DGAA bLAWg

How Can Small Businesses Address Financial Issues Related to COVID-19?

Web Admin - Tuesday, April 14, 2020

Buffalo Grove small business lawyer coronavirus economic reliefAs the state and the nation aim to curb the spread of the coronavirus, the economic losses suffered by people and businesses continue to increase. While some large businesses in specific industries like tourism, travel, and dining are struggling, small businesses are facing particularly difficult times. Unlike those bigger businesses, small businesses do not have nearly as much funding or other resources to help them stay afloat. Fortunately, the governments at both the national and the state levels have made many resources available to small businesses to help them weather the storm. If you have any questions about these programs, you should speak to a business law attorney.

Paycheck Protection Program

As part of the $376 billion CARES Act signed into federal law toward the end of March 2020, the Paycheck Protection Program’s aim is to incentivize small businesses into keeping their employees on the payroll. To do this, qualified small businesses are able to take out forgivable loans through the Small Business Administration (SBA) as long as they keep all of their employees on the payroll for eight weeks and use the funding for payroll, utilities, mortgage interest, and rent.

To apply, find any SBA 7(a) lender, federally insured institution, or other lender enrolled in the program and begin the application process. Eligibility criteria may include at least one of the following:

  • - Meeting SBA size standards (industry-based or alternative)
  • - Be a business, 501(c)(3) nonprofit, 501(c)(19) vet organization, or Tribal business with the less than 500 employees or, for businesses with more than 500 employees, within the industry size standards 
  • - Any Accommodations or Food Service businesses (NAICS code 72) with more than one location and less than 500 employees per location
  • - Sole proprietors, the self-employed, or independent contractors

This program is available through June 30, 2020.

Economic Injury Disaster Loan (EIDL) Emergency Advance

The EIDL Emergency Advance provides small business owners with loan advances of up to $10,000 to compensate for temporary COVID-19 pandemic-related revenue losses. This advance does not need to be repaid. To qualify, in addition to being directly affected by the pandemic, you must have a small business with less than 500 employees or be either a private nonprofit or veterans organization. 

SBA Express Bridge Loan

If you already have a relationship with an SBA Express Lender, you might be able to get up to $25,000 quickly as you wait for your EIDL application to be processed. By leveraging your current relationship with an SBA Express Lender, you can get that money right away and then pay it back with the revenue eventually produced by your EIDL.

SBA Financial Reprieve

In addition to these options, the SBA will also:

  • - Automatically pay interest, principal, and fees for current 504, 7(a), and microloans for six months.
  • - Automatically pay interest, principal, and fees on new 504, 7(a), and microloans issued before September 27, 2020.


COVID-19 Small Business Assistance in Illinois

In addition to federal programs to assist with the financial effects of the COVID-19 pandemic on small businesses, the state of Illinois is offering the following:

  • - Illinois Small Business Emergency Loan Fund—If you are a small business outside of Chicago with less than 50 workers and less than $3 million in revenue for 2019, you might be eligible for this loan, which will give you access to up to $50,000 in a low-interest loan for up to a five-year term with no payments for the first six months. Businesses who accept the loan must maintain at least 50% of their workforce for six months, and half of this funding must go toward their payroll.
  • - Business Invest – Illinois Small Business COVID-19 Relief Program—The Illinois State Treasury has made up to $250 million available to financial institutions in order to offer low-interest small business loans to those affected by the pandemic. Ask your lending partners if they are enrolled in the program. To be eligible, you must:
    •    - Be an Illinois business or nonprofit
    •    - Be closed or limited in business due to the pandemic
    •    - Have less than $1 million in assets or less than $8 million average annual receipts
    •    - Have headquarters in Illinois or agree to use the funds in Illinois
  • - Chicago Small Business Resiliency Fund—Small businesses in Chicago with a 25% decrease in revenue, less than $3 million in revenue, less than 50 employees, and no tax liens/judgments, may qualify for up to $50,000 in low-interest loans with five-year terms. 
  • - Downstate Small Business Stabilization Program—$20 million from Community Development Block Grant (CDBG) Programs will be used for grants of up to $50,000 in working capital for small businesses in rural communities. 


