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
Employers Take Note – Change to Illinois Rules of Evidence Make It Difficult to Defend Workers Compensation Claims Related to COVID-19
Earlier this week, the Illinois Workers’ Compensation Commission adopted an emergency rule which changes the applicable burden of proof and will make it much more difficult for employers to defend against workers compensation claims filed by certain employees who contract COVID-19. Under normal workers compensation procedures, the burden is on the employee to establish that
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
URGENT: EMERGENCY SMALL BUSINESS GRANTS AND LOAN ASSISTANCE
In an effort to reduce the financial impacts of COVID-19 on small businesses in Illinois, the State and the City of Chicago have enacted small business relief programs to provide companies with loans and grants to be used for working capital and to prevent employee layoffs. However, time is of the essence, as some programs
BEWARE: Avoiding Scams in the Wake of COVID-19
BEWARE: Avoiding Scams in the Wake of COVID-19 The COVID-19 pandemic has led to what the World Health Organization has deemed an “Infodemic” considering people are given a wealth of medical, economic, and other information to sift through about the disease. While news outlets, government agencies, and health care providers work to provide accurate and