|The Small Business Association has launched the COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION.Important: the typical requirement in the |
disaster loan program of demonstrating that you pursued an insurance
claim has been removed. Therefore, you do not need to file an insurance
claim as a precursor to the loan application. The Treasury Department has announced that loans will be available as follows:April 3 for small
businesses and sole proprietorshipApril 10 for independent contractors and employeesIf you are looking for more information on eligibility for
loans, tax credits available and other relief, below are several resources:Presentation prepared by the General Counsel to the Council of Insurance Agents and Brokers (CIAB).Information on Expansion of SBA Disaster Loan Program 15 U.S.C. 636(b)(2)FAQ prepared by Parker McCayPlease visit our
COVID-19 Resource Center for all Conner Strong & Buckelew updates related to the coronavirus.
President Trump signs the Cares Act into Law; Phase 3 of Federal Relief Related to COVID-19
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief,
and Economic Security (CARES) Act into law. The CARES Act is 880 pages
long consisting of several different divisions and titles listed below.
To help you understand the major provisions included, we are sharing an
overview of the CARES Act prepared by legal counsel for the Council of
Insurance Agents and Brokers, Steptoe and Johnson.
Division A—Keeping Workers Paid and Employed, Health Care System
Enhancements, and Economic Stabilization
Title I—Keeping American Workers Paid and Employed Act, which includes
paycheck protection and loan forgiveness, and small business contracting relief.
Title II—Assistance for American Workers, Families, and Businesses, which includes unemployment insurance and tax relief.
Title III—Supporting America’s Health Care System in the Fight Against
the Coronavirus, which includes provisions related to medical supplies,
health care coverage, and paid sick and family medical leave.
Title IV—Economic Stabilization and Assistance to Severely Distressed
Sectors of the United States Economy, including relief to airlines,
financial institutions, and sectors critical to national security.
Title V—Coronavirus Relief Funds
Title VI—Miscellaneous Provisions
Division B—Emergency Appropriations for Coronavirus Health Response and