Contact an Arlington Heights Small Business Lawyer

If you are a small business that needs financial assistance, our Schaumburg business law attorneys can help you understand your options, and we will work with you to apply for relief that will help you weather this difficult time. Contact us at 847-934-6000 for a free consultation. 

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.

 

Sources:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/Small-Business-Financial-and-Tax-Assistance-in-Response-to-COVID-19-Impacts.aspx

https://www.forbes.com/sites/advisor/2020/04/10/list-of-coronavirus-covid-19-small-business-loan-and-grant-programs/#50acc9d8cc4b


Recent Posts


Tags

automated cars Des Plaines civil attorney life insurance contracts Chicago insurance claim attorneys Inverness DUI lawyer Schaumburg traffic lawyer Illinois personal injury lawyers underfunded trust Crystal Lake employment lawyer Rolling Meadows corporate lawyer Barrington employment law firm fiduciary rule paid sick leave Des Plaines DUI attorney Illinois business lawyer Chicago employment lawyer Joliet general practice lawyers dog bites Illinois LLC creation Buffalo Grove real estate attorney Illinois business law atorneys Schaumburg elder law lawyer Arlington Heights wills and trusts attorney meal breaks marijuana ObamaCare Crystal Lake medical malpractice lawyer Mount Prospect wills and trusts lawyers irrevocable trust insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys problem employees Des Plaines Rolling Meadows marijuana attorney digital media accounts, estate planning, Arlington Heights estate planning attorney, Illinois living will financial advisors Arlington Heights employment law attorneys traffic tickets denied insurance claims Barrington civil litigation attorney slip and fall accidents trench injuries digital information Schaumburg Attorney Crystal Lake tax lawyer Illinois Smoke Detector Act drunk driving back injuries Illinois estate planning attorney personal injury claim consent to a search DGAA Illinois personal injury attorney Crystal Lake law firm insurance dispute attorney Palatine elder law attorney Long Grove estate planning attorney Retaliatory Discharge personal injury attorney drug crimes criminal workers compensation benefits Arlington Heights personal injury attorney Palatine employment law lawyer Barrington attorney Illinois criminal defense attorney workers compensation Self-Directed IRA Accounts caretaker rights Palatine corporate law attorneys Schaumburg car accident attorney Kenilworth estate planning lawyer Des Plaines accident attorney Employment Discrimination Law Des Plaines medical malpractice attorney dynasty trusts Rolling Meadows DUI lawyer Illinois insurance claim attorney BAIID Arlington Heights lawyer severance agreements traumatic brain injuries gift taxes traffic accidents traffic violations loss of consortium hands free device Long Grove estate planning attorneys blended families DUI nursing home negligence pregnant women Illinois civil litigation lawyer Schaumburg estate attorney Buffalo Grove employment lawyer estate planning lawyer mass shooting medical malpractice compensation Exclusions anesthesia errors Buffalo Grove probate lawyer estate planning attorney life insurance claims Long Grove wills and trusts attorneys medical malpractice claims head on collisions Rolling Meadows probate lawyer BAC liens landlord tenant law federal regulations for LLCs drunk driving statistics Buffalo Grove personal injury attorney expungement deadly crashes probate fees Illinois traffic laws Illinois small business Chicago insurance law firm Illinois registered agent Illinois elder law attorney Rolling Meadows insurance dispute lawyers, insurance dispute Schaumburg wrongful death attorney marijuana crimes attorney Inverness real estate attorney boating DUI owner responsibility license revocation construction contracts DUI defense employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, pedestrian accident child safety car crash Crystal Lake criminal defense attorney living trust benefits Crystal Lake personal injury lawyer insurance dispute Deer Park traffic lawyer Illinois insurance claim dispute lawyer Palatine corporate attorney Illinois wills and trusts attorneys Schaumburg personal injury lawyer Crystal Lake personal injury attorney FMLA Palatine workers compensation lawyer breach of contract creditors Attorney Ken Apicella sole proprietorship Palatine insurance lawyer IRA trust transfer Illinois wrongful termination lawyer clemency TBI Arlington Heights traffic attorney Barrington business law firm PTSD Schaumburg employment attorney Des Plaines real estate attorney Des Plaines real estate lawyer