COVID-19

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LEARN MORE ABOUT COVID-19 HERE!

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

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

PPP LOAN FORGIVENESS GUIDANCE

Paycheck Protection Program – Small Business Association to Review Appropriateness of Some Loans and Loan Limits for Corporate Groups

Congress Passes Updates to COVID-19 Funds; More Money Available for Business Loans

CARES Act Individual Provisions

CARES Act Labor Provisions

CARES Act Loan Provisions

CARES Act Unemployment Provisions

CARES Business Tax 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

 

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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.

Employers Take Note – Change to Illinois Rules of Evidence Make It Difficult to Defend Workers Compensation Claims Related to COVID-19

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

Force Majeure and COVID-19

Government Agency Websites

US Chamber of Commerce Emergency Loans Small Business Guide and Checklist

U.S. Department of Labor

World Health Organization

Centers for Disease Control and Prevention

Illinois.gov

Illinois Department of Employment Services

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