Subchapter V for Small Business Owners For the past two years, small businesses whose bottom lines were impacted by the onset of COVID-19 enjoyed greater protections while going through Chapter 11 bankruptcy reorganizations in the form of higher debt limits under the Small Business Reorganization Act. That act, passed in…
NFTs as a Business Asset Simply put, NFT’s (or “tokens”) are digital assets. Various examples include movies, drawings, music, and digital artwork. By their very definition, NFT’s are non-fungible, meaning that they cannot be traded for something else. For example, Da Vinci’s original Mona Lisa is non-fungible; only one original…
New CDC Guidelines The CDC has released new mask guidelines easing former recommendations. The CDC is no longer using vaccination status as the benchmark for mask guidelines and are now using low, medium, and high levels for counties to measure COVID risk and mask recommendations. For low level counties no…
Independent Contractors A recent Illinois Court of Appeals decision in an Illinois Wage Claim Act case puts a magnifying glass on the sticky wicket employers can find themselves when they are unable to pay an outside contractor, at least under certain circumstances. The decision in O’Malley v. Udo, 2022 IL…
Do you need a business license? In the past two years about 30,000 new businesses were started in Illinois. Most of those new business had to get a specific license for their particular type of business. Not all businesses do, but many will need an Illinois Business License specific to…
New Laws for Small Businesses in 2022 From salary and benefits, to the hiring process, to non-compete agreements, an array of new state legislation that affects small businesses in one way or another has taken effect as of the first of the new year, 2022. The legislation focused non-compete agreements…
Illinois Cannabis Business Market Licenses for a legal cannabis business have been a hot topic lately, and now the the Illinois Supreme Court has made its first ruling related to the byzantine process of obtaining a license for a legalized cannabis business in the state, and it seems likely to…
Business interruption insurance & COVID Should business interruption insurance cover losses due to the COVID-19 shutdowns, even if said insurance policy contains a virus exclusion? A bar and restaurant based in Park Ridge and a former jewelry store in Chicago have gone to the U.S. 7th Circuit Court of Appeals to…
Drop the Mask in your business? After a year of employee and customer mask requirements being a no-brainer for small businesses, the CDC’s recent change in guidance that those who have become fully vaccinated against COVID-19 need not wear masks in many public settings has required business owners to put…
SBA Restaurant Revitalization Fund Eligible restaurants and other dining establishments are entitled to apply to the U.S. Small Business Administration for a $28.6 billion grant program under the American Rescue Plan Act of 2021, as established in section 5003 of the legislation. The SBA recently released a Program Guide that…