reckless homicide employee misclassification homestead rights car crash injuries Barrington real estate lawyer Super Mario Schaumburg injury lawyer Illinois injury lawyer unauthorized overtime employment law, Illinois employment laws personal injury accidents Arlington Heights criminal lawyer overtime pay guardianship attorney Buffalo Grove law firm social media after death involuntary manslaughter filing a medical malpractice claim Arlington Heights car crash attorneys power of attorney Buffalo Grove car accident lawyer Palatine construction attorney suspended license spinal cord injury wills and trusts icy parking lots Illinois real estate lawyer business litigation insurance agent negligence dealing with problem employees South Barrington real estate lawyer medical marijuana motorcycle accident healthcare Fourth of July Schaumburg corporate attorney privacy laws license reinstatement Rolling Meadows personal injury lawyer installment contracts distracted driving accident victims car crashes Inverness traffic law firm unpaid assessment Deer Park real estate law firm Arlington Heights car accident lawyer Deer Park traffic accident attorney Illinois employee rights attorney. denial of life insurance Mount Prospect elder law attorney Class A misdemeanor insurance disputes wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace work unions Chicago attorney Barrington Illinois estate planning lawyer gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys elder law internet BUI compensatory time overtime violations estate tax underage DUI Arlington Heights trucking lawyer defective products lawyer murder charges digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers Illinois estate planning law firm Illinois employment lawyer Buffalo Grove injury lawyer hit and run accident Schaumburg employment law attorneys cell phone insurance claim dispute Illinois rollover accident lawyers golf accidents Illinois medical malpractice claim Schaumburg real estate lawyer Kenilworth estate planning attorney traffic crimes insurance attorney criminal law Crystal Lake insurance lawyer Rolling Meadows business lawyer Schaumburg criminal attorney Crystal Lake pet attorney Illinois insurance attorney Deer Park employment law attorney ken apicella Food and Drug Administration's Food Safety Modernization Act car collision Illinois trusts attorney health insurance dispute Schaumburg insurance lawyers accidental death benefits Buffalo Grove traffic attorney Palatine employment attorney pedestrian accidents jet ski Rolling Meadows insurance attorney POA Illinois insurance disputes Buffalo Grove corporate attorney insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys probate uninsured motorist Schaumburg estate planning attorney murder Illinois jet ski accident lawyer Long Grove estate planning boating under the influence Illinois wills and trusts traffic violations defense Illinois pedestrian accident attorney Fair Labor Standards Act no contest clauses bad faith insurance claims Jay Andrew agent workplace sexual harassment Barrington personal injury attorney insurance claims rent to own real estate contracts Des Plaines personal injury lawyers Rolling Meadows employment law attorneys landlord Crystal Lake accident attorney pet bites Home Remodeling Repair Act real estate attorney FSLA small business IRS Inverness civil lawyer trucking accidents real estate zoning Barrington injury attorney speeding low-ball insurance settlement defective products blood alcohol content Chicago corporate attorney manufacturing Rolling Meadows insurance lawyer DUI penalities Detainer Actions personal injury Illinois employment attorneys Illinois speeding lawyer Illinois construction accident attorney insurance adjusters institutional trustee Barrington litigation attorney real estate leasing wills Inverness personal injury attorney estate attorney Illinois employment law attorney motorcycle accident lawyer products liability foreclosed rental property medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers pedestrian injuries, pedestrian fatality rollover accidents Rolling Meadows Traffic Lawyer Des Plaines tax law firm Mt Prospect Attorney Illinois probate lawyer Des Plaines motorcycle accident attorney Barrington employment attorney Chicago trucking accident attorney swimming pools texting while driving Inverness corporate attorney Deer Park personal injury lawyer privacy elder abuse employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys Rolling Meadows employment law attorney advance healthcare directive employee rights pet law Deer Park medical malpractice attorney Illinois traffic attorneys estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, Illinois