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Economic Recovery Resources

Resources for Law Firms and Other Businesses During the Economic Recovery 

 

  

PPP Loan Forgiveness (Recorded June 19, 2020)
In this 45 minute video incorporating the most recent changes to the legislation, Karen Mills and Brian Eisenmenger discuss what law firms and other businesses need to do to apply for Payroll Protection Program (PPP) loan forgiveness. Please note that the forgiveness application with notes mentioned in the program is available here.

 

 

Commercial Real Estate Update and COVID's Impact (Recorded June 11, 2020)

Commercial tenants, like everyone else, have been impacted by COVID-19 and the stay-at-home orders. View this video (recorded June 11, 2020) to learn about rent relief trends in commercial leases, practices landlords are now implementing to respond to rent relief requests, and common lease modification terms and trends. You can also review the programs handouts online.


 

Your Rights Under Commercial Leases and COVID-19's Impacts (Recorded May 29, 2020)

Alissa Verson and Laura Liss from Tani and Carter, PC discuss the impact of the COVID pandemic on commercial landlord and tenant rights.

 

 

 

Employment Issues Related to the COVID-19 Pandemic with David Fish, Kim Hilton, Thalia Pacheco and Seth Matus.

 

A panel of attorneys from The Fish Law Firm P.C. discuss employment issues related to the COVID-19 pandemic. Topics addressed include unemployment issues, extended FMLA/emergency paid sick leave, and COVID-19 practical considerations for employers.   (Recorded April 30, 2020)

 

 

Filing for Unemployment (Recorded May 20, 2020)

 

DCBA member and local attorney Jeff Jacobson provides an overview of the process for filing for unemployment benefits.  

 

PPP Benefits for Sole Proprietors and 1099 Workers (Recorded May 20, 2020)


DCBA member and local attorney Jeff Jacobson provides an overview of the current benefits under the Federal Payroll Protection Program for sole proprietors and 1099 workers.

 


 

The Small Business Covid 19 Regulatory Landscape

 

Markus May, DCBA Business Law Section Chair

May Law Firm LLC

mmay@illinois-business-lawyer.com

630-864-1004

 

There is a lot that has been happening on the legal front as it relates to Covid 19. Things are constantly changing as more programs come on board and as existing programs are explained in more detail. Rather than provide a lot of text and explanation to wade through, please see the below highlights of matters affecting small businesses that I am aware of as of April 2, 2020. Feel free to forward to clients or others that need:

  1. CARES Act Loans and small business overview: The CARES Act was signed into law on Friday March 27.  Click on this guide link from the Senate to find out about the CARES act provisions relating to business and the different types of programs.

     

  2. CARES Act Small Business Existing Debt Relief. Existing SBA 7(a), 504 and microloans will have the principal and interest on such loans paid for by the SBA for 6 months from March 27 to September 27 or for 6 months after deferment if the lender was deferring payments for up to 6 months.

     

  3. CARES Act Loans: Under the Paycheck Protection Program lenders are now authorized to give out payroll loans that don’t need to be paid back (If employees are kept and for up to 8 weeks of expenses) and that don’t require personal guarantees or collateral under the SBA 7(a) program. The CARES Act also expanded loans for Emergency Injury Disaster Loans up to $10,000.  For differences in programs, see the guide. Clients (and law firms) can apply for the Paycheck Protection Program loans through participating banks with applications starting to be accepted on April 3. Independent Contractors and self-employed people can apply a week later on April 10. For EIDL loans and grants, the application can be found here: https://disasterloan.sba.gov/ela/

     

  4. CARES Act other provisions: there are a lot of other provisions including those related to the following:

     

    1. An Employee Retention Credit against employment taxes – cannot be used if taking a small business interruption loan
    2. Deferred employer payroll taxes
    3. Personal $1,200 tax credit
    4. Coronavirus related distributions allowed from retirement plans
    5. Loan amount from qualified retirement plans increased to $100,000
    6. Required minimum distribution requirement waivers
    7. Charitable contribution limits increased for individuals and businesses
    8. Provisions related to losses, interest expense deductibility (now 50%)
    9. $500 billion in loans is authorized by the Treasury to employers with between 500 and 10,000 employees
    10. Lots of other non-business related items

     

  5. The CARES Act 247 pages complete text is here: https://www.congress.gov/bill/116th-congress/senate-bill/3548/text

     

