Coronavirus disease 2019, or COVID-19, and its impact on our lives continues to unfold. On 3/11/20, it was declared a pandemic by the World Heath Organization. There has been a flurry of information from many sources. To provide our clients and our community with helpful information and resources, we’ve curated links to up-to-date key sources and other information to make things a bit more simple. While this is not an exhaustive list, we hope you find it helpful in determining preparation and response for you and your business.
On March 27, 2020, Congress passed the Coronanvirus Aid, Relief, and Economic Security Act, or CARES Act. in an effort to provide relief for U.S. families and businesses. The act created the Paycheck Protection Program under the Small Business Administration (SBA), and it is designed to help small businesses and their employees through the COVID-19 crisis. It includes provisions for loans that, under certain criterion, may be forgiven. This means that a portion or all of the loan will be converted to a grant if the criterion is met.
Click here for an FAQ
Click here for our blog on how the act might work for your business.
IRS | Coronavirus Tax Relief
- 3/21/20 | Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed
- 3/20/20 | Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
- For a pdf with highlighted key points for employers, click here.
- 3/18/20 | Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic
- 3/11/20 | High deductible health plans and expenses related to COVID-19
The Occupational Safety and Health Administration (OSHA), part of the U.S. Department of Labor, provides guidance on hazard recognition, standards, control and prevention, and more for COVID-19.
Guidance on Preparing Workplaces for COVID-19 [Released 3/9/20]
IOA | Claims FAQ 04/03/20
Families First Coronavirus Response Act (FFCRA) | On March 18, 2020, the First Family Coronavirus Response Act was signed by President Trump, and it takes effect on April 2, 2020. The act covers emergency paid sick leave, emergency family and medical leave, copays and prior authorization requirements, FMAP increase conditions, and more. Click here for the title-by-title summary.
In response to the new coronavirus outbreak, Verisk has developed two advisory, optional endorsements designed for use with existing ISO Commercial Property business interruption coverage. However, some states are working on legislation that will void some ISO exclusions.