Tag: Work

Small Business Loans: How They Work and What You Should Know #stock #market #quotes

#how do business loans work


Small Business Loans: How They Work and What You Should Know

Small Businesses are increasing their payrolls, but hours worked and wages earned are down slightly. Photo: Reuters

For small business startups, knowing how loans work and getting them are absolutely crucial.

Many entrepreneurs, however, wait until the last minute to think about loans and prefer to dwell on grandiose plans, never mind that they often need loans to fund those plans.

Asking for loans is “unpleasant; it’s like asking your dad for the car keys,” said Charles H. Green, Executive Director at the Small Business Finance Institute and author of The SBA Loan Book .

Small businesses should start this “unpleasant” process early, however, partly because it could prove to be long and difficult.

One entrepreneur Green encountered secured his loan at the 60th bank he approached.

While this might be an extreme example, small business owners often need to try at more than one bank to get a small business loan.

During the process of dealing with a bank, moreover, they may be asked to provide additional documents they previously did not anticipate needing.

Green stressed that small business owners need to be patient in this entire process.

Banks Want Their Money Back

In making any small business loans, the goal of the bank is to get its money back. Even if the loan is made through the Small Business Administration (SBA), it is still a bank that ultimately risks its capital.

Banks usually get their money back from the borrower’s revenues. If that is not possible, banks can also get their money back from selling assets pledged as collateral or from the small business owners personally.

Therefore, besides documents relating to the business projections, banks may often request documents relating to the personal finances of the small business owner and whatever assets that can be pledged as collateral.

Backing up Projection Numbers

Regarding business projection numbers – that is, assessing the probability of repayment from borrower revenues – it is all about justifying those numbers, preferably with facts, said Green. For existing businesses, that may mean financial statements.

Some of the hard questions a lender may ask include:

*How many customers do you need?

*How do you find them?

*Who are satisfying these customers already?

*Why would they feel compelled to buy from you?

*What is your capacity to deliver those products?

*What is the cost to deliver those products?

Learning from Mistakes

Sometimes, the best efforts of small businesses to secure a loan are not good enough.

When rejections happen, Green recommended turning them into learning lessons. Often times, if the small business owner manages to remain calm and polite, he can get candid responses as to why he was rejected.

These explanations often turn into keys to successfully securing a loan from another bank in the future.

Choosing the Right Banks

Other times, though, a rejection from a bank has nothing to do with the borrower at all. That is, a lender may not have any money to lend.

Therefore, Green recommended that small businesses avoid banks under consent agreement with or issued a cease and desist order by the Federal Deposit Insurance Corporation (FDIC).

Generally speaking, smaller banks have more flexibility in their lending standards while bigger banks usually offer cheaper rates, added Green.

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Business ideas work from home, business idea for change proposal #business #school

#work from home business ideas


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Business news from the Chicago Tribune. Get money tips, stock market updates and the latest Chicago business news.Our team of over 18,000 Springspotters sources the latest innovation, startup, and new business ideas from around the world. View today’s best innovations business ideas work from home Sample business plans, business plan software, marketing plans, business contracts, and agreements.TED Talks are influential videos from expert speakers on education, business, science, tech and creativity, with subtitles in 100+ languages. Ideas free to stream and.

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Why The SBIC Doesn – t Work For Venture Capital Anymore – Feld Thoughts

#small business investment company


Why The SBIC Doesn t Work For Venture Capital Anymore

There are so many things wrong in the article I felt compelled to write about it. This isn t a knock on the writer (Alicia Wallace) I like Alicia and think she does a good job. Rather, it s an example of the difference between signal and noise in any kind of reporting around the VC industry.

I’m an investor in over 40 VC funds around the world (mostly in the US) and three of them are SBIC funds. Each of the SBIC funds were raised in the 2000 2002 time period. On paper, only one is in positive return territory as a fund, but the SBIC leverage is a substantial negative factor for the LP investors in that particular fund. And, in the other two, I don’t expect to ever see any of my capital back because of the SBIC leverage. Furthermore, I don t believe any of the GPs in any SBIC-backed fund would ever take money from the SBIC again.

So I’m speaking from at least a little experience albeit indirectly with the SBIC, as I ve never been a GP in a fund that had SBIC leverage.

