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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

Registered Agents for Business: Why You Need One

Web Admin - Friday, October 18, 2013

In most states, including Illinois, business law requires corporate owners to have a registered agent represent their corporation or limited liability company (LLC). A registered agent is the third-party who is listed in the same state in which the business was established. This go-between is chosen to receive service of process notices, communication from the Secretary of State, tax forms, and lawsuits on behalf of the business.

According to the Illinois Limited Liability Company Act (805 ILCS 180/1-35), a registered agent’s name and location must be included in the paperwork filed with the state. This allows the public to access information about a business and to send any important documents to the agent registered for the company. This is especially useful for small businesses without a physical address. The state must have a physical address on file in case the business is served with a lawsuit.

How Registered Agents Help in Illinois

Not only is a registered agent the third-party representative for a business, but they stand as barrier between a business and the state government. This allows a business owner to focus solely on their corporate front. A registered agent in Illinois will accept tax or legal documents privately so business owners do not have to do so in front of clients.

An additional benefit is that a registered agent’s office address will remain the same even if a business moves to a new location. With a registered agent, there is no need to file more paperwork with the state for every Illinois business relocation. Opening a new business office in another state, however, presents more challenges. Every state requires a business to maintain a registered agent and registered office in that state.

Lawsuits can be complex and have serious consequences for missed deadlines. A registered agent is a qualified professional who knows the laws and regulations for the State of Illinois. Assigning the role of registered agent to a law firm can ensure that service of process is properly received and handled.

If you are interested in appointing a qualified law professional as your registered agent, contact a Palatine corporate law attorney today. Call 847-934-6000 to speak to a business lawyer serving the Northwest Suburban areas including Rolling Meadows, Buffalo Grove, Barrington, and beyond.


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