NYSRA Update: COVID-19 Outbreak | March 31, 2020
Federal
- The National Restaurant Association issued a new FAQ document on the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is available here.
- The US Treasury also issued guidance on the CARES Act, but it doesn’t address all of our industry’s questions yet https://home.treasury.gov/cares
- For a top-line overview of the program CLICK HERE
- If you’re a borrower, more information can be found HERE
- The application for borrowers can be found HERE
- The National Restaurant Association joined with other hospitality trade associations to send a coalition letter to Governors and Mayors regarding emergency forbearance and rent abatement. The National Restaurant Association will be sending a restaurant industry specific letter to Governors and Mayors with additional asks in the coming days.
State
- The New York State Department of Financial Services (DFS) today adopted an emergency regulation requiring New York State regulated issuers of life insurance and annuity contracts, property and casualty insurers and premium finance agencies to provide relief to New York consumers and businesses experiencing financial hardship due to COVID-19.
- Consumers experiencing financial hardship due to COVID-19 may defer paying life insurance premiums for ninety (90) days.
- Consumers and small businesses experiencing financial hardship due to COVID-19 may defer paying premiums for property and casualty insurance for sixty (60) days.
- Premium finance agencies are required to provide the same relief as insurers. Certain producers must notify insureds of this emergency measure pursuant to the regulation.
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