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.
On the evening of June 30, 2020, a few hours before the Paycheck Protection Program (“PPP”) loan application deadline was set to expire, the U.S. Senate unanimously passed a bill amending the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to extend the deadline from June 30 2020 to August 8, 2020.
Recently, the Federal Reserve initiated a new commercial lending facility that has been promised for months, the Main Street Lending Program (“MSLP”), consisting of three new loan facilities: the New Loan Facility, Expanded Loan Facility and Priority Loan Facility.
On June 11, 2020, the Equal Employment Opportunity Commission (EEOC) updated its guidelines to state that the Age Discrimination in Employment Act (ADEA) “would prohibit a covered employer from involuntarily excluding an individual from the workplace based on his or her [age] being 65 or older, even if the employer acted for benevolent reasons such as protecting the employee due to higher risk of severe illness from COVID-19.”
The Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), which is intended to address problematic elements of the Paycheck Protection Program (“PPP”), was signed into law by the President on June 5, 2020.