COVID-19
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We hope that you and your families are healthy and safe at home. These are uncharted times that we are experiencing. We are here to help you navigate through these difficult times and challenges that we are facing. If we may be of assistance, please do not hesitate to reach out.
CARES ACT
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) is now effective. It provides economic relief to individuals, businesses, nonprofits and state and local governments. The Rock Fusco & Connelly, LLC professional response team has put together a Resource Page on our website to help you understand how the various provisions will apply to you or your business. Most notably the CARES Act authorizes the Small Business Administration (“SBA”) to guarantee up to $350 billion in loans. As written the loans work like this:
- A loan would be processed current commercial lenders and would be guaranteed by the SBA;
- Loan amount is capped at 2.5 times the average monthly payroll over the last 12 months;
- For the 8-week period after getting the loan you would add together all monies spent on payroll, rent, mortgage and utilities and that total amount would be forgiven;
- The remaining balance would be paid over 10 years with no more than a 4% interest rate;
- No personal guarantees are required
For example, assume your business maintained a 12-month average payroll of $1,000,000. This would allow for a $2,500,000 loan. Further assume that for the initial 8 weeks after the issuance of the loan your total payroll, building costs and utilities totaled $1,200,000. In this instance, the $1,200,000 initial expenses would be forgiven, and the remaining $1,300,000 balance would be repaid pursuant to a 10-year amortization at no higher than 4% interest with no personal recourse. Businesses should apply through their current commercial lenders.
Your attorneys at Rock Fusco and Connelly are here to help you navigate how best to utilize the portions of the CARES Act that can benefit your business and support your employees at this uncertain time. Please contact us so that we may assist you in taking advantage of all the CARES Act has to offer. We can be reached via email at info@rfclaw.com, or phone at (312) 494-1000.
CARES ACT / FFCRA / FMLA Expansion
What you need to know about Second-Draw PPP Loans
Streamlined Loan Forgiveness Process for PPP Loans Under $50,000
Certain PPP Loan Recipients Are Now Eligible to Streamline Their Forgiveness Application
Important Information Regarding PPP Loans Under the Paycheck Flexibility Act
Congress Passes Updates to COVID-19 Funds; More Money Available for Business Loans
CARES Act Individual Provisions
CARES Act Unemployment Provisions
CARES Employee Retention and Payroll Tax Deferment
CARES Modifications to Business Interest Expense
CARES Act – Loan Forgiveness, Tax Credits, and Tax Obligations
Families First Coronavirus Response Act and Expanded FMLA Act
Learn More About The Impacts of COVID-19 to Employers & Businesses
Illinois and Chicago Emergency Loan Programs
Emergency Loan Programs_Illinois and Chicago
RFC Legal Considerations Re: COVID-19
Major Boon for Insureds Seeking COVID-19 Business Interruption Coverage
Business Liability for Family Members of Workers who Contract COVID-19
UPDATE: Real Estate Tax Relief to Illinois Businesses and Homeowners
UPDATE: Governor Pritzker Modifies and Extends Stay-At-Home Order – You can read full executive order here.
COVID-19: Employer Recommendations
STAFFING FIRMS – RESPONSIBILITIES DURING THE COVID-19 PANDEMIC: FAQ
Potential Real Estate Tax Relief to Illinois Businesses and Homeowners
Employer Considerations When Forced to Reduce Employees’ Hours Due to COVID-19
BEWARE: AVOIDING SCAMS IN THE WAKE OF COVID-19
COVID-19 Economic Stimulus Bill
UPDATE: Employee Benefits – Families First Coronavirus Response Act
Business Interruption and Civil Authority Insurance
Federal Tax Guidelines – Filing Date Pushed Back
Illinois’ “Stay at Home” Order & Construction Work
Cook County Assessor’s Office Suspends Assessment Notice Mailings and Deadlines
Financial Assistance Available for Illinois’ Small Businesses
Employee Expense Reimbursement and Remote Working Policies
Government Agency Websites
US Chamber of Commerce Emergency Loans Small Business Guide and Checklist