Category Archives: SBAC News

SBAC’s 1st Virtual Lawyers TownHall RECORDING


Special thanks from the SBAC to our Sponsor, Saul Ewing Arnstein & Lehr, and Partner Jason Tremblay for being a panelist on our 1st Virtual Lawyers Town Hall.

Topics discussed included Employment Law, Bankruptcy, and Biometrics.

Make sure to watch the recording here if you missed it.

  • Jason Tremblay, Saul Ewing Arnstein and Lehr
    • Current Return to Work Landscape – What it Looks Like and How To Safely Bring Your Employees Back to Work
  • Barb Yong, Golan | Christie | Taglia LLP
    • Post-COVID:  Bankruptcy and Non-Bankruptcy Options for Small Businesses
  • Howard StoneStone, McGuire & Siegel
    • How to protect your company and business from civil and criminal penalties
  • Denny Esford,Windy City Trial Group, Inc.
    • Biometrics in Today’s World

 

Sponsored by:

SBAC and Tandem HR’s Cost-Saving Outsourced HR Services


Why should an employer look at a PEO?

Dedicated and happy employees are essential to the growth and success of your organization. Some may argue that employees are your biggest asset. Yet, there are many administrative tasks and compliance concerns that add up as your employee count grows. Tandem HR and SBAC have created a 5% savings on all PEO services provided. Click here and save on HR services today!

DCEO Launches New Small Business Relief Program


DCEO recently launched its business interruption grants program (BIG) which will provide $60 million in support of small businesses that are seeing steep loses in revenue or business interruption due to the COVID-19 pandemic. This program is available for a maximum of 3,500 businesses with limited capacity to operate due to public health related closures. These funds are set to be allocated in early July. This program will be fully funded up to $540 million in grants for small businesses with $270 million designated for childcare providers. This funding comes from appropriations set by the CARES Act.

The first round of grants will prioritize support for small businesses that have halted operations completely or have been severely restricted. In addition, priority will given be to businesses within areas that have been impacted disproportionately, or in low income areas with high rates of COVID-19.

To be eligible, businesses must demonstrate that they have experienced heavy economic hardship since March.

The application portal goes live June 26th, 2020 and will be accessible here.

Introducing our new SBAC Board members!


Please join us in welcoming Tim Monner and Rachel Axelrod to the SBAC Board of Directors!

Tim Monner is the VP of Marketing and Business Development at Steadfast

Tim brings all of his experience to Steadfast, where he is responsible for marketing, brand, and sales efforts as VP of Marketing and Business Development. Attracted to Steadfast’s focus on supporting small-to-medium enterprises (SMEs), his goal is now to help transition Steadfast as a premier cloud services provider that can help companies of all sizes compete on a level playing field.    https://www.steadfast.net/

 

Rachel Axelrod is the founder of Axelrod Consulting

Axelrod Consulting is an event production firm that works with organizations to create dynamic, memorable conferences and intellectual events.  In 2017, she co-founded TEDxChicago, an independently organized and TED-licensed event. Now, Rachel leverages her legal expertise and people management experience to produce conferences and other interactive experiences that prompt meaningful discussion and inspire action.  https://axelrod-consulting.com/

Thank you Ntiva!


BIG THANK YOU TO ONE OF OUR SPONSORS – NTIVA!

With their generous donation, we were able to purchase a brand new Customer Relationship Management system. 

What does that mean for the SBAC? 

It means we can give our members the experience they deserve.  This robust CRM will handle event planning, a new website, membership relations, donations and so much more.  We cannot thank Ntiva enough for their indispensable contribution!

Contact Ntiva:  https://www.ntiva.com/

New “Paycheck Protection Program Flexibility Act” Significantly Changes PPP Loan Forgiveness Rules


On June 5, 2020, H.R. 7010, entitled the “Paycheck Protection Program Flexibility Act” (the “PPPFA”), was signed into law. As discussed in this Client Alert, the PPPFA significantly modifies certain of the existing rules related to the forgiveness of PPP loans in an effort to provide borrowers more flexibility with respect to the use of PPP loan proceeds. Such changes include, among other things, extending the time period allowed for borrowers to spend forgivable PPP loan proceeds and lessening the overall amount of PPP loan proceeds which are required to be spent on “payroll” costs. That being said, the PPPFA does raise some additional questions and issues of which both existing and new PPP loan borrowers should be aware. Learn more in this new COVID-19 Client Alert written by Freeborn & Peters LLP Partner, Anthony Zeoli

Cook County Access to Capital Program Goes Live


As of June 8th, 2020, Cook County will begin receiving application for their Community Recovery Fund which will provide zero-interest loans of up to $20,000 for small businesses and up to $10,000 for independent contractors. Applicants must be based in suburban Cook County. Additional eligibility requirements are listed below:

Small Businesses are eligible if they are:

  • Employing 25 or fewer employees,
  • Earning less than $3 million in annual revenue,
  • Located in suburban Cook County, and
  • Revenues have decreased more than 25% as a result of COVID-19

Independent Contractors are eligible if they are:

  • Making at least half of your yearly income in 1099 contract work
  • Earning less than $100,000 annually
  • Residing in suburban Cook County
  • Currently, not-for-profits are not eligible for this program

Documents required:

  • Bank statements from October 2019 to date of application
  • Copy of most recently filed Federal tax return
  • Copy of most recent annual financial statements (only required if small business)
  • Valid photo ID of independent contractor or business owner

Click here to apply.

Congress Passes Legislation That Alters PPP


The Senate passed the Paycheck Protection Flexibility Act (PPFA) on June 3rd, 2020. This legislation amends the Paycheck Protection Program (PPP) by the following:

  • The PPFA would change loan forgiveness criteria by requiring borrowers to use at least 60% of their PPP loan for payroll costs (salary, wages, benefits) and 40% for non-payroll related costs (rent, mortgage, utilities). The current PPP structure requires at least 75% of the loan be allocated towards payroll and 25% for non-payroll related costs.
  • The 8-week covered period for loan forgiveness and restoring FTE is extended to 24 weeks or Dec. 31st, 2020.
  • In calculating full FTE return, business can exclude from required FTE target (1) furloughed employees who asked to return work but declined (2) positions that could not be filled because lack of skilled candidates (3) unable to restore business to Feb. 15th, 2020 level.

 

**** The new criteria must be followed exactly in order to receive loan forgiveness as partial forgiveness is no longer available under the new law.****