Coronavirus (COVID-19) Financial Resources Toolkit

Coronavirus (COVID-19) Financial Resources Toolkit

A concise, accessible, easy to understand resource to help answer financial questions related to the COVID-19 pandemic.

Latest Developments

Insurance Financing & Savings Opportunities

  • State of Missouri Guidance on Insurance – On March 18, 2020, Governor Parson issued Executive Order 20-04 providing guidance to the Missouri Department of Commerce and Insurance. Read the actual Insurance Bulletin outlining the Assistance to Policyholders Impacted by COVID-19.
  • Opportunity for Worker’s Comp Re-classification – In some cases, businesses or entities who have employees with changes in job duties or working from home have been able to re-classify some staff members to reflect a lower risk work environment and lower worker’s compensation premiums. Please contact your Advisor at Ollis/Akers/Arney to determine if your business has the opportunity to re-classify certain staff members.
  • Adjusting Gross Receipts for General Liability – Some carriers are allowing policyholders to make mid-term adjustments to their expected receipts and / or payroll for 2020 to reflect lost business due to coronavirus. If your policy is rated based on gross receipts or payroll; check with your Ollis/Akers/Arney Advisor to see if an adjustment can be made to reduce your premiums to reflect lost revenues and lower payroll.

Call Us for Information on Premium Finance Arrangements!

Legislative Financial Relief

Families First | CARES Act | Paycheck Protection Program & more…

SBA Loan Programs

  • As we all know, business-as-usual has been intentionally paused in Missouri and across the nation. This is a painful, yet necessary, step to help stop the public health threat posed by COVID-19. However, without capital continuing to flow through the economy, this pause could easily turn into a complete halt for far too many companies and the workers they employ. Read the entire message from the Missouri Chamber of Commerce and Industry….
  • SBA Disaster Assistance Loan – SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  • SBA Paycheck Protection Loans – The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
  • SBA Paycheck Protection Program Application – Just released to banks yesterday!

401k Distributions according to the CARES Act

  • About the CARES Act: The CARES Act allows eligible participants to request penalty-free distributions of up to $100,000 for qualifying coronavirus-related reasons. These include adverse financial consequences due to being quarantined, furloughed, laid off or having work hours reduced; being unable to work due to a lack of childcare; or closing or reducing hours of a business owned or operated by the individual. CARES Act Distributions are more favorable than hardship withdrawals—including those for Federal Emergency Management Agency (FEMA)-declared disasters—because:Tax on the income from the withdrawal may be paid over a three-year period;
  • Participants may repay the amount withdrawn to an eligible retirement plan within three years;
  • Repayments will not be subject to the retirement plan contribution limits; and
  • All contribution sources (other than money purchase pension plan sources) will be available.

Helpful information provided by Fidelity Investments:

Sample Toolkits for Plan Sponsors and Participants

Layoff / Furloughs / Reduction in Hours

Layoffs, Furloughs & Reduction in Hours

Unemployment Info

Local Banking Resources

  • Navigating Uncertain Economic Times – Regardless if you are an individual or business (unless you manufacture toilet paper), you are dealing with uncertain financial times that might include reduction of hours, job loss, or customer loss. What are some steps you can take to reduce the financial stress, and how should you deal with your financial institution? Read more from Central Bank here…
  • A note from Guaranty Bank – The disaster declaration makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by COVID-19. This will apply to current and future disaster assistance declarations related to the coronavirus. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Read more here…