First off, Shields Brokerage does not give any tax or legal advice. We have been gathering information, and the following information is some of the sources we have compiled. Use this as a resource to help facilitate conversations with a lender, tax, or legal advisers. You decide if one or more of these programs make sense for you at this time. If this resource is a value to you, it may be of benefit to your clients. Please feel free to share this page with your clients or friends.
At this time, lenders are swamped with applications. Employers, Independent Contractors, and 1099 employees should take action now to decide if one of the four funding options offered through the SBA, enacted by the CARES Act, makes sense. If it does, don’t hesitate; currently there is a limit to the amount of funds available in the program.
Use the tabs below to find links for each category.

This loan program is designed to provide direct incentives for small businesses to keep workers on the payroll.  It includes substantial loan forgiveness provisions when the money is used for salary expenses and certain other expenses such as rent and utilities.

If you are an agency owner or independent 1099 agent, you will want to focus on the PPP and EIDL right away.

Economic Injury Disaster Loan (EIDL) – This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.  This loan advance will not have to be repaid.

SBA Express Bridge Loan Enables small business owners who currently have business relationship with an SBA Express Lender to access up to $25,000 quickly.  This pilot program allows SBA Express Lenders authority to deliver expedited SBA guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing.

SBA Debt Relief  The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

Drop files to upload
Strategies for Individuals to Preserve Cash – During COVID-19 Crisis
Drop files to upload

Strategies for Individuals to Preserve Cash 
During COVID-19 Crisis

Are you an employee, GIG or 1099 worker who has lost your job?
Apply for Unemployment

Do you contribute to any tax-deferred savings plans?

  • Reduce or suspend contributions to:
    • Retirement plans
    • HSA accounts

Do you suspect you might have COVID-19?

  • Most Health Carriers are waiving patient costs, co-pays, and coinsurance deductible costs related to in-network COVID-19, testing, treatment and care – including hospitalization.
  • Check with your health insurance provider or agent to see if your plan is included

Are you suffering from some other type of illness?

  • Check to see if your health plan offers any type of telemedicine coverage that requires little or no out of pocket costs to you.
  • Contact your employer or the plan to determine if you are eligible for coverage continuation through COBRA or by some other means.

Are you working from home?

  • Check with your automobile insurer to see if you are eligible for a low mileage credit on your automobile insurance.
  • If you are a 2-car family perhaps you can park one car and suspend insurance coverage on it until you need to start driving it again.

Do you own any life insurance?

  • Check with your agent to see if you can lower or even suspend payments for a period of time without losing the coverage.
  • If you have term insurance, check with your agent to see if you can qualify to replace your existing coverage with a lower premium policy
Drop files to upload