Coronavirus

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…)