The article starts off saying that “Matthew Varilek has traveled across the state, proselytizing the potential benefits of the Small Business Investment Company Program.” As a partner in one of the most visible VC firms in Colorado and an LP in many of the Colorado VC firms, I’ve never heard from Matthew or anyone from the SBIC. Matthew, if you really want to have a deep discussion about why the SBIC program isn’t effective for VC funds anymore, feel free to give me a shout. I’d be happy to meet with you.

Next, there is the wonderful PR quote about the SBIC that says “Since the program s inception, SBIC success stories include the funding of companies such as Apple, Costco and FedEx when they were burgeoning small businesses.” The SBIC was instrumental in the creation of the venture capital business. The Small Business Investment Act of 1958 helped catalyze many of the VC firms created in the early 1960s. When I first heard about VC firms in the late 1980s, and my first company (Feld Technologies) started writing portfolio management software for some Boston-based VC firms, many of them had funds with SBIC leverage, although even by the late 1980s this was changing and many of them had shifted away from the SBIC. If you want to see a fun quote on it, read A History of Silicon Valley which quotes:

“ …many venture capital pioneers think the SBIC program did little to advance the art and practice of venture investing. The booming IPO market proved the model of investing in new companies, as some SBICs cash out at attractive levels. SBICs did give a boost to early venture firms, and some like Franklin “Pitch” Johnson, profiled below, thought the new law made the US “see that there was a problem and that [venture investing] was a way to do something… it formed the seed of the idea and a cadre of people like us.” Bill Draper, the first West Coast venture capitalist, has been more blunt: “[Without it] I never would have gotten into venture capital. it made the difference between not being able to do it, not having the money.” Many believe SBICs filled a void from 1958 to the early 1970s, by which point the partnership-based venture firms took off. The US government, however, lost most of the $2 billion it put into SBIC firms.

So, while Apple, Costco, and FedEx benefited, the PR would be more credible if the SBIC was trumpeting iconic companies created after 1990 or even 2000, especially where the lead investors (rather than follow on investors) had SBIC capital.

Peter Adams, head of Rockies Venture Club, is quoted a few times. I like and respect Peter, so this isn t aimed at him, but rather at the clear lack of understanding of the capital dynamics around VC funds.

It looks really great on the surface, said Peter Adams, executive director of the Rockies Venture Club, a nonprofit aimed at connecting investors and entrepreneurs. Then when you dig into it, there were some problems. Adams, who has been involved in many of the meetings with the SBA and members of the investment community, said the greatest concerns voiced by investors and venture capitalists involved management team qualifications, investment track records and the addition of debt to the equation. No. 1 for us is they want a management team with multiple people that have track records in venture capital and have worked together as a team before, he said. I can see where they re going with it, but the VC industry in Colorado has been fairly decimated through the economic downturn.

Peter is right about the context, but has two fundamental things wrong here. First, the VC industry in Colorado wasn t decimated through the economic downtown. It was decimated because of lack of performance between 2001 and 2009, just like much of the rest of the VC industry around the US. There s nothing special about Colorado in this mix, and it has nothing to do with the economic downtown. This dynamic has been reported thousands of times so I don t need to go through it again, but we don t have to look back very far to hear the drum beat from the media, LPs, and everyone else about how VC is dead. And if you re curious, it wasn t too long ago that Silicon Valley was also dying .

The other problem here is the need of the SBIC to invest in a management team with multiple people that have track records in venture capital and have worked together as a team before. Any VC firm that fits this qualification is unlikely to have difficulty raising money in today s environment, and subsequently has no need for the SBIC leverage. And, more importantly, the only firms that will look for SBIC leverage are one s that don t have this, which is a classic adverse selection problem.

Then there s this:

The recession also then plays into requirements that the management team members have been involved in a meaningful number of successful exits during a four- to six-year period. From 2008 to 2013, that was not a good time for exits, Adams said.

Huh, what? At Foundry Group, our significant exits (at least 10x capital returned) since we raised our first fund in 2007 include AdMeld, Zynga, MakerBot, and Gnip. We ve had plenty of other exits, but these are the big ones. One of those companies, Gnip, is Boulder-based and another from our older funds (Rally Software) also generated a greater than 10x return for us. Techstars (which we helped start) have also had a steady stream of significant exits, including local Boulder companies like Filtrbox, GoodApril, and SocialThing. And then you ve got plenty of Boulder / Denver monsters on paper some in our portfolio (like SendGrid and Sympoz) and others like Zayo, Ping, Logrhythm, and Datalogix. Finally, if you look across the country, the exits have been awesome the past three years.

