Dickerson Update, April 9 – The CARES Act and Small Business, Dickerson’s COVID-19 Carrier Panel, Plus Updates from Anthem and MetLife!
The CARES Act and Small Businesses: Retain Employees and Get Emergency Funds Now!
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) as a response to the COVID-19 pandemic, which continues to negatively impact the United States economy and millions of individuals’ livelihoods. The CARES Act is a $2.2 trillion economic package meant to provide some stability to individuals and employers alike in the wake of shelter-in-place mandates that have led to mass job loss and business closures.
You might be wondering what this means for you and your small business clients. Fortunately, the CARES Act contains $376 billion in relief for American workers and small businesses. Here are some of the programs available via the Small Business Administration (SBA) to small business owners who need assistance due to hardship caused by the COVID-19 pandemic:
- Paycheck Protection Program – Obtain capital to cover the cost of retaining employees
- Emergency Economic Injury Grant Program – Provides up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties
- Small Business Debt Relief Program – The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
- Small Business Express Bridge Loan Program – Enables small businesses who currently have a business relationship with an SBA Express Lender to quickly access up to $25,000
- And more!
Here are some useful links that can provide more specific information around each of these programs:
- The Small Business Owner’s Guide to the CARES Act
- SBA Coronavirus Relief Options: Funding Options
- U.S. Department of the Treasury: Assistance for Small Businesses
- U.S. Chamber of Commerce: Coronavirus Emergency Loans Small Business Guide and Checklist
- U.S. Chamber of Commerce: Coronavirus Small Business Survival Guide – All Our Content in One Place
For more information on how to locate your local SBA office for assistance with these programs, check out this SBA site locator.
Dickerson’s COVID-19 Carrier Panel: Carriers Answer Crucial Questions
Dickerson has been at the forefront of providing brokers with the most accurate and recent developments related to the COVID-19 pandemic, which is why we decided to host a Q&A webinar with our carrier partners on April 3, 2020.
They answered some of the most pressing questions about how they’re handling COVID-19, and we compiled their responses in this FAQ document. Click here to check it out!
Need additional COVID-19 information, including links to teladoc resources, employee resources, and more? Be sure to stop by ourCOVID-19 resource center! We’ll be updating information with regularity, so make sure you bookmark this page to stay up-to-date with COVID-19 developments.
Anthem announced plans to extend their COVID-19 SEP through April 15th, 2020. Eligible employees, their spouses, and dependents who previously waived coverage in fully-insured Small and Large Group employer-sponsored plans may participate in this SEP. This SEP doesn’t apply to life and disability plans.
Here’s how it works:
- An employee enrollment application can be used for SEP.
- Be sure to utilize the application that applies to the current group’s plan benefit (example: if the group has 2019 plans, use the 2019 employee application)
- Please make sure to write “COVID-19 SEP” at the top of the application, and email to email@example.com
- The effective date for applications received during this SEP will be 4/1/2020
For more information, please contact your Dickerson Account Executive.
MetLife Offers New Virtual Continuing Education Courses and More
MetLife reached out to Dickerson regarding recent developments and clarifications including:
- New virtual continuing education courses available
- Our Renewal approach for all group’s with less than 500 lives
- Our reinstatement position for employees that are laid off or furloughed
Click here for the press release detailing these points.