Human Rights Act attorney fees Illinois defective products attorney independent contractor Crystal Lake injury attorney Arlington Heights wills and trusts lawyer capital gains tax DMV investment property revenge porn foreclosure Schaumburg medical malpractice lawyer corporate law Mount Prospect real estate lawyer Palatine Attorney taxes Long Grove real estate attorney LLCs Deer Park accident attorney Do Not Resuscitate wrongful death Illinois workplace discrimination attorney income distribution deducation Palatine civil attorney Chicago employment attorney Transfer on Death Instrument Rolling Meadows criminal lawyer Illinois personal injury condo new real estate form wage theft Palatine personal injury lawyer liability real estate spinal cord injuries Illinois medical malpractice lawyers Illinois collections attorney Schaumburg estate planning lawyer murder defense trusts job lawyers Inverness real estate lawyer surgical mistakes Palatine traffic accidents probate claims process Illinois motorcycle accident lawyer DUI attorney Crystal lake insurance dispute attorney Deer Park DUI lawyer insurance claim dispute attorney Federal Food Drug and Cosmetic Act special needs trust trustee Illinois lawyer Des Plaines drug crimes lawyer medical research Des Plaines drug lawyer Rolling Meadows traffic attorney Crystal Lake civil litigation lawyer employment contract ACA living trust vs will Palatine employment lawyer digital evidence Arlington Heights medical malpractice lawyer home inspection lawyer Illinois traffic ticket lawyer sexual harassment rollover car crashes Illinois car accident attorney pedestrian-automobile accident Illinois home inspection Palatine real estate lawyer Thanksgiving Buffalo Grove criminal defense lawyer Chicago will attorney pay when paid contract mortgage Rolling Meadows employment attorney Palatine civil litigation lawyer civil litigation Inverness accident lawyer traumatic brain injury pizza emoji Illinois workplace lawyer employment law Chicago traffic lawyer Policy Cancellation medication errors Chicago lawyer Arlington Heights TBI attorney Illinois mortgages whistleblower protections drug crime Des Plaines claims law firm senior citizens license suspension Des Plaines insurance attorney product liability subcontractor Schaumburg construction accident lawyer IRELA Arlington Heights injury attorney wrongful termination fiduciary rule delay Buffalo Grove personal injury lawyer Schaumburg civil litigation attorney Rolling Meadows tax attorney insurance denial appeals trucking accident lawyers commercial leasing Barrington medical malpractice lawyers living wills commercial leases drugs Illinois red light cameras insurance claim delay jet ski accidents Illinois employment law attorneys employees crossover accidents deed transfer Crystal Lake car accident attorney Barrington workers compensation attorney car accident lawyer real estate lawyer Crystal Lake medical malpractice law firm Illinois workers compensation lawyer drug crimes lawyer insurance denials Barrington criminal lawyer power of attorney for healthcare Affordable Care Act probate claims Rolling Meadows drug defense attorney comp time Rolling Meadows Illinois tax attorney Illinois attorney field sobriety test Barrington personal injury lawyer Rolling Meadows real estate attorney Arlington Heights insurance attorney Rolling Meadows traffic law firm real estate contract bicycle accidents personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys Des Plaines collections attorney medical malpractice Palatine business attorney Inverness estate planning lawyer Des Plaines criminal attorney right to work Rolling Meadows medical malpractice lawyers Crystal Lake estate planning lawyer Crystal Lake bike accident lawyer Illinois bicycle safety denied insurance claim Illinois estate planning construction accidents license bicycle dooring accidents personal injury law firm sexual images Crystal Lake medical malpractice attorneys first degree murder Illinois pet lawyer Barrington estate planning lawyer Barrington estate planning attorney rest breaks vacation home Rolling Meadows personal injury attorney probate lawyer unfunded trust Rolling Meadows insurance dispute lawyers underinsured motorist Schaumburg drug defense lawyer changes to mortgage law Des Plaines Traffic Lawyer federal crimes GM ignition switches Arlington Heights tax lawyer civil rights violation Colin H. Gilbert holiday statistics Illinois insurance dispute lawyers Illinois Workers’ Compensation Commission Illinois employment laws civil litigation attorney Liquor Control Act residential real estate estate planning for college students driving Arlington Heights pedestrian accidents