It keeps going. There s talk about the angel cliff (e.g. we need funds to invest between angels and VCs nope, been there remember gap capital not so effective) and the SBA rules and regulations (which I believe are toxic and inhibiting to a successful VC fund.)

One of the other problem is SBA and SBIC s behavior in governance of the fund. The paperwork is silly and the overhead is non-trivial. The control over distributions and negative incentives to hold or distribute capital often generates bad decisions when companies go public. And at least one close friend who is a partner in an SBIC fund has now found a new LP to buy out the SBIC so they could actually invest capital in their winners, rather than be limited by the SBIC s constraints on the amount of capital you can invest in any particular company.

The SBIC could be a powerful force for good in the venture capital industry. But it has to approach things very different and based on my experience with the SBA over the past decade, I don t see it happening unless there is real leadership somewhere in coordination with leaders in the VC industry. I m certainly willing to help, if only someone bothered to reach out to me.

UPDATE: It turns out my partner Seth Levine had met with Matthew a while ago. Seth said Your blog was right on and much of the type of thing I related to Matt and some senior guys he brought in. The gist of my conversation with them was pushing them to consider a different model that the current one basically led to lowest common denominator GPs and sub-optimal returns. Plus the SBIC leverage could be crushing. I don t think they have a ton of flexibility around this but they at least listened to the feedback. I m going to see a bunch of them in a few weeks I agreed to help judge a business plan competition they were hosting. Like you I m not a huge fan of the program as it has existed but I give the new guys some credit for both reaching out and trying to be proactive about thinking through this.

UPDATE 2: Matthew Varilek reached out to me and we are setting up a time to talk.

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Womens business wear, office clothing, ladies business suits, shift dresses, work skirts, work shirts

#business clothing


Womens Tailoring and Business Suits, Work Wear

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A selection of high quality, women s business suits for work. Featuring designer suits and separates, including beautiful women s tailoring from Savile Row London, ladies suit jackets. work skirts and womens business trousers in long wearing fabrics, perfect for any woman s work wardrobe and all online.
Sophisticated womens tailoring that enhances your femininity simply screams success and the high quality finish and the very best fabrics ensure your designer suit will last for years. Choose from our selection of tailored skirt suits and trouser (pant) suits from UK designers mix and match suit separates to create your own unique business look and for some designs, a full 3 piece option is also available with matching waistcoat!
Ideal for your next job interview, next promotion or if you are returning to work from maternity show up in style and outsmart the competition with a high impact, beautiful business outfit which truly demonstrates your ambition.

Complete Your Look

We have put together a gorgeous collection of classic womens tailoring including suits for women and office wear for all occasions, with a special emphasis on corporate styled shoes, business handbags and accessories. Shop the whole look, or simply select a great item which works well with your existing business clothing.

Team any of our suit separates with a stunning work blouse and some striking office shoes for women or work jewellery and you will be the envy of your whole office.
Our aim is to help you create a look that suits your style and makes you feel great to lead to a better, more confident performance in the workplace.
Here at Pinstripe and Pearls we understand that finding the perfect work outfit can be difficult and that time is precious! This why we have put together collection work wear ideas to help inspire you. Please browse our site for a range of work trousers. blouses, business handbags, office shoes and more.

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Work From Home as a Franchise Owner #business #blogs

#work from home ideas


Home-Based Franchise

You want to launch your own business, but you’re not sure where to start. You don’t have a business plan, and you’re not sure about the logistics of marketing, sales, human resources, customer service, accounting, legal compliance AND you d like an opportunity that has a low-risk potential. A home-based franchise may be the perfect home business solution for you!

A franchise is basically a business-in-a-box or business model that can be easily replicated. That s the beautiful thing about a franchise; all the hard work has been done for you; you basically pay for the franchise, and you’re given a detailed manual, training, and tools on how to replicate the business exactly. Many franchises have well known established brand names too, so you spend less money on marketing your business.

