The coronavirus has been described by many as both a healthcare crisis and an economic crisis. This pandemic has wreaked havoc on both our healthcare systems and infrastructure, while also having an unprecedented impact on financial markets and investor confidence. Most insurance business models depend heavily on a successful investment portfolio strategy and, therefore, are [...]
The strong economy of the last few years brought many benefits with it, including easier access to credit with lenders. With low interest rates and soft demand for loans, lenders focused on credit quality while streamlining the loan application process and relaxing documentation requirements. Those practices will now change in response to the economic uncertainties [...]
UPDATE (6.10.2020) HHS opened a portal to distribute $15 billion of funding to eligible Medicaid and CHIP providers. This pool is for providers who did NOT receive monies from the initial $30 billion “general distribution.” There are various requirements to qualify, and the deadline to apply is July 20, 2020. Additionally, beginning June 10, 2020, [...]
As business losses continue to mount from the pandemic-induced economic shutdown, parties from different civil arenas are pursuing various solutions to cover the losses. Judicial, legislative, and political developments are all pressuring insurance companies to contribute. Despite these forces, the insurance industry continues to balk at the notion of covering business insurance (BI) claims that [...]
Clients and Friends, It’s no secret that COVID-19 has turned the world on its head. What most deemed a far-off possibility and something that only occurs on movie sets in Hollywood has come to be a part of our daily lives as Americans. Businesses, governments, families, schools—none of us are exempt from the impacts of [...]
Many states have relaxed their open meeting laws to accommodate the necessity of virtual meetings to protect the health and safety of their residents. In tune, governments everywhere are now having to find new ways to connect and hold their board meetings using a virtual platform instead of, or in addition to, conducting in-person meetings. [...]
As businesses continue to deal with the effects of COVID-19, it is imperative to focus on the steps you can take to protect and help your business withstand the coronavirus storm. For a closer look at the filing process for business interruption claims, be sure to check out our previous articles regarding Business Interruption Loss [...]
In light of the recent COVID-19 outbreak, most nonprofit organizations have now been required to instruct many of their employees to work remotely or implement the use of technology to continue providing programs and collect contributions. This transition is unchartered territory in an environment that is evolving daily. Most organizations have policies and controls that [...]
The Employee Retention Credit — enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act — helps employers whose businesses have suffered financially as a result of COVID-19 to keep employees on their payrolls. It’s one of several provisions in the Act aimed at keeping people employed through the economic downturn. Employers [...]
In response to both the current public health crisis and the CARES Act, multiple government entities, including housing agencies, have provided guidance with regards to federally insured loans and tenants. Multifamily Housing: Section 4023 of the CARES Act provides for the forbearance of residential mortgage loan payments for multifamily properties with federally backed loans for [...]
Although protecting the safety of families and employees will remain a top priority for manufacturing organizations, business leaders are now facing unprecedented challenges brought on by COVID-19 that require a large amount of planning. These challenges evolve daily, and while many require immediate response, others present potential longer-term threats or positive outcomes. A crisis the [...]
The recent CARES Act provided some additional relief for not-for-profit organizations that may be facing significant hardships due to the COVID-19 pandemic. Relief comes in the form of Paycheck Protection Program (PPP) loans, expanded eligibility for emergency disaster loans, and payroll-related credits and tax deferrals. One area that may not be getting as much attention [...]
As the effects of COVID-19 continue to impact the economic and funding environment facing both state and local governmental entities, and nonprofit organizations of all sizes, essential services are in danger of being compromised. It is vital for the constituents and the clients of your organization that essential services be continued, even as social distancing [...]
The business disruption associated with the COVID-19 virus is both unprecedented and extraordinary. As financial markets in the United States see record declines, financial institutions find themselves in the unique position of seeking to execute pandemic plans, while preparing for potentially robust activity as a delivery channel for the U.S. government's massive stimulus package. As [...]
Have you had to cancel or postpone your fundraising event or gala? Are you in the middle of a capital campaign? Do you have restricted grants or contributions? As a nonprofit organization, you are probably concerned about contributions, revenue, and cash flows for your organization. There are a few things you can do to help [...]
Taxes on Individuals Recovery Rebates The CARES Act contains rebate amounts equal to $1,200 for individuals, or $2,400 for joint filers, with a $500 credit for each qualifying child. These rebates are advanced refund credits against 2020 taxes. The rebate amounts are phased out based on the 2018 adjusted gross income (unless a 2019 return [...]
In the event that your business suffers an interruption or loss of income as a result of the pandemic or restrictions imposed by civil authorities, there are steps that you can and should take to assess the impact on your business, mitigate your losses, and chart a path forward. Next steps Thoroughly review your policy [...]
With the COVID-19 pandemic changing the way we work, workforces are seeing a shift towards a completely remote work environment. If you are making the shift, we've compiled a helpful list of security tips to keep in mind if you are using your laptop at home: Make sure you limit physical access to your work [...]
The Coronavirus (COVID-19) pandemic has had a devastating impact on people, communities, and businesses worldwide. Virtually every business has been affected, and losses continue to mount daily due to both government and self-imposed restrictions. This inability of businesses to operate as usual can create what is known as business interruption losses. These losses consist of both [...]
In America, the business landscape and the lives of Americans are changing by the minute. These landscape changes have a significant impact on American businesses and require critical considerations and decisive actions from business leaders. The impact of the coronavirus outbreak was devastating to both Main Street and Wall Street. These impacts will likely continue [...]