Illinois trucking safety Crystal Lake employment law attorney tax attorney Arlington Heights personal injury lawyer natural gas explosion Illinois traffic accident lawyer car accident lawyers insurance claim denial Arlington Heights Attorney comparative negligence auto accidents Illinois workers compensation attorney living trust Arlington Heights estate planning attorney Des Plaines personal injury attorney CAM Palatine criminal defense lawyer Arlington Heights wills and trusts lawyers Family Medical Leave Act dram shop law Rolling Meadows car accident lawyers Palatine drug lawyer Barrington boating accident attorney Chicago will attorney, social media platforms, Illinois estate planning lawyer, condo association Schaumburg personal injury lawyers Deer Park criminal attorney unpaid overtime cell phone accidents fault based insurance Schaumburg criminal law attorney estate plan Inverness probate lawyer Des Plaines pet law attorney traffic offenses premises liability Crystal Lake business law attorneys eluding a police officer Rolling Meadows personal injury lawyers Illinois DUI attorney Des Plaines injury law firm Chicago car accident lawyer disability benefits car accident digital assets Illinois medical malpractice case preventable medical errors traffic deaths criminal defense School Visitation Rights Act Riverwoods estate planning lawyer Arlington Heights Traffic Lawyer Crystal Lake will lawyer texting and driving drug possession startup company Des Plaines personal injury lawyer Palatine punch death hiring employees employment attorney appealing an insurance claim Schaumburg Illinois traffic attorney vacation home fines Illinois law insurance claim denials Crystal Lake traffic attorney Illinois personal injury lawyer Illinois insurance claim dispute lawyers Illinois boating accident lawyer Illinois insurance lawyer car accidents Palatine traffic lawyer DNR Palatine injury attorney Palatine trusts lawyer rumble strips coronavirus traffic laws controlled substance estate planning Inverness elder law lawyer breathalyzer test distracted driving accidents personal injury lawyer preventing accidents Barrington drug crime attorney real estate attorneys employee discrimination Illinois real estate Barrington criminal defense lawyer caregiver Chicago estate planning lawyer llinois Real Estate Lawyers Association probate process Arlington Heights accident attorney workers comp Landlord Tenant Ordinance Crystal Lake pedestrian accident lawyer Illinois Trust Code Illinois insurance claims lawyers Chicago biking tips Crystal Lake car accident lawyer Illinois medical malpractice attorney Crystal Lake traffic lawyer operating agreements cell phone tower data IRA benefits trauma after an accident slip and fall Colin Gilbert truck collisions life insurance lawyer Rolling Meadows litigation lawyer college kids Palatine probate lawyer Barrington Traffic Lawyer Illinois will lawyer Home Sale Contingencies healthcare claims Rolling Meadows boating crash lawyer Forcible Entry Illinois employment law construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation Deer Park workers compensation lawyer Schaumburg personal injury attorney Crystal Lake employment attorney Palatine estate planning lawyer employment lawyer Illinois job attorney Palatine law firm Rolling Meadows estate planning attorney Whistleblower Claims Illinois Wage Payment and Collection Act Barrington employment law attorney criminal record Long Grove real estate lawyer minimum wage Arlington Heights real estate lawyer Illinois Inverness injury lawyer real estate closing food poisoning pain and suffering Buffalo Grove medical malpractice lawyers Inverness insurance attorney Arlington Heights wills and trusts attorneys Buffalo Grove traffic lawyers forming a corporation in Illinois estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Illinois employment law firm Kenilworth estate planning attorneys Buffalo Grove insurance claim dispute lawyers South Barrington real estate attorney estate planning trusts trust payments Illinois Probate Act of 1975 life insurance policy brain injury Rolling Meadows Attorney liability claims Chicago estate planning Rolling Meadows accident lawyer Illinois Sales Representative Act commercial real estate insurance negligence fatal car accidents modern family estate planning Legal Info loopholes bike accident personal injury claims Schaumburg probate attorney natural gas Illinois Transfer on Death Instrument Deer Park motorcycle accident lawyer Rolling Meadows criminal attorney in terrorem provision boating accidents Arlington Heights employment attorney Illinois driving without license Illinois corporate lawyer insurance claim insurance agents

Archive