below.

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*DISCLAIMER: Please be aware that this information is dynamic and may have changed since 4/6/2020.

‍- You can watch the recording here

‍- You can watch the follow-up Q&A session here

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‍There are two distinct loan programs from the Small Business Administration (SBA), discussed in the CARES Act:

‍1. Paycheck Protection Program (PPP)

2. Economic Injury Disaster Loans (EIDL)

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Payment Protection Program (PPP):

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‍1. What does the PPP loan cover?

The PPP loan is designed to cover payroll expenses for 2.5 months, up to $10m.

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2. What does ‘payroll expenses’ include?

- Actual compensation/salaries/wages/cash tips

- Vacation, family & parental leave- Dismissal or separation payments

- Group healthcare

- Retirement benefits

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3. Is the PPP loan forgivable?

Yes - If at least 75% of the loan is spent on payroll expenses and the money is used before June 30th, the loan is forgivable.

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4. Who will process my PPP loan?

The process and terms & conditions is designed by the SBA. However the loans are made available by banks (independent lenders).

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5. Is payroll for my 1099 employees covered by the PPP?

No - Independent contractors, vendors and subcontractors should file for their own PPPs. The treasury has specified that they are not ‘payroll costs’ and so do not qualify.

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6. Who can apply for the PPP?

You do not need to be officially running a W2 payroll - If you're a sole proprietor, where you don’t have technical employees, you can still apply for a PPP loan.

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All the businesses you own must not contain more than 500 employees collectively.

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7. When do I need to use the money by?

In order for the PPP loan to be forgiven, you have to use it by June 30th.

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8. Can I use my quarterly tax deposits as part of payroll expenses?

No tax costs should not be counted as payroll costs.

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9. Should I use one bank in favor of another?

The banks advise you to use your own bank - this is because they already have your information and so can process your application quickly. The banks will process their own clients first. If your own bank is not issuing PPP loans you can apply through Womply.

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‍Follow this link for more information.

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10. Should we expect to get taxed on any monies received through PPP?  

No - Loans  generally aren’t income, and forgiveness is explicitly tax free.

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‍Economic Injury Disaster Loan (EIDL):

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‍1. What can the EIDL be used for?

“Used for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.” They are to compensate for your economic losses, such as lost revenue (they do not cover payroll). In most cases they will cover up to $2m.

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2. Is the EIDL forgivable?

These loans are not forgivable. This means they do need to be paid back, though they have very low interest rates attached.

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3. Who will process my EIDL Loan?

They are directly funded and managed by the SBA - they do not go through your bank. You can apply for them today on sba.gov

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4. Can I get an advance on the loan?

The SBA is authorized to give you up to $10k within 3 business days, as an advance on the loan.If you end up not getting the loan, the advance becomes a grant - you won’t have to pay it back.

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5. If I get the $10,000 advance, and then get the EIDL loan approved later, will the $10,000 still count as a grant?

No, if you do get the loan, any advance becomes part of it.

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6. Am I eligible for an EIDL if I currently have a chase line of business credit?

Yes - the requirement that you cannot have other lines of credit has been waived for this particular circumstance.

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7. Should I file more than one application for the EIDL, if I have more than one business?

As long as all your businesses added together do not contain 500 employees, yes you should fill out applications for each individual company. Individual companies qualify.
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‍Both Loans:

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‍1. Do the banks have the right to change the interest rates?

They don’t have the right to change the interest rates. The rate for the PPP is 1% and the rate for the EIDL can be anything up to 4%.

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2. Do I need to reapply because the system has changed since I submitted my application?

No. Borrowers and lenders may rely on the laws, rules, and guidance available at the time of the relevant application. However, borrowers whose previously submitted loan applications have not yet been processed may revise their applications based on clarifications reflected in these amendments.

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3. How do banks decide who gets funds, and how much each business gets?  

This varies bank to bank, but generally banks prioritize their current lending clients.

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4. Can I apply for both loans?

Yes you can - just don’t claim the same costs for both - make sure your loss is unrelated to payroll, it will most likely be lost revenue due to COVID-19

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5. Is there a cost for Peek & Womply?

No - absolutely no fee for using this service.

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6. How can I find more information or an update on my application with Womply?

- Read this blog about the Peek and Womply partnership

- Reach out to support@womply.com or call 855-929-9111

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‍Resources:

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‍2-page sample application has been published by the treasury

- You can download it here

‍- For further information they have also produced this FAQ

‍Blog about the Peek and Womply partnership that can help you fast track your loans

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