Northern District Court of Georgia: Insurer Not Obligated to Cover COVID-19 Loses

On October 6, 2020, Judge Thomas W. Thrash, Jr., Chief Judge for the Northern District Court of Georgia, held that an insurer was not obligated to cover losses two Georgia eateries sustained when they shuttered their dining rooms during the COVID-19 pandemic. Judge Thrash’s opinion is the first of its kind from any court in Georgia.

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SBA Releases Interim Final Rule for PPP Loans of $50,000 or less

The Small Business Administration (SBA) recently released an Interim Rule that primarily affects sole proprietors.

There are approximately 3.57 million outstanding PPP loans of $50,000 or less, totaling approximately $62 billion of the $525 billion in PPP loans. Approximately 1.71 million PPP loans of $50,000 or less were made to businesses that reported having zero employees (presumably not counting the owner as an employee) or one employee.

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President Trump’s Payroll Tax Deferral Order

On August 8, 2020, President Trump issued a Presidential Memorandum and Executive Order whereby the President directed the Secretary of the Treasury to allow for the deferral of the employee-portion of payroll taxes withheld under IRC Section 3101(a) (6.2% for Old-Age, Survivors and Disability Insurance) on wages earned during the period of September 1, 2020 through December 31, 2020 (“Deferral Order”).

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