Small businesses are the economic backbone of our local communities providing goods, services, and jobs for so many of our neighbors. Unfortunately, small business owners are bearing the brunt of the COVID-19 pandemic due to economic impacts from social distancing requirements and stay-at-home orders. This includes many valued Sutter Health Plus employer clients.
On March 17, the President signed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide financial relief for small businesses. While the initial funding was quickly depleted, the federal government recently approved additional funding to the Paycheck Protection Program, a program that provides qualifying small businesses with forgivable loans to cover payroll and benefit costs for up to eight weeks.
Now more than ever, small business owners need professional advice and assistance to see if they may qualify for assistance to help their businesses and employees. You can learn more by visiting the U.S. Small Business Administration and by consulting with your broker about your options.
Note: This is for informational purposes only and does not constitute legal, financial, or business advice. Small business owners should consult with their insurance broker, tax consultant, or other professional.