- March 31, 2020
Update: COVID-19 – CARES Act
San Diego, CA, March 31, 2020 – The evolving situation surrounding the coronavirus is changing daily, but Atlas is working hard to keep clients and policyholders updated on how it impacts your business via updates to our COVID-19 resource page.
LOANS & FINANCIAL ASSISTANCE FOR SMALL BUSINESSES
Coronavirus Aid, Relief, and Economic Security (CARES) Act
On March 27, 2020, the United States Congress approved a stimulus package (CARES Act) that will provide loans for small businesses.
A key component of the Act allocated $350 billion to the Small Business Administration’s (“SBA”) new Paycheck Protection Program, which expands allowable uses of SBA 7(a) loans to support payroll costs, rent, mortgage interest, utilities and interest on existing debt obligations. All, or a portion, of the loan may be eligible for forgiveness to the extent the borrower uses the loan proceeds for payroll and other eligible costs during the 8-week period following the loan’s origination date.
To apply for these loans, please contact your local banker. If your local bank is an approved 7a lender with the US SBA, they will be able to help.
United States Small Business Administration Disaster Loan Assistance
The US SBA low-interest Economic Injury Disaster Loans (EIDLs) are available to small businesses unable to pay operating expenses due to loss of revenue from the coronavirus. Loans are intended to provide working capital to help small businesses until normal operations resume.
For more information or to apply for an EIDL loan, contact the SBA.
FILING DEADLINES EXTENDED
Federal and state income tax
The IRS has extended the tax filing deadline for individuals and businesses to file and pay income taxes to July 15, 2019. Many states (like California) have followed suit and extended their deadline as well.
About Atlas General Insurance Services, LLC
Atlas General Insurance Services is a full-service program administrator that offers a wide range of insurance solutions. Atlas has expertise in developing and underwriting programs with a variety of insurance carrier partners. Atlas provides exceptional service and unique options for clients seeking workers’ compensation, commercial lines and specialty property coverage. For more information, visit atlas.us.com.