The fourth installment of our National Small Business Town Hall from Inc. and the U.S. Chamber of Commerce took place April 17, and discussed the resources available to businesses in need of funding. Listen to the recording here.
by Marc Millison, Partner at Risk Averse Insurance
It is looking more likely that COVID-19 is going to have a long-term impact on our economy. Businesses are being forced to close their doors which could spell the end for many and be a major setback for most. Sustaining your business through this time is going to require tightening your belt and cutting costs where you can.
As a commercial insurance brokerage, we’ve fielded many calls these last few weeks from clients with a lot of questions about this situation. But they all boiled down to two basic questions:
The federal CARES Act was signed into law March 27, 2020. The Act provides enhanced Unemployment Compensation (UC) benefits and Pandemic Unemployment Assistance (PUA) for Pennsylvanians.
For specific details, read our Notice of CARES Act Programs Potentially Available to You.
This new law provides:
Pandemic Unemployment Compensation (FPUC) - Additional Benefits
An additional $600 per week, on top of regular benefits, to all UC recipients
Pandemic Unemployment Assistance (PUA) - Self-Employed, Contractors
Expanded eligibility for individuals who have traditionally been ineligible for UC benefits (e.g., self-employed workers, independent contractors)
Pandemic Emergency Unemployment Compensation (PEUC) - For UC Benefit Exhaustees
An additional 13 weeks of UC benefits, beyond the regular 26 weeks already provided, for a total of 39 weeks of coverage.
The federal CARES Pennsylvania Guidance one-pager includes information on what you need to know and do.