The President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on Friday, March 27, 2020. This GUIDE included in this post covers how the CARES Act impacts you as an Insurance Agent.
The CARES Act, along with prior legislation recently passed (including Families First Coronavirus Response Act and IRS Notices 2020-17, 2020-18, and 2020-20, as well as SBA-2020-0015 Guidance), are intended to address the health, financial and economic impacts caused by the COVID-19 virus pandemic to individuals and businesses. Listed below are 4 key provisions of the legislation that are available to small business owners, including self-employed insurance agents, to address the ongoing payment of business overhead expenses during the COVID-19 business shut down.
Below is a Guide put together by Global Atlantic on how this impacts you as an Insurance Agent.
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The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.