Virtually every state that is on “Shelter in Place” has classified insurance as an essential service. PPIB has worked very hard to ensure we are available for our brokers during this time by phone or email.
Many of our common insureds have closed down by order of state or county mandates. Due to this, we wanted to be sure that you are aware of the small business/independent contractor benefits that are available due to the Federal Stimulus (CARES Act).
While the stimulus had a number of provisions in it, two stand out as potentially helpful to our small businesses and independent contractors.
Paycheck Protection Program
The first is the Paycheck Protection Program through the Small Business Administration. Small businesses can apply for a loan to cover certain expenses during this time. Better yet, if they follow all of their rules, a certain amount of the loan may not have to be repaid. The bill’s intent is to keep employees on the payroll with any paid benefits, rent paid, utilities paid, and certain interest paid.
Temporary Pandemic Unemployment Assistance Program
The second is the Temporary Pandemic Unemployment Assistance Program. This would allow not only those laid off to collect additional unemployment benefits, it allows for some individuals not normally eligible for unemployment to apply. This could include independent contractors or self-employed individuals. The catch is that the state has to agree to implement this. A link to each state’s Unemployment Insurance Office can be found by clicking on this link and scrolling down to select the state.
Contact
General inquiries:
+1 (415) 475-4300
Email inquiries:
[email protected]
Or contact your underwriter.
Website:
www.ppibcorp.com
