SBA Announces Reopening of Paycheck Protection Program
The U.S. Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.
State of Illinois Business Interruption Grants
Deadline: Applications will be reviewed on a rolling basis until all funds are exhausted.
The Business Interruption Grant (BIG) program is a $636 million program developed by Governor Pritzker and the Illinois General Assembly to provide economic relief for small businesses hit hardest by COVID-19. BIG leverages federal funding provided by the CARES Act to help offset COVID-19 related losses for Illinois small businesses. Funding may be used to help businesses with working capital expenses, including payroll costs; rent; utilities; and other operational costs as defined in the eligible cost list found below.
COVID-19 Economic Injury Disaster Loans
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).
SBA Debt Relief
For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.
Employment Law and Legal Liability in the Age of COVID-19
While this aspect of the COVID-19 pandemic is still evolving, check out these local lawyers who can assist with your employment law needs:
Stay on top of the latest employment law issues in the age in COVID-19 with Greensfelder, Hemker & Gale, P.C. Visit their COVID-19 Resources page for the latest blog posts on employment issues.