The path to a business interruption insurance payout for companies shuttered by the COVID-19 pandemic has always been fraught with peril. A united insurance industry has told anyone who will listen that their policies simply don’t cover business interruption losses caused by the COVID-19 pandemic.…
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Late in the evening of Monday, December 21, 2020, Congress passed the Consolidated Appropriations Act—a holiday gift to the tune of $900 billion—which contains the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. For businesses and independent contractors that considered or participated in…
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On December 21, 2020, Congress passed the much anticipated COVID-19 relief legislation (Consolidated Appropriations Act, 2021 (“CAA, 2021”), sending the bill to President Donald Trump to sign. In CAA 2021, Congress delivered clarity to PPP loan borrowers in confirming that business expenses paid with the…
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On December 21, 2020, Congress passed the much anticipated COVID-19 relief legislation (Consolidated Appropriations Act, 2021 (“CAA, 2021”), sending the bill to President Donald Trump to sign. This relief bill provides for stimulus checks to be mailed to many Americans, a second round of Paycheck…
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In one of our prior blogs, we predicted the first round of COVID-19 business interruption coverage litigation would battle over the issue of whether closure orders result in “physical loss or damage” sufficient to trigger coverage. Indeed, one of the first courts to have considered…
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On Monday, September 1, members of the House of Representatives’ Select Subcommittee on the Coronavirus Crisis (the “Subcommittee”), tasked with overseeing the implementation and effectiveness of the Paycheck Protection Program (“PPP”), issued a memo reporting a lack of oversight, leading to “billions of dollars being…
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On August 4, 2020, the Small Business Administration (“SBA”) released a new set of Frequently Asked Questions (“FAQs”) addressing forgiveness of Paycheck Protection Program (PPP) Loans. These FAQs supplement the 49 FAQs previously published by the SBA and Treasury addressing the PPP generally. The 23…
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