IIANC has been closely monitoring issues, executive orders and resources at the federal level that are impacting independent agents as a result of the COVID-19 situation. The following is an update on these issues and related resources for agents as of today. We are committed to serving and assisting all IIANC members during this difficult time and will continue to monitor information and provide timely updates. Please advise IIANC of anything that comes up within your agency business that may also need to be addressed.

Re-Opening Guidelines from the CDC

The Centers for Disease Control and Prevention (CDC) has released a comprehensive document regarding the activities and initiatives that support the COVID-19 response and the President's plan for re-opening the country. NOTE: Appendix F (beginning on page 40) has the recommendations for various commercial enterprises, so agents with commercial clients may have an interest in this. Review the guidelines here.

Big "I" Providing Updates and Resources on Federal Legislation

The Big "I" (our national association) is heavily engaged with our nation’s leaders, the insurance market, and the broader business community on national solutions to the pandemic and its broad-based health and economic ramifications. As you and your clients look for guidance in the days, weeksand months ahead, the Big "I" and its government affairs team will continue to provide the most up-to-date information available so check back regularly. 

Big I President & CEO Outlines National Association's Efforts in Coronavirus Crisis  
Resource Page - Info on Recovery Fund, CARES Act, Business Interruption Insurance Coverage and More  

Webinar: Federal & State Response to COVID-19
The Big “I” government affairs team provides valuable info on legislative activity at the state and federal level, including an overview of the Families First Coronavirus Response Act and the small business implications in the Coronavirus Aid, Relief, and Economic Security Act, and also discusses the next steps, both legislatively and within the insurance industry. (recorded on 4/7/20)
Watch Now

CARES Act Resources for Small Businesses
On March 25, the U.S. Senate and House passed the Coronavirus Aid, Relief and Economic Security (CARES) Act by an overwhelming bipartisan vote and President Trump quickly signed the legislation into law. The Big "I" has provided a great synopsis of the numerous provisions impacting small businesses including the Paycheck Protection Program and Small Business Administration loans and tax provisions. Some specific resources for you include:
How the CARES Act Impacts Big I Members and Their Clients
Small Business Owner's Guide to the CARES Act  
Paycheck Protection Program FAQs for Small Businesses
Webinar: Financial Resources & Updates for Small Businesses 
(from National Federation of Independent Business)
Paycheck Protection Program Webinar (with Insurbanc CEO Dave Tralka)

HR 6201 - Families First Coronavirus Response Act
This relief act became law on March 18, 2020 and took effect on April 1, 2020, remaining effective until December 30, 2020. Many economic stimulus measures are included in HR 6201 relating to emergency paid sick leave, expanding family and medical leave, umemployment insurance, Medicaid funding and more.  HR 6201 requires employers to provide temporary paid leave to employees who cannot attend work due to personal medical needs, caregiving needs, or childcare needs. Included in H.R. 6201 is a refundable payroll tax credit to reimburse employers – dollar for dollar – for expenses they incur for paid sick leave and family and medical leave as well. Additionally, small businesses under 50 employees may apply for a waiver from the Department of Labor (DOL) to exempt them from paid leave requirements if it would place them in significant financial hardship.

View legislation summary (provided by U.S. Chamber)
View summary of the legislation's impact on employers (provided by Ogletree Deakins)
View Webinar:  "Congressional and Legal Update for Small Businesses" (provided by National Federation of Independent Business)

Relief for Taxpayers - Filing Deadline Extended

The Treasury Department and IRS announced on March 21 that the federal income tax filing due date has been automatically extended from April 15, 2020 to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all tax payers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. 

Disaster Recovery Loans Available to Small Businesses
The U. S. Small Business Administration (SBA) provides low-interest federal disaster loans to help businesses recover from declared disasters. Since the SBA approved the request for North Carolina's disaster declaration, eligible applicants may now apply for economic injury disaster recovery loans (EIDLs) to help fulfill financial obligations and operating expenses as a result of the ongoing effects of COVID-19.  More information regarding eligibility, loan specifics and the application process can be found at the link below.