STA Associate Member, the King Equipment Group has been working diligently to secure sources for PPE’s for purchase for STA Members. At the moment they have mask sand hand sanitizer available for purchase and are working on obtaining gloves. To order masks CLICK HERE
The Massachusetts DOI issued a Bulletin on March 23 that instructed all insurance carriers, writing all lines of insurance, to be more flexible with the timing of premium payments due to the impact the coronavirus has had on the economy. In that guidance, all insurance companies were instructed to work more closely with employers and individuals on a case-by-case basis to explore delays, installment options, and any other flexibility that would allow individuals and businesses to maintain coverage during this time of crisis.
While insurance companies are not required to work with you, they are strongly encouraged to do so. IF your insurance company refuses to work with you, document the exchange:
- Ask for an email from your insurance company indicating that they are not offering you any options
- If your insurance company will not send you an email as described above, request an email address or fax # where you can send a communication regarding your request and concerns. In your communication to the insurance company note the date, time and insurance company representative you spoke to and the contents of your conversation. Send a copy either via fax or email to the insurance company and save a copy for your records as things may change as the crisis continues.
Disaster Loans, Grants, Payroll Tax Relief
(Please note as of 4/16/2020 the SBA has run out of funds but more funds should be available soon.)
On Friday, March 27, 2020 the CARES Act was signed into law. The Act provides for loans grants and payroll tax relief for businesses throughout the United States. Businesses must apply to receive benefits.
- The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
- The SBA’s Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- Economic Injury Disaster Advance Loan – Small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
- Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
- If you currently have an SBA Loan as part of SBA’s debt relief efforts:
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
Hours of Service, CDL’s, Vehicle Inspections, Medical Certificates
The FMCSA has enacted several emergency exemptions for the duration of the crisis including temporary changes to Hours of Service, Commercial Driver License expirations, Medical Certificate expirations and Commercial Motor Vehicle inspections.
CDC and OSHA Information for Employers
Use the information provided by the CDC and OSHA and establish policies to protect you and your employees from COVID-19.
For OSHA Guidance on Preparing Workplaces for COVID-19 – CLICK HERE
The WorkShare program is an alternative for employers faced with a cut in workforce. Employers can divide available work between affected employees instead of laying off workers. It allows employees to receive a part of their unemployment insurance (UI) benefits while working reduced hours.
This option is beneficial to both you’re the employer and the employee. It also may help with employee retention.
Loan Deferment – Trucks, Mortgages, etc.
Every lender has different requirements. Many lenders are offering loan payment deferrals. It is in your company’s best interest to reach out to your lenders BEFORE you get behind on payments. It may be difficult to reach your lenders at this time. Here are some suggestion to get in contact with your lender(s):
- Check their website. If you have an online account, login and look for COVID-19 information. Some have an online loan deferral application.
- Email your account representative to inquire about your options. Be sure to include your account number(s) and be sure to send your email with a read and delivery receipt.
- Call your lender. Many lenders have a pre-recorded message with instructions on how to request Covid-19 related loan payment deferrals.