Business owners: Get familiar with the moving parts in COVID-19 pandemic

This article is incomplete!

Things have gotten weird lately, and most–if not all–of us are sailing through uncharted waters. If you’re like most people, all the tax and policy buzzwords zipping around are amalgamating into a big, amorphous cloud. Here’s a quick rundown of the important moving parts you’ve probably been hearing about.

Families First Coronavirus Response Act

On March 18, 2020, the US Department of Labor enacted this policy that…

IRS Notice 2020-15

On March 11, the IRS advised that high-deductible health plans (HDHPs) can pay for 2019 Novel
Coronavirus (COVID-19) related testing and treatment without jeopardizing their status. This also means
that an individual with an HDHP that covers these costs may continue to contribute to a health savings
account (HSA).

In Notice 2020-15, the IRS said that health plans that otherwise qualify as HDHPs will not lose that status
merely because they cover testing or treatment costs related to COVID-19 before plan deductibles have
been met. The IRS also noted that, as in the past, any vaccination costs continue to count as preventive
care and can be paid for by an HDHP.

CARES Act

If you thought the deficit was going away, think again!

Business Interruption Insurance

This probably seemed like a good idea at the time, but carriers are going to be so inundated with claims, nobody is getting paid for a long, long time.

Unemployment Insurance

Business owners pay for this, but it’s the employees who file the claims. Each state runs its own program, with its own requirements and procedures. Payments made to unemployed workers vary drastically by state; in many places, it’s not generally considered enough to get by. But a large part of the CARES act is a federal supplement to state unemployment insurance payouts, to the tune of $600 per week on top of the state payments.
File an unemployment claim in Texas

Cyber Liability Insurance

Most business owners probably feel like they’re not a very likely target for state-sponsored hacker organizations, and they’re probably right. But there are ample, other threats to the cybernetic infrastructure of even a small business. Because so many business are operating remotely during the COVID-19 pandemic, employers should absolutely be reviewing their cyber liability policies to make sure they’re properly covered in the new situation.