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.






Recent Posts


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