Category: COVID-19
Certain PPP Loan Recipients Are Now Eligible to Streamline Their Forgiveness Application
The Paycheck Protection Program (“PPP”) has been one of the most important components of the CARES Act enacted by Congress to provide relief to Americans during the COVID-19 pandemic. One of the most beneficial components of PPP loans to business owners is loan forgiveness. To help business owners with the process, the U.S. Department of
Important Information Regarding PPP Loans Under the Paycheck Flexibility Act
The Paycheck Flexibility Act (“PFA”) was signed into law by the President today, June 5. The PFA provides PPP loan borrowers with spending flexibility by adding additional time for loan proceeds to be used, while still qualifying for loan forgiveness. The PFA also makes some significant changes to the current PPP loan forgiveness requirements. PPP
What To Do If Employee Tests Positive For COVID-19
As the pool of “essential workers” continues to grow and Illinois continues to move through the phases of Governor J.B. Pritzker’s Plan to Reopen Illinois, it is important that employers establish procedures to prevent the spread of COVID-19 in the event an employee tests positive. Implementing procedures to address this scenario will protect your employees
PPP LOAN FORGIVENESS GUIDANCE
On Friday, May 15th, the Small Business Administration (the “SBA”) released an application for borrowers of the Paycheck Protection Program (“PPP”) loan to use to determine the amount of the loan that may be “forgiven” by their lender. As you may be aware, PPP loans are based upon 2.5 times the company’s average monthly payroll
Real Estate Tax Relief to Illinois Businesses and Homeowners
On May 13, 2020 we released an article illustrating Cook County Board President, Toni Preckwinkle’s, intent to present to the County Board an ordinance which would waive the assessment of interest and late fees for late payment of real estate taxes through October 1, 2020. As predicted, the County Board approved the ordinance during its
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
UPDATE: Governor Pritzker Modifies and Extends Stay-At-Home Order
On April 23, 2020, Governor J.B. Pritzker announced that the Stay-At-Home Order, which was set to expire on April 30th, will be extended through May31st. In addition to extending the Stay-At-Home Order, the new executive order will include some modifications that may affect you. First, the modified order includes new businesses as essential. Starting May
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