Holland says what is comes down to at the moment is insurance companies are looking from a policy perspective of how the policy was sold, the promises made, and how it's interpreted. Businesses can take legal action and hope the courts or government steps in to provide different guidance.
Yes, we applied and were approved for the PPP loan through the SBA. However, the PPP does not address business income loss since being forced to close; it only addresses payments for eight weeks for wages, rent, utilities and some employee benefits. We are pursuing coverage under our insurance policy because it provides more comprehensive coverage and for a longer period of time. If we are unable to reopen or we are not allowed to operate our establishment to its capacity, we will continue to incur losses and not be able to pay our obligations, including paying our employees. Nashville Underground purchased this policy for such a situation as this and seeks to fulfill is financial obligations, not the least of which is keeping our employees fully employed. We hope the insurance company meets its financial obligations, as well.