We are all in this together, we at Ezzi Law hope you will find the following resources to be helpful. While not an exhaustive list, the links (underlined) below should help point you in the right direction depending on the issue/s you are facing as a result of COVID-19. The majority of the Federal resources were put together using https://www.USA.GOV/Coronavirus
Illinois State Resources
Illinois Small Business Emergency Loan Fund. Offers small businesses low-interest loans of up to $50,000. Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply.
Federal Student Aid has information for students, borrowers, and parents. Your interest rate is 0% on specific federal loans from March 13, 2020, through Sept. 30, 2020.
IRAs. Waives the 10% early withdrawal penalty for distributions from qualified IRAs (up to $100,000) to cover COVID-19 related expenses for individuals under 59 ½. It also waives the required minimum distribution rules for IRAs, 401(k)s and certain other retirement plans for 2020.
The Families First Coronavirus Response Act provides paid sick leave and expands FMLA protections. It went into effect on April 1, 2020.
The Coronavirus Aid, Relief, and Economic Security Act (CARES) addresses concerns for small businesses. It created the Pandemic Unemployment Assistance Program to provide federal unemployment coverage for individuals traditionally not eligible for unemployment (think self-employed and independent contractors). It will be available until the end of 2020 to assist individuals unable to work because of COVID-19. Individuals who have exhausted state and federal unemployment benefits are eligible for an additional 13 weeks of federal benefits.
Paycheck Protection Program. This provides a $350 billion fund to provide loans to small businesses and 501(c)(3) corporations that have fewer than 500 employees and sole proprietors, independent contractors, and self-employed. Amounts used to cover payroll costs, mortgage interest payments, rent, and utility bills over an eight-week period will be forgiven if the business retains its employees. Forgiveness is reserved for employers that maintain payroll continuity from Feb. 15, 2020 until June 30, 2020.
The Small Business Owner’s Guide to the CARES Act from the U.S. Senate Committee on Business and Entrepreneurship is also available online.