You ve heard of famous franchises like Starbucks and McDonald s, but there are also some great franchises out there that will allow you to work from home. With over 1,500 different franchise companies in the USA, you re bound you find one that fits your interests and skills.

Now that you re sold on the idea of a home-based franchise there are some important factors to consider before you make the leap.

Franchise Costs and Fees.

The downside of owning a franchise is the initial cash requirement is generally a substantial amount, and many franchises require you to pay monthly maintenance costs. Besides the initial cost and ongoing fees, you ll want to look into the profitability of the franchise. Talking to individual franchise owners can be a good place to start, but know that location can sometimes be a big factor in how successful your franchise is. Before you start looking for funding options ask for a comprehensive earnings list of current franchise owners so that you can evaluate the real earning potential of the franchise.

Again, the great thing about a franchise is it s an easily replicated business with a proven business model so you ll want to find out all of the nitty gritty details.

Here are some questions you ll want to ask:

  • Is training in-person, online, or via printed materials?
  • Do they offer on-going support?
  • Does the company provide location/territory exclusivity?
  • What are the royalty fees? Are there on-going marketing fees?
  • How are you allowed to market your franchise?
  • Whats systems do they use for marketing, bookkeeping, payroll, content management, and legal advice.

Determine if You Have the Right Personality to Be a Franchise Owner.

One of the downsides to owning and running a franchise is that you don t have complete freedom over how you execute the business. You ll need to adhere to rules and policies set forth by the franchising agent. If you re found breaking the rules you could end up in mediation, arbitration, or your franchise contract could be terminated. This is why it s so important to make sure that you fully understand all the terms and policies before signing a contract. If you re the type of person who wants more creative freedom, starting your own business from scratch may be a better option.

What Home-Based Franchise Opportunities Are Available?

Here s a list of some of the home-based franchises with low to moderate startup fees. Please note, this list does not cover ongoing fees associated with each franchise you ll need to check with the individual companies for complete, up-to-date information, prices, and related fees.

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JMT Document Services #signing #agent, #signing #service, #service, #sign, #signing, #loan #services, #signing #services,


JMT Document Services is a nationwide mortgage loan signing service. We provide signing services for major national and regional mortgage lenders and Title Insurance companies. We need quality people with Notary Public commissions in all areas of the country to sign mortgage documents on a part time basis.

There is no investment involved. We will send mortgage documents to you as our lenders approve loans in your area.

You will meet with the borrowers and obtain their signatures on the mortgage loan documents, then return them to us in the overnight package we provide to you.

If you are interested in making extra money, we would like to know more about you and we would like to tell you more about us.

Please click JOIN US and complete the information form and send it to us. Thank you. We look forward to hearing from you.

Loan signing services on a nationwide scale! JMT maintains a NATIONWIDE network of loan document signers who can assist you with all of your loan signing needs. Let us help you in obtaining the signatures of your borrowers on your loan documents.

Our loan document signers are all licensed notary publics, experienced and trained in signing mortgage loan documents, including first mortgages, equity and home improvement loans.

The loan signers will meet with your borrower at a time and place that is convenient to the borrower. Appointments can be scheduled by your office or, let the signer save you time by scheduling the appointment for you. Just notify JMT that documents are ready, using our simple order form. Our central scheduling office will coordinate with the borrower and the signer, leaving your time free to process your next loan.

  • Completed loan documents are returned to the location you specify, using overnight delivery service
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Call JMT with your special signing needs. We will work with you to develop the procedures and processes necessary to get your loans not only signed, but signed promptly, accurately and professionally, the FIRST TIME.

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Cell Phone Jammer Sales at The Signal Jammer GSM Blockers #how #cell #phone #networks


What You Should Know about Mobile Cell Phone Jammer Usage

Cell phones have truly been increasing in popularity year after year for decades now 1. One study even shows that well over 200 million people within the US alone had cellular service in October of 2005 but that number has exponentially increased in the twelve years that have since passed. They are even more ubiquitous throughout Europe.

Being able to contact anyone whenever the need to do so arises is a convenience that many people can easily take for granted. However, there is a dark side to mobile phones that many business owners have had to experience firsthand the hard way.

