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COVID-19 Small Business Resources

COVID-19 Small Business Resources

April 30, 2020

The Coronavirus (COVID-19) pandemic has created a whole new set of challenges for small businesses and their employees. The way business operated under normal conditions has dramatically changed and required business owners to make difficult decisions. With uncertainty and stress at extremely high levels, you’re probably feeling quite overwhelmed, with more questions than answers.

Both the Federal Government and benefit plan providers have issued many changes to provide financial aid and protection in response to COVID-19. Identifying the available resources and understanding the implications of each change are essential for your business. Here’s a list of the recent changes:

  1. Families First Corornavirus Relief Act (FFCRA)
    • Paid sick leave
    • Paid expanded family and medical leave
  2. Coronavirus Aid, Relief and Economic Security (CARES) Act
    • Payroll Protection Program
    • Economic Injury Disaster Loan
    • Retirement plan relief provisions
      • Coronavirus-related distributions
      • Enhanced loans
      • Required minimum distributions waiver
    • Expansion of eligible expenses for HSA/FSA/HRA
  3. Group Health Insurance
    • No member cost-sharing for COVID-19 testing and treatment for all fully insured plans
    • No member cost-sharing for any virtual care
    • Continuation of coverage options for furloughed and reduction of work hours employees
  4. Group Disability Insurance
    • COVID-19 covered just as any other disability

This may leave you wondering, how do these changes impact my business? Familiarizing yourself with the information to understand the impact is nothing short of a daunting task. But it doesn’t have to be! Let Hegarty Consulting Group be your guide through the winds of change so you can devote more attention on your ever-changing work at hand.