Category: Business Law
Paycheck Protection Program – Small Business Association to Review Appropriateness of Some Loans and Loan Limits for Corporate Groups
Earlier this week the Small Business Association (“SBA”), in consultation with the U.S. Department of the Treasury (“Treasury”), released updated FAQs and a new Interim Final Rule (“IFR”) to provide guidance on uncertainties that were common among many PPP borrowers. First, on April 29th the updated FAQs confirmed U.S. Secretary of the Treasury, Steve Mnuchin’s,
Congress Passes Updates to COVID-19 Funds; More Money Available for Business Loans
On Thursday, April 23rd, the House of Representatives passed a $480 billion funding bill that aims to close gaps in funding provided by earlier loans through the Paycheck Protection Program (“PPP”). The funding bill is expected to be signed into law by President Trump today, April 24th. While many businesses were able to access the
COVID-19: Employer Recommendations
The Centers for Disease Control and Prevention (CDC) has issued new guidelines as of April 8, 2020 for employers to use when considering whether employees who have been exposed to COVID-19 should return to the workplace. It is important to note that the CDC has abandoned its previous recommendation that employees stay at home for
STAFFING FIRMS – RESPONSIBILITIES DURING THE COVID-19 PANDEMIC: FAQ
Staffing firms that are in the business of employing individuals for short-term, or long-term periods may have unique obligations to temporary workers and clients in light of the COVID-19 pandemic. This FAQ answers frequently asked questions that will serve as a guide to staffing firms that will inevitably be impacted by COVID-19. For a more
Potential Real Estate Tax Relief to Illinois Businesses and Homeowners
It is undeniable that the repercussions of the COVID-19 pandemic have left many families and businesses in a state of financial uncertainty. As a result, many governmental agencies have taken steps to lessen the financial burden. Last Friday, Cook County Assessor Fritz Kaegi announced that all homes, businesses and other real estate parcels could see
Employer Considerations When Forced to Reduce Employees’ Hours Due to COVID-19
With the COVID-19 pandemic imposing significant financial burdens on Illinois businesses, many employers must make difficult decisions to reduce costs in order to remain in business. Although many employers are doing everything in their power to keep their employees employed, with the closure or partial closure of businesses, and a general reduction in work, many
Business Interruption and Civil Authority Insurance
Client Alert: Business Interruption and Civil Authority Insurance Provisions in the Wake of COVID-19 Following the restrictions imposed limiting crowd sizes and shuttering companies’ operations across seemingly every industry, business owners are turning to their insurance coverage policies for guidance in navigating these difficult and uncertain times. One possible aid to business owners facing new
Illinois’ “Stay at Home” Order & Construction Work
Illinois’ “Stay at Home” Order & Construction Work On March 20, 2020, Gov. J.B. Pritzker issued an executive “Stay at Home” Order, requiring Illinois residents to stay in their homes to prevent the spread of COVID-19. Residents are encouraged to only leave their homes to meet their basic needs like making trips to the grocery
Financial Assistance Available for Illinois’ Small Businesses
UPDATE: Financial Assistance Available for Illinois’ Small Businesses On March 19, 2020 the Small Business Administration (“SBA”) approved Governor Pritzker’s application for an economic injury declaration due to COVID-19. As a result, Illinois has been added to the list of Presidential and SBA Agency Declared Disaster States. Now small business in Illinois, affected by COVID-19,
Employee Expense Reimbursement and Remote Working Policies
With COVID-19 forcing many business owners to implement remote working polices, it is important for employers to be aware of their liability for employee expenses while their employees work from home. In short, employers are responsible for reimbursing employees for all expenses directly incurred by the employee while performing services for the employer. In 2018,