The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), third in a line of stimulus bills, has been approved by both houses of Congress and signed by the President. As details continue to emerge, Philadelphia Insurance Companies wants to be sure our clients are aware of the immediate benefits provided by the CARES Act.

What does it mean for my organization?

• Emergency grants: An emergency grant of up to $10,000 to provide funds for small businesses and nonprofits to cover immediate operating costs. These funds can be available within three days.
• Forgivable loans: The bill creates a new loan program within the Small Business Administration’s (SBA) current Economic Injury Disaster Loan Program. It provides up to $10 million per organization […]
  

WASHINGTON –U.S. Senator John Cornyn (R-TX) supported Senate passage of the CARES Act, critical legislation to get relief to Texans dealing with the COVID-19 pandemic. Excerpts of his speech on the Senate floor yesterday are below, and video can be found here.  A summary of how the bill will benefit Texans follows the excerpts.

“Already we were able to work and send two bills to the President’s desk for signature. The first sent vital support to health care professionals and first responders who are doing everything they can to treat patients and prepare for more cases. We also provided initial funding for development of a vaccine, clinical trials, and more diagnostic tests. The second bill we passed focused more on the small businesses and the individual workers who are impacted economically.”

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If you are looking for a local company that can provide Covid 19 approved cleaning supplies &/or professional cleaning services, check out these two members.

Today I want to share a few more details about this program as I think it might be one of the best options during this scary time.  I know this will all pass, and this program seems to me a great option to help businesses that need to temporarily cut back.  As always, please reach out to us if you have questions or need more information.

The Shared Work program provides Texas employers with an alternative to layoffs. TWC developed this voluntary program to help Texas employers and employees withstand a slowdown in business.

Shared Work allows employers to:

• Supplement their employees’ wages lost because of reduced work hours with partial unemployment benefits.
• Reduce normal weekly work hours for employees in […]