Two recent bills were signed into law following the 2020 Regular Session of the Kentucky Assembly which impact creditors. House Bill 155 and House Bill 411.
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Stites & Harbison has assembled a Coronavirus Response Team which consists of a cross-disciplinary task force of attorneys and critical staff members to ensure our firm remains “On the Job” for you.
When a construction contractor engages in a construction project, it generally purchases a commercial general liability policy (“CGL”) to broadly cover it and, frequently, the property owner for claims that might arise during the course of construction. These insurance contracts are standard forms issued by the Insurance Services Office (“ISO”) that cover accidental damage to property or personal injury claims.
On Saturday, July 4, 2020, following a surprise vote by the U.S. Senate earlier in the week and quick passage in the House of Representatives, a bill extending the Paycheck Protection Program (“PPP”) loan application deadline from June 30, 2020 to August 8, 2020 was signed into law by the President. However, with a recently reported $130 billion out of the $669 billion in total funding allocated to this stimulus program still unspent, policymakers in Washington are considering whether these monies should be repurposed.