COVID-19

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In our most recent post, we addressed the New Jersey Legislature’s attempt to override terms and exclusions embodied in virtually all commercial Business Interruption Insurance policies including the “virus” exclusion and the requirement that the damage be attributable to a “direct physical loss of insured property.”  That bill, A3844 was passed by the State Assembly’s…

After protracted negotiations, Congress has reached an agreement with respect to the Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the CARES Act (the “Act”), an unprecedented stimulus package aimed at combating the economic impact of COVID-19 on American businesses, individuals and families. Initially introduced on March 19, 2020 and unanimously passed…

On March 21st New York Governor Andrew Cuomo issued an executive order which seeks to protect individuals who experience financial hardship as a result of the COVID-19 pandemic. The executive order does the following:

  1. Modifies New York Banking Law to provide that any New York state-licensed or state-chartered bank will be deemed to be

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As restaurants across the country are being forced to limit their services to takeout and delivery or worse, close their operations altogether, tenants are reaching out to discuss their options with April rent payments looming.  Our initial response has been consistent and succinct: Don’t Panic.

The conventional restaurant owner was not likely prepared for…