By Insureon Staff –
The coronavirus outbreak has left many small businesses owners wondering if their insurance covers losses caused by the pandemic. Insureon experts answer the most frequently asked questions.
Insureon is as committed as ever to working with your business during these tough times. We’re continuing to deliver services, products, and support no matter where you – or we – may be working.
Our team is closely monitoring the spread of the coronavirus (COVID-19) to ensure we have the latest facts and coverage information. We’re dedicated to minimizing any disruptions to you while ensuring the safety of our employees.
Insureon knows you have many coronavirus business insurance coverage questions, and we’ll continually update this webpage with the new developments. Insureon customers with an existing policy should contact their insurance carriers directly to verify coverage and exclusions. (more…)
The U.S. Small Business Administration (SBA) and the Department of the Treasury announced that they have initiated a mobilization effort of banks and other lending institutions to provide small businesses with the capital they need to address the impact of the COVID-19 pandemic.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was recently passed by Congress and signed into law by the President, establishes a new $349 billion Paycheck Protection Program. The new program will provide loans to help small businesses with their payroll and other business operating expenses.
Under this program, businesses will be able to go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. Loans will be available without collateral requirements, personal guarantees or SBA fees, with a 100% guarantee from SBA. All loan payments will be deferred for six months.
SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. Loans will be available retroactively from February 15, 2020, so that employers can rehire their recently laid-off employees through June 30, 2020.
The program is expected to be up and running by April 3rd. For further details about the program, read the SBA press release here.
The U.S. Senate Committee on Small Business & Entrepreneurship has published The Small Business Owner’s Guide to the CARES Act — a guide to the provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was recently passed by Congress and signed into law by the President.
The new law is intended to help business owners with the challenges they face as a result of the COVID-19 pandemic, and it creates numerous new resources for small businesses and other employers.
The Senate Committee’s guide provides information about major programs and initiatives in the new law, which will soon be available from the U.S. Small Business Administration (SBA), as well as several new tax provisions.
The Guide covers programs and initiatives such as:
• The Paycheck Protection Program, which provides capital to cover the cost of retaining employees;
• The Emergency Economic Injury Grant, which provides a quick infusion of a smaller amount of cash to cover immediate business needs, and Economic Injury Disaster Loans; (more…)
By Susan Guillory –
Rita Mitchell, Certified Counselor at the University of Southern Mississippi SBDC, compiled a great list of 11 ways retailers can combat coronavirus fears, the closures, and the financial decline those fears are causing.
Here are her suggestions.
1. Have VISIBLE and TOTAL hygiene discipline. Mitchell suggests placing anti-bacterial pumps throughout a store. Also, posting photos online and on your website of “deep cleaning” activities can show customers your commitment to keeping them healthy while shopping.
2. She also recommends posting a kind and intimate email, Facebook post, Instagram post, and in-store posted statement about your commitment to the care and services your business will provide during this emergency.
3. To drum up business from people who are staying away from shopping in stores, she recommends making an open offer to deliver or ship a client’s order, and then include a fun surprise. (P.S. Your client will want delivery and shipping to be at no charge.) (more…)
By Troy Richardson, South-West Texas Border SBDC Network –
Coronavirus disease 19 (COVID-19) is a respiratory illness that can spread from person to person. COVID-19 originated in China and has been declared a global pandemic by the World Health Organization. As countries, states, and communities take preventive measures to reduce the spread of COVID-19, more businesses are allowing their employees to work remotely. It’s important to understand how this situation may affect your cyber security hygiene.
• As with most significant global events, cyber criminals will leverage the event against potential targets to advance or achieve a malicious goal. This is most often carried out through phishing attacks. The cyber criminals send emails claiming to be from organizations that a recipient might expect to hear from, considering the current event. For example, with the COVID-19 disease, the emails may appear to come from a government health organization such as the CDC or other health care authorities. Users should be aware of this tactic and utilize good cyber security hygiene to include: (more…)