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COVID-19 Resources

The COVID-19 pandemic has disrupted every aspect of everyday life and presents singular challenges to all of us. Our attorneys are closely monitoring national and local response to the Coronavirus issue and actively advising our clients and professional network with regard to new legislation and business risks and opportunities within the evolving landscape.

Please contact any one of us with questions on how to respond to issues raised by the pandemic.

CARES Act: Employee Retention Credit and Deferral of Payroll Taxes

In addition to the expansion of SBA Section 7(a) loans available to subsidize payroll expenses, as provided in Section 1102, the CARES Act contains provisions (a) that allow eligible employers carrying on a trade or business to receive a refundable tax credit against Social Security taxes imposed under section 3111(a) of the Internal Revenue Code (the “Code”) or Railroad Retirement Tax Act taxes imposed under section 3221(a) of the Code, and (b) permit employers to defer payment of certain payroll taxes for up to two years. Set forth below is a summary of those provisions.

COVID-19: Emergency Financial Assistance for Illinois Small Businesses

In the wake of the coronavirus pandemic, the Illinois Department of Commerce and Economic Opportunity (IDCEO) has created three programs offering emergency financial assistance to small businesses. Under these programs, Illinois businesses with fewer than 50 employees can apply for low- interest loans and grants. The first program has an April 1st deadline, so hospitality businesses seeking emergency financial assistance should act immediately.

COVID-19 Resources For Illinois Employers

Illinois Governor J.B. Pritzker has entered Executive Order 2020-10, which becomes effective March 21, 2020. With some exceptions, the Executive Order directs Illinois residents to remain at home and temporarily shutters many Illinois businesses. This Executive Order follows federal action that also affects Illinoisans and employers alike.

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