Covid-19 Update

March 19, 2020

UCS is closely monitoring the spread of the COVID-19 coronavirus and continually reviewing guidance issued by government health authorities, including the Centers for Disease Control, the World Health Organization, and local health authorities. We seek to minimize any disruption to our clients, agents, and brokers while ensuring the safety of our employees. We are open for business with the same level of service you have come to expect for your surety bond needs.

U.S. Small Business Administration Programs:

Coronavirus Aid, Relief, and Economic Security (CARES) Act  - Paycheck Protection Program

Small businesses, certain nonprofit organizations, veterans organizations, Tribal businesses, independent contractors, and people who are self-employed can qualify for:

- A loan up to $10 million that will be determined based on the average of eight weeks prior payroll and an additional 25% of that amount
- Payments on this loan will be deferred for six months
- If a business maintains its workforce, loan forgiveness will be applied to the amount of the loan used to cover the first two months of payroll as well as other expenses
Additional information from the Treasury Department

COVID-19 Economic Injury Disaster Loan Application

Small business owners in the U.S. may apply to the Small Business Administration’s Economic Injury Disaster Loan advance to receive up to $10,000 for businesses with under 500 employees. This program will:

- Provide businesses with working capital loans up to $2 million to provide support due to temporary loss of business and revenue as a result of COVID-19
- Funds will be distributed within three days of submitting a successful application
- The loan advance will not have to be repaid

SBA Express Bridge Loans

This program allows small businesses with existing relationships with an SBA Express Lender to receive up to $25,000 with minimal paperwork. The loans provide economic support to help alleviate the strain of temporary loss of revenue. Small businesses may qualify if they have an emergency need for funds while waiting for Economic Injury Disaster Loan approval or disbursement.  

SBA Debt Relief

This program will help provide support to small businesses by providing loan payment relief. The SBA will pay the principal and interest of new 7(a) loans issued before September 27, 2020. The SBA will pay the principal and interest of current 7(a) loans for six months

SBA Disaster Assistance

Resources for Loan Assistance:

Check with your local town and governments for loan assistance options.

Facebook - https://www.facebook.com/business/boost/grants

Florida - https://floridadisasterloan.org/

Jewish Free Loan - https://www.jfla.org/coronavirus-loans

Kiva Loan - https://www.kiva.org/borrow

Massachusetts - https://www.mass.gov/news/baker-polito-administration-announces-10-million-small-business-recovery-loan-fund

New Jersey - Business Portal - https://www.njeda.com/about/Public-Information/Coronavirus-Information

New Mexico Economic Development Department - https://gonm.biz/about-us/covid-19-response

New York - https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page

San Francisco - https://oewd.org/covid-19-small-business-resiliency-fund

Seattle, WA - Amazon - https://www.aboutamazon.com/job-creation-and-investment/neighborhood-small-business-relief-fund

New York State Policy Holders: Please visit this link for an important notice regarding treatment of your policy: https://www.unitedcasualty.com/notice-to-new-york-state-policyholders-covid-19-impacts

Fast Track Rate Advantage
We are pleased to offer a program tailored to your small to medium-sized firm's needs. Our Fast Track program features lower premium rates and higher limits.
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(617) 471-1112 | bonds@unitedcasualty.com

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