  6. Families First Coronavirus Response Act: The FFCRA went into effect on April 1 for employers with under 500 employees requiring employers to provide paid leave for Covid-19 related reasons. The mandatory poster (https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf)  needs to be posted. Tough decisions have been and will continue to be made whether to lay off (temporarily/furlough or permanently) employees. If laid off, they will be able to apply for unemployment – and receive an extra $600 per week under the CARES act until July 31 (yes some employees could make more on unemployment through July 31 than they made as employees). Alternatively, if still employed, the employees will be entitled to receive mandatory leave pay for Covid 19 related reasons, including taking care of children who are out of school. If employees are laid off, the FFCRA doesn’t apply. But employers cannot terminate employees because they are taking leave. Layoffs are allowed only for non-leave related reasons. The amount of FFCRA guidance has greatly increased and for more questions and answers go to: https://www.dol.gov/agencies/whd/pandemic/ffcra-questions. Here’s a link to some fact sheets that summarize the FFCRA’s requirements: https://www.dol.gov/agencies/whd/pandemic

     

  7. FFCRA Hardship Exemption: Many smaller businesses may be interested in more information about the FFCRA hardship exemption from the paid leave requirements. The FFCRA Questions document above provides at # 58: An employer, including a religious or nonprofit organization, with fewer than 50 employees (small business) is exempt from providing (a) paid sick leave due to school or place of care closures or child care provider unavailability for COVID-19 related reasons and (b) expanded family and medical leave due to school or place of care closures or child care provider unavailability for COVID-19 related reasons when doing so would jeopardize the viability of the small business as a going concern. A small business may claim this exemption if an authorized officer of the business has determined that:
    1. The provision of paid sick leave or expanded family and medical leave would result in the small business’s expenses and financial obligations exceeding available business revenues and cause the small business to cease operating at a minimal capacity; 
    2. The absence of the employee or employees requesting paid sick leave or expanded family and medical leave would entail a substantial risk to the financial health or operational capabilities of the small business because of their specialized skills, knowledge of the business, or responsibilities; or 
    3. There are not sufficient workers who are able, willing, and qualified, and who will be available at the time and place needed, to perform the labor or services provided by the employee or employees requesting paid sick leave or expanded family and medical leave, and these labor or services are needed for the small business to operate at a minimal capacity.

     

  8. Illinois’ Stay at Home Order. Under Governor Pritzker’s stay at home order many business were required to essentially close down. However, not all businesses are affected as Essential Activities, Businesses and Operations can continue to operate. A copy of Executive Order2020-10 can be found here executive order 2020-10 . A copy of the Stay at Home Frequently Asked Questions including whether your business qualifies as an Essential Business can be found here: https://www2.illinois.gov/sites/coronavirus/FAQ/Pages/Stay-At-Home-FAQS.aspx#h12. Everyone should be practicing “social distancing” of at least 6 feet and gatherings of more than 10 people are prohibited in any event. This order is now in effect until at least April 30.

     

  9. Illinois Programs. The state of Illinois has created several programs to help businesses including:
    1. Illinois Small Business Emergency Loan Fund – 3% loan paid over 5 years
    2. Downstate Small Business Stabilization Program
    3. Hospitality Emergency Grant Program
    4. Deferring sales tax payments for more than 24,000 small- and medium-sized bars and restaurants
    5. See the following website for details: https://www2.illinois.gov/sites/coronavirus/Resources/Pages/For-Business.aspx

     

  10. Federal Income Taxes. 2019 tax year federal income tax returns and payments (including self-employment income tax payments) originally due April 15 are now due July 15,2020. The new due date also applies to first quarter federal estimated income tax payments (including self-employment income tax payments) due on April 15, 2020. There is no extension for the payment or deposit of any other type of federal tax, or for the filing of any federal information return.

     

  11. Illinois Income Taxes. There is an extension until July 15 for eligible individual, C corporation and trust income tax returns and payments due April 15. It is unclear right now if partnerships receive an extension to July 15, 2020. The extension does not apply to either first or second quarter estimated income tax payments due April 15 and June 15, 2020. See the IDOR Bulletin at: https://www2.illinois.gov/rev/research/publications/bulletins/Documents/2020/FY2020-24.pdf

     

  12. Unemployment questions related to the virus are answered here: https://www2.illinois.gov/ides/Pages/FAQ_COVID-19.aspx  

 

 

more Calendar

6/17/2020 » 7/22/2020
2020 Basic Skills Remote Program

7/16/2020
July DCBA Unwind - EVENT CANCELLED

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