The massive coronavirus stimulus bill is expected to clear Congress today. Courtesy of the Wall Street Journal, here is a FAQ regarding the stimulus checks for individuals: How much money is it? The plan provides $1,200 for each adult and $500 for each child under 17. A married couple with two children would get $3,400. [...]
The sweeping coronavirus aid package set for a House vote today provides $349 billion for the Small Business Administration to guarantee loans to small businesses. The legislation calls for the loan money to be distributed using the existing framework of the Small Business Administration’s 7(a) program. The 7(a) program is a joint partnership between private [...]
Coronavirus-related paid leave for workers and tax credits for small and midsize businesses The US Treasury Department, IRS and Department of Labor issued a joint announcement that small and midsize employers can take advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar for dollar, for the cost of [...]
Economic Relief Plan for Small Business The Keeping American Workers Paid and Employed Act is Division A of the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT). The CARES Act is 880 pages long, consisting of several different Divisions and Titles: A. Division A—Keeping Workers Paid and Employed, Health Care System Enhancements, and Economic [...]
SBA’s Disaster Declaration Makes Loans Available Due to the Coronavirus (COVID-19) The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA [...]
The Equal Employment Opportunity Commission (EEOC) issued an update to its 2009 pandemic guidance, “Pandemic Preparedness in the Workplace and the ADA.” The updated guidance advises employers that: Employers should follow guidance from the Centers for Disease Control (CDC) as well as state and local public health authorities on how best to slow the spread [...]
On March 18, 2020, the Senate passed the Families First Coronavirus Response Act, which President Trump signed last night and will become effective April 2, 2020. The below is a general summary and is not intended to be entirely comprehensive. The following is a brief overview of the Act: Expanded Family Medical Leave Act (FMLA) [...]
Updated 3-20-20 at 2pm. Illinois Governor is expected to order all residents in Illinois to stay at home beginning Saturday, in the most serious effort yet to combat the spread of the coronavirus in Illinois. Pritzker will issue his “stay-at-home” order for all Illinois residents at a 3 p.m. news conference, according to sources. He [...]
IRS extends tax filing deadline to July 15 as coronavirus spreads, Mnuchin says More relief for individuals and small businesses. Key Points - The Internal Revenue Services moved the national income tax filing day ahead to July 15, three months after the normal deadline for Americans to send in their returns. Treasury Secretary Steven Mnuchin [...]
For those small business in Chicago that have been economically impacted by COVID-19, a Fund has been set up by the City of Chicago for low interest loans for up to five years. To request further information regarding this Fund, click on the following link: https://www.surveymonkey.com/r/COVID19Chicago. Once completed, a representative will reach out to you [...]
