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…
COVID Rules for Residential Evictions RESIDENTIAL EVICTION UPDATE – August 27, 2021 – SCOTUS weighs in. Finally, some clarity to the situation by the source least expected – the U.S. Supreme Court (“SCOTUS”). It has been a tortured road for Landlords during the COVID-19 Pandemic as the story is told…
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…
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…
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…