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Despite the COVID-19 pandemic, most people will not become infected. But all of us and our businesses, whether medical, retail, wholesale, professional, real estate or industrial, will be greatly affected by the government ordered shutdown. Congress has passed the CARES Act to provide SBA financing to small businesses, make direct payments to workers and offer other assistance to Americans and their businesses. New Jersey has proposed legislation to require business interruption insurers to pay on claims arising from the pandemic, despite the disease causation exception in their policies. New York may be considering similar legislation. Additional assistance from the Federal government seems to be in the offing.
In light of the current COVID-19 crisis, the U.S. Department of Health and Human Services has recently issued temporary waivers, including a waiver involving sanctions under the “Stark Law”, in order for providers to be able to focus on providing care to patients affected by COVID-19. Although these waivers were issued on March 30, 2020, they are retroactive to March 1, 2020 and will be in effect through the end of the emergency declaration.
As discussed in our recent article, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act will allocate up to $350 billion to the federal Small Business Administration (“SBA”) to provide Paycheck Protection Program (“PPP”) loans of up to $10 million to cover payroll, rent, mortgage interest and utility expenses incurred for an 8-week period between February 15, 2020 and June 30, 2020.
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