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 (SB 6
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 be the first of many.
The legislative effort to limit the number of licenses the state issues drives up the value of said licenses to the point where it almost seems to bait those who don’t win the competitions to get one, and who sometimes end up angry and confused as to why.
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 argue that their policies with West Bend Mutual Insurance Co. should cover such losses, which they say are due to the Illinois state government orders, not the virus itself. (Mashallah Inc. et al. v. West Bend Mutual Insurance Co., U.S. Seventh Circuit, 21-1507)
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 on their thinking caps again with regard to this issue, for the first time in more than a year.
Major retailers like Costco, Kroger, Walmart, Target, Walgreens and CVS have revised their guidance to match that of the CDC, although individual store locations in more highly populated areas like Chicagoland have not necessarily followed suit.
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 lays out the details of the grant eligibility under the Restaurant Revitalization Fund that foodservice outlets might want to review before applying. Among the key points of consideration promulgated in that publication are:
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 March 11.
As of this posting, the application had not been made available; however, those eligible should keep checking this page or watching out for announcements and be ready to pounce.
How to Determine Your Workplace Vaccination Policy
As COVID-19 vaccines begin to become available for working-age people—first for those in healthcare, then those in other “frontline” occupations, then for those at risk due to medical conditions, and finally for the general 18-to-64 population—can employers implement mandatory vaccination policies?
In general, the answer is yes, according to the Equal Opportunity Employment Commission, although employers need to be careful on a number of fronts, starting with ensuring that the way they craft their policy does not run afoul of the Americans with Disabilities Act.
CTA – Federal Reporting Requirements for Small Business
The paper work for many small businesses will be increasing.
Many small businesses with 20 or fewer employees and $5 million or less in gross receipts or sales will be subject to new federal reporting requirements under the Corporate Transparency Act (“CTA”), a section of the National Defense Authorization Act enacted on January 1. This will include both those formed in the U.S., whether through a state or an Indian nation, as well as those formed outside the U.S. but registered to do business here.
Chicago Business Attorney Blog