The Dark Side of Cell Phones

Mobiles are great communication tools that are effective and efficient in many ways, but there are still people that use these devices at the most inconvenient times. Within a wide range of different public places (theaters, restaurants, concerts, funeral parlors, churches), people simply do not know when to put their mobile phones away. It can be socially unacceptable for others, who are frustrated by these individuals that decide to do whatever they want, even in situations with clearly marked signs prohibiting cellular use.

Even more sinister uses include using the cell phone as a detonation device, hence the creation of our IED jammer category, to protect and prevent the loss of life.

There is a way to safely eliminate these problems immediately, by using a cell phone GSM jammer. Learning how signal jamming works on wireless devices will make it possible to clearly understand and appreciate their overall value.

Basics Of The Cell Phone Blocker

Being able to successfully disrupt a cell phone signal is basically the same as being able to jam any other type of mobile radio communication with a standard signal blocker. Keep in mind that a wireless device is able to function by communicating directly with its designated service network through a base station or tower. These towers divide cities into cells or smaller areas.

As a mobile cellphone user drives down the street, the signal is passed like a football between towers along the way. A cell phone disruptor is able to successfully transmit through the same exact radio frequencies that are being used as these wireless devices.

This ‘white noise’ effectively disrupts the communication that is flowing between the base station that is located within the tower and the handset. This is what is referred to technically by the term denial-of-service . The cell phone jammer kit is specifically designed to cancel out (deny) a signal within the radio spectrum to the handsets that exist within the range of the jamming device.

How Mobile Jammers Get the Job Done

Cell phone blockers have been designed to completely overpower the mobile device by transmitting a standard signal through the same exact frequency, as mentioned earlier. However, the key is to make sure that it achieves this with a considerable amount of power where the two signals successfully collide and even cancel one another out completely causing a disruption of services.

In basic layman terms, the cell phone is actually tricked into believing that there is not a service available in the area. Therefore, when people try to use their phones within an area that has been jammed, it will appear as if they are simply in a dead zone without service.

How Can This GSM Blockage Be Accomplished?

Although different cellular systems process a wide range of different signals, all networks use basic radio signals in a way where they can easily become interrupted. GSM 2. the system that is used within digital cellular as well as systems that are based on a foundation of PCS, operate within the 900-MHz as well as 1800 MHz bands located either in Asia or Europe as well as the 1900 MHz band in North America.

The scrambler devices are able to successfully broadcast any type of frequency that is effective against CDMA, AMPS, GSM, TDMA, DCS, PCS, Nextel and even iDEN systems. ‘Old-fashioned’ analog mobiles, as well as today s digital devices are susceptible to jamming.

What is the Average Effective Jamming Range?

That specifically depends on the unit power and local environment and signal strength. To a small degree, this can also include such things as walls within a building that are able to slightly diminish the signal that is being transmitted by the phone blocker.

Low-powered mobile blockers are able to stop all calls within a range of about 60 feet, and higher powered models can create a dead zone the size of a football field.

The Most Powerful Devices on the Market

However, keep in mind that such powerful units are used by law enforcement officials, and agencies, with units capable of a much larger dead zone. Some government models are capable of creating dead zones that extend for much farther than a one Km radius from the jamming device.

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SOLUTION: The Social Worker Ms #social #work #vignettes


The Social Worker Ms. Jenkins in Vignette-Nina, discussion help


Social workers have to identify ethical boundaries every day. The Social Worker Ms. Jenkins in Vignette-Nina has to use her professional aptitude and remember the ethical boundaries to determine Nina’s needs, that is where the NASW Code of Ethics help. The NASW Code of Ethics (2008) states that social workers have four core values to live by. These values are service, dignity and worth of the person, integrity and competence.

Social workers use these core values to form an ethical principal to help others, specifically their clients. The social worker Ms. Jenkins must remember her ethical principal in order to help her client Nina. Ms. Jenkins can help Nina in many ways, but there are important ethical dilemmas presented in the scenario. Ms. Jenkins has very limited skills with mental health and sparse resources. Ms. Jenkins does not speak Q’eqchi and there are no interpreter nearby to help Nina communicate her concerns and needs. Ms. Jenkins most logical first step is to seek out an interpreter to help with communication, but doing so will possibly violate Nina’s trust and confidentiality. The Social Worker main concern should be “protect the confidentiality of all information obtained in the course of the professional service” (NASW Code of Ethics, Section 10.7.c). The translator will obtain all of Nina’s confidential information. Nina may also feel uncomfortable communicating with the translator, which is opposite of the first NASW principles of promoting the well-being of clients (NASW Code of Ethics. Section 1.01).

