,We remain focused on our commitment to providing our clients access to care and easing their financial burden related to COVID-19. A new federal law expands how members can use their health savings accounts (HSAs), health reimbursement accounts (HRAs - Employee Pay), and flexible spending accounts (FSAs):

• Employees can now use these accounts to purchase over-the-counter (OTC) medicines that had previously required a prescription. They can also use the accounts to purchase menstrual products. This will help them save on health care costs because the funds in these accounts are pre-tax.

• For now, Employees may need to pay for these items out of their pockets and file claims for reimbursement. They'll need to keep their receipts for these purchases. All eligible purchases they make after December 31, 2019, qualify.

• They'll be able to use their debit cards soon. Retailers are updating their systems to accept the cards for the newly approved items. Some stores may be ready now for OTC medicines and by May 15 for menstrual products. Others may need several weeks for the update.

Employers don't need to do anything to make this change happen. It was made as part of the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law March 27. It went into effect immediately.

Here's an employer flier and an employee flier from ANTHEM, you can share, letting your employees know about the changes.

We're steadfast in our commitment to support you and ensure our clients have affordable access to care. We'll continue to provide you  with resources and updates related to COVID-19. 

Coronavirus Aid, Relief, and Economic Security Act (Cares Act) Resources

Smart Choice® is thinking of our agency partners at this time. We will be compiling articles and resources on this page to keep you informed of the options available through this lending program.

SBA Paycheck Protection Program and Economic Injury Disaster Loans applications open Friday, April 3 for small businesses and sole proprietors. Applications for independent contractors and self-employed individuals open Friday, April 10.

It is important that you discuss these options with your local bank representative to determine your eligibility.

Quick Links:

Paycheck Protection Program sample application

U.S. Department of Treasury

• CARES Act 
• Assistance for Small Businesses
  

​U.S. Senate Committee on Small Business & Entrepreneurship

• Guide to the CARES Act

uschamber.com

• Coronavirus Aid, Relief, and Economic Security Act: What Small Businesses Need to Know

forbes.com

• How Small Businesses Can Get Coronavirus Relief Through The CARES Act

ustravel.org

• COVID-19 CARES Act Relief Resources

taxfoundation.org 

• Congress Approves Economic Relief Plan for Individuals and Businesses
  

Lending Resources

• Live Oak Bank SBA Program