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:
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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. Please note applications for this program are no longer being accepted. Go to www.delcochamber.org/coronavirus for current funding programs. Program Highlights:
Applications will be processed on a first come first serve basis. Start the Application Process Here: http://www.delcopa.org/covid-cwca.php
Capital Access Program Factsheet NOTE: This is a state program. Small business can apply for both state loan programs and the federal programs, however, they cannot use the loan proceeds for the same “loss.” For example, if someone applies for the federal economic injury disaster loan to help cover rent for the next 6 months, they cannot then apply for PIDA and say it’s for rent. |
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