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:
- COVID-19, OSHA and Construction on Thursday, April 9 at 2:30 p.m. EDT
- Worker Safety and COVID-19 on Monday, April 13, also at 2:30 p.m. EDT
- Q1 State of the Markets Review on Wednesday, April 29 at noon EDT.
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 firstname.lastname@example.org.
About the Author
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.