Through visual observation Ms. Jenkins can see that Nina’s grades and sleep are suffering, but she may not see the reason behind those actions. Could it be the social political context stated in the Vignette-Nina. The Vignette-Nina states that many girls who were unaccompanied like Nina “have been exposed to sexual violence in their home countries and in their travel to the border”. For Ms. Jenkins to truly understand Nina’s motives Ms. Jenkins may need to refer back to the previous social worker who helped Nina before. Ms. Jenkins will gain more insight if the previous social worker was able to disclose all past pertinent information, with Nina’s consent, to Ms. Jenkins. This brings up one important ethical query. Ms. Jenkins does not know if the previous social worker followed the NASW Principles that a social worker should take reasonable steps to enhance such clients’ ability to give informed consent (NASW Section 1.03.c). If reasonable steps were given for consent then the previous social worker should have followed the NASW principles of forwarding pertinent information or any timely documents to help Nina when she moved (NASW Section 2.06.a.b). The previous social worker should have also assisted Nina in making appropriate arrangements for continuation of services (NASW 11.6.b).

Nina might feel abandoned, because the previous social worker didn’t adequately provide the provision for case transfer or have an appropriate continuation of service. This is one of the most common ethical violation that Strom-Gottfried (1999, 2003) found. If Ms. Jenkins adhere to the NASW Code of Ethics then Nina’s well-being will improve with time.

Cournoyer, Barry R. (2014). The Social Work Skills Workbook (7 th ed.). Belmont, CA: Brooks/Cole


As the Ethic Model is reviewed i n this scenario, language can be a barrier in some in stance. however this is not the case for Nina, because she speaks English she is able to articulate what Ms.Jenkin’s role in her life. As previously stated in my last post, Nina does have some major barriers she must overcome, such as i s she a victim of any form of abuse? ( sexual. emotional, or physical). Nina’s cultural background may prevent her from discussion this type of information with Ms. Jenkins. Therefore creating a ethical dilemma. Being that most Mayan household religious beliefs are Catholic and the men serve as the head of the household (Schuster,1997). Nina may not feel comfortable going against her beliefs. Therefore creating a difficult challenge for Ms.Jenkins

As the Ethic Model of Decision Making( Courno yer. 2014) discuss Ms. Jenkins would have to come up with a solution to address the issues. B ut with limited resources and funding from the school system, Ms.Jenkins would not have the nec essary resources to provide the intense services Nina would need to address the issue of abuse and failing grades. Therefore, Nina situation would fit Maslow’s Hierarchy of Need, because her physi ological or safety needs are not being met(Cournoyer,2014)

Cournoyer, B. R. (2014). Ethical decision making. M. Kerr, S. Dobrin, N. Dreyer (Eds.), The social work skills work book 7 th ed. (pp.133 -165 ). Belmont, CA: Brooks/Cole.

Schuster, A. (1997). Ritual of the Modern Maya. Vol 50 N0 4


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Workers – Compensation Claims – Settlements #how #do #structured #settlements #work

Using Structured Settlements for Workers’ Compensation Claims

Employees injured in the workplace might be entitled to workers’ compensation payments. These payments will help employees cover all their expenses, including medical treatment and wage replacement, while they are unable to work.

When employees experience injuries or illnesses due to their job, they may be entitled to compensation for medical care and wage replacement through insurance from their employer. This state-regulated insurance program is known as Workers Compensation (WC).

WC insurance provides medical care, indemnity (lost wages), and retraining and rehabilitation necessary to return to work. Family members of workers killed on the job may be eligible for benefits.

Congress Supports Structured Settlements

Structured settlements are often used to resolve workers’ compensation cases where an employee is permanently and totally disabled or disabled to the point that the employee cannot return to meaningful employment.

Congress has encouraged the use of these settlements though federal tax code since 1983. Internal Revenue Code (IRC) section 104 specifies the amount of each payment and the earning on payments are excluded from the settlement recipient s income. The Taxpayer Relief Act of 1997 extended their use to handle physical injuries from the workplace.

