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…
The CARES Act contains provisions that temporarily broaden unemployment assistance and tax rebates to cover more types of individual employees impacted by the Coronavirus pandemic who otherwise may not have been eligible for financial aid prior.
In addition to stimulus payments to taxpayers, expanded unemployment benefits for workers, and tax relief and loans for businesses, the CARES Act provides tax relief for individual taxpayers, including expansion of tax benefits for charitable giving.
While most of the CARES Act focuses on providing economic relief for businesses, certain provisions temporarily impact the rules for retirement plans and required minimum distributions.
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…
In December 2019, Congress enacted the Setting Every Community Up for Retirement Enhancement Act of 2019, or as it’s more commonly known, the “SECURE Act.” The SECURE Act took effect January 1, 2020 and changed many rules that govern your retirement plans and other tax deferred plans. As a result, changes may need to be made to…
Chances are, you know someone who has been sued. Maybe that someone is you. The fact is, your enviable position as a successful business owner comes with a major downside: You are a potential target for lawsuits (some of which may be frivolous and unfounded) and other attacks that can wreak havoc on your…
Since 1967, the Freedom of Information Act (“FOIA”) has provided the public the right to request access to records from any federal agency. Federal agencies are required to disclose any information requested under the FOIA unless it falls under one of nine statutory exemptions. FOIA Exemption 4 of the 5 U.S.C. §552(b)(4) prevents mandatory…
Illinois Governor J.B. Pritzker recently signed into law an omnibus bill aimed at limiting harassment and discrimination within the workplace. The bill amends the Illinois Human Rights Act by requiring annual trainings and disclosures. Additionally, the bill enacts two new laws that may impact Illinois employers: the Workplace Transparency Act and the Sexual Harassment…
Illinois is poised to join over a dozen states in banning employers from inquiring as to applicants’ salary history. A recently-signed set of amendments to the Illinois Equal Pay Act of 2003 (IEPA), which will become effective on September 29, 2019, will prohibit employers from inquiring about and considering an applicant’s salary history when…
