With so much attention on COVID-19 and its impact on workplace issues, employers may have lost track of some important changes affecting Illinois employers in 2020. Some of these changes took effect on July 1.
In the past few months, businesses have been thrust into a maelstrom of new historic challenges: a virulent pandemic of uncertain duration, depressed demand for products and services, social unrest and even outright inability to open or conduct business due to policies intended to slow the spread of the virus. For some firms, emergency government loan assistance has provided only temporary relief.
Phase 4: Illinois Cautiously Resumes Indoor Dining & Legal Considerations for Leases and Joint Venture Agreements in a Post-COVID World
Phase 4: Illinois Cautiously Resumes Indoor Dining and Legal Considerations for Leases and Joint Venture Agreements in a Post-COVID World Background: As of June 26, Illinois has moved into Phase 4 of the “Restore Illinois” Plan. During Phase 4, restaurants are allowed to open for indoor dining, but must comply with new State of Illinois
Chicago Restaurants in the Age of COVID-19: A New Frontier Jun 10, 2020 On May 5, 2020, Governor J.B. Pritzker released “Restore Illinois”, a 5-step public health plan for re-opening Illinois (the “Plan”). The Plan clearly is of considerable interest to our restaurant and hospitality clients who want to know when, how, and under what
Main Street Lending Program: Federal Reserve, Treasury Department Create New Lending Facility, Release Updated Program Terms and FAQ’s
Main Street Lending Program: Federal Reserve, Treasury Department Create New Lending Facility, Release Updated Program Terms and FAQ’s May 21, 2020 This Client Alert relating to the Main Street Lending Program (the “MSLP”) has been updated to incorporate new guidance released by the Federal Reserve on April 30, 2020, copies of which can be
On April 23, 2020, the Treasury Department, in collaboration with the Small Business Administration (the “SBA”), released guidance in the form of Frequently Asked Questions (FAQ). The potentially most significant aspect of the FAQ’s is the warning that businesses applying for, or receiving, Paycheck Protection Program (“PPP”) loans should carefully analyze whether their “[c]urrent economic
Pursuant to its mandate from Congress to promote maximum employment, stable prices and market stability, the Federal Reserve announced on April 9, 2020, that it is taking measures to provide up to $2.3 trillion to further assist households and employers of all sizes during the COVID-19 pandemic. The actions taken by the Federal Reserve, in
Legal & Tech: Practical Considerations for Hires, Furloughs and Separations of Remote Employees Apr 9, 2020 With the shelter-in-place orders going through April 30th and possibly beyond, it is important to prepare your company for possible furloughs, layoffs, and terminations with your remote employees. Many companies have never changed a remote employee’s employment status in their
Click to Go to Answer: When can my business submit an application for an SBA 7(a) loan from the Paycheck Protection Program? For purposes of calculating “payroll costs,” should a business include compensation paid to independent contractors? Is a portfolio company of a venture capital or private equity fund eligible to receive a PPP Loan?
Summary of Legislation and Rulemaking Impacting Small Businesses Affected by COVID-19 Apr 1, 2020 Image Source – Shutterstock The impact of COVID-19 has affected everyone in the United States. In response to the widespread economic consequences suffered by small businesses and their employees, the federal government and state and local governments have taken measures to