These are also used to fund a WC Medicare Set-Aside (MSA), where a culpable party (the employer) is responsible for the cost of the primary medical treatment for a claimant and Medicare is the secondary payer. This can reduce the employer’s cost of settlement. The defendant can directly purchase these from insurance companies and this money can be used for an MSA.

The defendant can also provide money for the plaintiff, who can then purchase an immediate annuity, also known as an income or single premium immediate annuity (SPIA). This won t have the same tax advantages, but will allow the plaintiff more freedom than other contracts.

Do All Workers Compensation Cases Utilize these Settlements?

No. Some plaintiffs will choose other options such as lump-sum cash settlements or trust funds to resolve their cases. If a structured settlement annuity is chosen, a settlement broker will help analyze the plaintiff s needs to determine how the payments will be made.

Around one-third of injured persons choose this option over a cash lump sum, according to the National Structured Settlements Trade Association.

Medicare, Medicaid and Workers’ Compensation Structured Settlements

Those who do select workers’ compensation structured settlement plans and are Medicare beneficiaries should also have the Centers for Medicare and Medicaid Services (CMMS) review the settlement. A CMMS review will ensure your settlement accounts for Medicare-covered expenses. This is typically achieved by opening a Medicare Set Aside account.

Not only will a CMMS review and MSA make you compliant with Medicare laws, but it also ensures Medicare will cover your expenses if your medical condition changes unexpectedly and you no longer have enough funds in your MSA.

Benefits of Structured Settlements for Workers Compensation

They are helpful for workers compensation cases as they can provide long-term needs for the plaintiff, expedite the court process so the defendant can close the claim, and protect the state from covering costs the employer owes.

By setting up a plan with periodic payments, the plaintiff is able to handle expenses if they are unable to work, costs of maintaining medical treatment, future surgeries and replacement of durable medical equipment. The plan can be structured around the plaintiff s age and life expectancy.

The responsibility of future payments to the plaintiff falls on an independent third party. While the case is open, the details, including how much a claimant will be paid and how often the claimant will receive payments, are set out, then made permanent. The defendant can pay the third party up front, expediting the payment process and closing the case.

Finally, the state benefits because the plaintiff will less likely spend the entirety of an award from a WC claim, and then turn to Medicare or public assistance to cover treatment.

Can I Sell Payments from a Workers Compensation Settlement?

You may be able to sell some or all of the payments for your case. Some survivor benefits are also eligible for sale, as long as there is a period certain or guaranteed number of payments written into the settlement.

The laws regarding selling payments for workers compensation cases are complicated. Also, even if a state allows it, provisions in federal laws may prohibit it, depending on the nature of the settlement.

Determining whether or not you qualify will depend on the stipulations of your settlement, as well as the laws in your states. The federal Structured Settlement Protection Act of 2002 (SSPA) outlines strict rules for selling payments meant to protect the rights of settlement claimants. There are also state-specific laws that prevent selling certain payments.

It’s important you consider all financial implications of choosing to sell your payments, including any future financial needs you may have and how the sale could affect your taxes and eligibility for social security, government medical assistance and other benefits.

For cases where the law does not prohibit settlement claimants from selling their payments. a judge s approval will still be required to proceed with the transfer. The judge must deem that selling payments are in a client s best interest, and the client can afford treatment for medical problems resulting from the WC case. Other factors a judge may consider when hearing your case include living expenses, such as a mortgage, family milestones, such as funding a college education for children, and life expectancy.

The workers’ compensation board in individual states will often object to sales of structured settlements, and judges often rule in their favor.

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Other Factors for Selling Payments

Factors that will determine the eligibility for your case:

  • Nature of injury
  • Average weekly wage
  • Rate of payment
  • Payment limits
  • Cost of future medical treatment
  • Degree of disability: If you have a disability workers compensation case, you are required to have an additional source of income to be eligible to sell the disability income payments.

Cases often are more eligible under these conditions:

  • Case is fully settled.
  • Payments are made on a monthly basis.
  • Insurance company making payments has an AAA rating.
  • Recipient has another source of income.
  • Claimant is in bankruptcy.

Tax Benefits

These annuities offer tax advantages for plaintiff and defendant. The plaintiff benefits from federal and state income tax exemption for workers’ compensation payments, while the defendant is able to take advantage of full current deductibility of the lump sum and close the claim.

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