CAMICO's recent cyber claims experience shows that the cyber-security of employees working remotely has not been as effective generally as cyber-security in an onsite office location. The lower security is being exploited by hackers, many of whom are increasing their ransomware demands.
CAMICO continues to monitor the information and guidance on COVID-19 relief measures being put into place by regulatory and legislative bodies to combat the detrimental impacts of this pandemic on people, as well as on the economy.
Paycheck Protection Program ("PPP") — Updated Guidance from the SBAOn Wednesday, May 13th, the Small Business Administration ("SBA") updated their Frequently Asked Questions Document ("FAQ") and added FAQ #46 and FAQ #47.
Potential Legal and Regulatory Risks Regarding Small Business Eligibility for Paycheck Protection Program (“PPP”) Loans
President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (“Enhancement Act”) on Friday, April 24th. This legislation infuses $310 billion into the Paycheck Protection Program (“PPP”) with more than $250 billion in unrestricted funds for the program and an additional $60 billion allocated specifically for smaller lending institutions.