With COVID-19 numbers spiking amid an apparent pandemic wave, Gov. J.B. Pritzker today mandated the partial shutdown for establishments in Region 7 (Will and Kankakee counties) and Region 8 (DuPage and Kane counties). The new rules go into effect on Oct. 23. Mitigation measures taking effect October 23 in Regions… read more →
The U.S. Small Business Administration has released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses. The Application: https://www.sba.gov/sites/default/files/2020-10/PPP%20Loan%20Forgiveness%20Application%20Form%203508S.pdf?utm_medium=email&utm_source=govdelivery Instructions: https://www.sba.gov/sites/default/files/2020-10/PPP%20Loan%20Forgiveness%20Application%20Form%203508S%20Instructions.pdf?utm_medium=email&utm_source=govdelivery We are available to answer your… read more →
PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS INFORMATION AVAILABLE If you took a PPP loan to cover your payroll and operating expenses, beginning August 10, 2020, you may apply for loan forgiveness. However, check with your bank to make sure they are ready to start considering loan forgiveness. To assist you,… read more →
On July 23, the Small Business Administration issued a procedural notice to lenders participating in the Paycheck Protection Program concerning PPP loan forgiveness. https://www.sba.gov/sites/default/files/2020-07/5000-20038.pdf?utm_medium=email&utm_source=govdelivery. In summary the notice states that: SBA will begin accepting forgiveness applications from lenders on August 10. The forgiveness applications (SBA Form 3508 and Form 3508EZ)… read more →
Treasury Department and SBA Issue New Guidance Following Passage of the Paycheck Protection Program Flexibility Act The Paycheck Protection Program Flexibility Act (“PPPFA”) was signed into law June 5, 2020 and now the SBA and the Treasury Department have issued additional guidance: A revised PPP loan application form was created… read more →
EMPLOYER DO’S AND DO NOT’S REGARDING COVID-19 TESTING Effective June 17, 2020, the EEOC issued new guidance that employers may not require workers take tests that detect COVID-19 antibodies without violating the Americans with Disabilities Act. An employer MAY: Ask employees if they are experiencing symptoms of the pandemic virus… read more →
A REMINDER TO ALL OUR SMALL BUSINESS CLIENTS Today, June 9, 2020 the Small Business Administration sent a reminder that more than $130 billion in Payroll Protection Program (PPP) funding is still available, with more flexibility on how it can be used. This means that PPP funds are still available… read more →
Paycheck Protection Program Flexibility Act Signed Into Law The Paycheck Protection Program Flexibility Act has been signed into law. As previously reported (https://boodlaw.com/2020/06/congress-passed-the-paycheck-protection-program-flexibility-act/), the benefits of the Paycheck Protection Program Flexibility Act include: Small businesses will now have more than just 8 weeks to use the PPP loan funds for… read more →
Congress Passed the Paycheck Protection Program Flexibility Act As a supplement to the well-publicized PPP loan portion of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Congress passed a bill titled the Paycheck Protection Program Flexibility Act. This bill is meant to modify and assist the variety of… read more →
