Workshop Review – Deciphering The CARES Act
On Thursday 4/2, a number of Brick & Wonder members joined our Workshop discussion on the COVID-19 relief CARES Act, led by design firm insurance specialist Rich Standing, and $0-5m business CPA and tax specialist Drew Benenson.
The session covered:
- The Paycheck Protection Program, the limits of its coverage, how to apply for it through banks, and the extensive loan forgiveness it offers.
- The Economic Injury Disaster Loan, which has no loan forgiveness and is available through the SBA
- State and City loans and grants and where to access them
- How and when to access
- The relatively soft market for General Liability insurance and the probability that premiums will remain the same or go down
- The likelihood that States will force insurance companies to provide some level of disaster insurance, even though since SARS, viruses have generally been excluded as a cause for coverage. Watch this space!