Is Your Business Eligible for Federal COVID-19 Assistance?

April 9, 2020

The passing of the CARES Act and $350 billion Paycheck Protection Program (PPP) created extensive financial assistance to help businesses continue operating and enable employees to retain their jobs. It also created endless questions about eligibility for loans and grants, and about compliance with employee benefits regulations.

One of the CARES ACT-related questions we've received is, "Am I eligible for assistance as a sole proprietor?"

The U.S. Small Business Administration (SBA) addresses this on its website:

"The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. 

"This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19."

Answers from specialized advisers


Recognizing that not all questions are as easy to answer as the one about the eligibility of sole proprietors, Alera Group has established a webinar series to address employers' concerns regarding COVID-19.

The webinars feature specialized advisers who provide updates and explanations on legislation and compliance issues, and they include the opportunity to submit viewer questions. Upcoming are:

For further details and registration, click on the corresponding link above.

Comprehensive, orderly collection of resources


Within a day or two of each webinar, Alera Group will post a recording of the session in its Coronavirus Resource Center. Comprehensive and easy to navigate, the attractively designed page also includes links to Property & Casualty Insurance information, legal alerts, employer resources, FAQs, wealth management resources and infographics such as this Decision Tree for Emergency  Paid Sick Leave (EPSLA).

If you have any questions about our COVID-19 resources and updates, please reach out by emailing info@aleragroup.com.

 

About the Author

Maureen Armstrong
Managing Partner at Sylvia Group, an Alera Group Company

In a career spanning three decades, Maureen Sylvia Armstrong has been an established business and civic leader in Southeastern Massachusetts. It’s a reflection of Maureen’s vision, dedication and inexhaustible drive that Sylvia Group’s reputation for expertise and superior customer service in insurance, employee benefits and financial planning is matched only by its widely recognized commitment to the community of SouthCoast and beyond.

 

The information contained herein should be understood to be general insurance brokerage information only and does not constitute advice for any particular situation or fact pattern and cannot be relied upon as such.  Statements concerning financial, regulatory or legal matters are based on general observations as an insurance broker and may not be relied upon as financial, regulatory or legal advice.  This document is owned by Alera Group, Inc., and its contents may not be reproduced, in whole or in part, without the written permission of Alera Group, Inc.

    Alera Group, Inc. is aware that there are persons fraudulently impersonating our company by using fake internet domains that appear to look like our legitimate services. If you are contacted by someone claiming to work for Alera Group, or any of our partners, please carefully review the email address and domain. If you have a relationship with our company, please contact us directly and not through any information that is provided in such an email. Please be extremely careful in responding to such emails with personal and financial information, sharing passwords, or any other information of value. Alera Group, or any of our partners, will never send ACH instructions via email and thus we strongly recommend that you verify the authenticity of each wire transfer request by calling your Alera Group contact using the number you have previously called.