In this week's Big I Buzz, we are discussing how an exotic dancer received a $8.6 million insurance payout, new PPP rules from SBA aimed at clarifying loan forgiveness and increase in reports of cyberattacks since the start of the pandemic. 

Exotic Dancer Gets $8.6 Million Insurance Payout

This news strikes close to home as a Middleton, WI-based insurance company has paid a former exotic dancer, Kailee HIggins more than $8 million over a contentious liability claim. In 2010, the exotic dancer was served as many as 15 shots by the Centerfolds Club staff (located in Worcester, MA, she was escorted to her car and drove off resulting in a collision with an off-duty police officer. The dancer later sued the club alleging that they were liable for serving her alcohol and letting her drive under the influence of alcohol. Higgins was awarded $5.4 million initially but it was increased to $8.6 million in consideration of attorney's fees and interest calculations. 

New PPP Rules From SBA Aimed At Clarifying Loan Forgiveness

The U.S. Small Business Administration released an interim final rule this week. What has changed in the PPP rules? "The new guidelines state that an owner-employee or a C- or S- corporation who has less than a 5% ownership stake will not be subject to the owner-employee compensation rule, which caps the amount of loan forgiveness on owner-employee compensation," according to Forbes. Previously, the owner-employee compensation rule stated, "anyone with stake in a company - no matter how small - that took out a PPP loan was eligible for forgiveness of the lesser of $20,833 or 20.833% of their 2019 compensation or $15,385 or 15.385% if the borrower elected to use an eight-week covered period." Read more about the new rule here.

FBI Sees A 400% Increase In Reports Of Cyberattacks Since The Start Of The Pandemic

Since the start of the pandemic, as more people work from home there has been a rapid increase in cybersecurity incidents among small- to mid-sized business. According to cybersecurity firm DIGIGUARD, here's three steps that small to mid-sized businesses can take to protect their systems from cyber intrusion,

"• Secure and update network perimeter defenses along endpoints taht access the network, such as computers and mobile phones

• Back up and secure business data for recovery in the event of a cyberattack or system failure

• Train employees to recognize and avoid cyber threats like phishing attacks and malware"

Because there has been a 400% increase in reports of cyberattacks, ransomware attacks are increasingly targeting small- to medium-sized businesses. Read more here. 

For more news, check out the Action News section of our weekly e-newsletter Big I Buzz. If you aren't subscribed, click  here to add your email to our emailing list. We hope that everyone has a great rest of their week!