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…
Pandemic Relief for Restaurants Smaller restaurants and bars soon will have a new opportunity for pandemic-related relief when the U.S. Small Business Administration posts the application for the new Restaurant Revitalization Fund, a program created as part of the American Rescue Plan Act of 2021 signed by President Biden on…
Small Business Pandemic Survival Information The $900 billion pandemic relief package included relief for Small Businesses. The updated programs are intended to make it easier for small business owners to apply and gain funds. The Small Business Administration (“SBA”) approved $5 billion in new Paycheck Protection Program (“PPP”) loans on…
How to Prepare for 2021 Wow, 2020 was a year to forget! I hesitate to say it was interesting because it was not. It was more like a nightmare as we coped with a public health crisis, an economic crisis, a political crisis, and a civil rights crisis. Let’s put…
Updated December 7 The Chicago area and Illinois business owners are facing a number of challenges and the CoronaVirus pandemic is threatening the continued viability of their business. Here are some of the more frequently questions asked by business owners. Residential Evictions can proceed under certain conditions The moratorium in…
Employers Need to Mask Up Against Lawsuits Small businesses face a dizzying swirl of regulations from different levels of government about whether patrons and employees are required to wear masks during the pandemic, as well as whether employers are required to either purchase masks for employees or reimburse them for…
Tenant Evictions Updated October 19 Gov. J.B. Pritzker issued an executive order on October 16 extending the statewide moratorium on residential evictions for another 30 days. Pritzker first put a hold on residential evictions through an executive order on March 20, the same day he issued a statewide stay-at-home order…
The Dangers of Payroll Tax Deferment As part of a series of executive actions rolled out in early August, President Trump ordered Treasury Secretary Steven Mnuchin to allow the deferral of the 6.2% payroll tax on employees from Sept. 1 through Dec. 31 for workers making less than about $104,000 on an…
The Key to Surviving as a Small Business How can your business – and you – survive the COVID-19 pandemic? It’s a tall order. But small business owners have means of surviving. The corollary shutdowns have impacted 20% of small businesses, according to the U.S. Chamber of Commerce, and restrictions…
Workman’s Comp for Essential Workers An emergency rule promulgated in April by the Illinois Workers’ Compensation Commission gave certain classes of “essential” workers the ability to claim COVID-19 as an occupational disease vis-à-vis the ability to collect workers compensation. This is a change that every Illinois business should be aware…