COVID-19 MESSAGE – UPDATED
To Our Members:
After exceptional demand, the federal government has injected an additional $350 billion dollars into the Paycheck Protection Program (PPP) and another $60 billion into the Economic Injury Disaster Loans (EIDL) program—two lifelines for small businesses during the coronavirus pandemic. The initial funding, which was expected to last a few months, was depleted in just two weeks.
Round 2 applications for the PPP were being accepted starting at 10:30 a.m. on Monday, April 27.
The federal CARES Act created the PPP and EIDL funding to QUICKLY help small businesses cover immediate needs and longer-term obligations, including payroll for their employees. Materials on the programs—including a PPP application form and guidance from the U.S. Treasury Department, among other helpful documents—are available on the COVID-19 Resource Center page of this web site, in the “Insurance Industry Resources” section.
Also available there is an application/calculation form (effective as of May 15) that PPP borrowers must use if they want their PPP loan forgiven, based on what expenses the borrower used the PPP money for.
THIS IS WORTH YOUR TIME AND ATTENTION. WE KNOW OF NUMEROUS AGENCIES THAT HAVE SUCCESSFULLY APPLIED FOR THE PPP PROGRAM IN THE FIRST ROUND. YOU SHOULD NOT BE LEFT OUT.
NAIFA-NYS is the only organization exclusively representing life insurance agents & financial advisors in NYS – encouraging a strong marketplace, enhanced business & professional skills, and ethical conduct.
NAIFA-NYS staff, as required by
the Governor, are now working remotely
in response to COVID-19. We remain
fully accessible via phone and e-mail.
Online News from the Official NAIFA-NYS Magazine:
DFS Will Continue to Hold off on the Expiration of Producer Licenses
In light of ongoing pandemic-related challenges obtaining CE credits, DFS will continue to hold off (through July 8) on the expiration of individual producer licenses. The initial suspension of expiration requirements was due to expire on May 24.
Cuomo Approves 6 Regions for Phase I Reopening
Six regions can begin reopening based on meeting certain metrics, and businesses eligible to restart in those areas must comply with new, detailed guidance and safety plan rules from the state.
Governor Releases a “New York Forward” Guide for Reopening the State
Governor Cuomo has released a 51-page guide that explains how the coronavirus has affected NYS, how the state has and should respond, and what restarting the economy here will look like.
* Read all LifeNY online news HERE *