President Trump signed a new stimulus bill into law just after Christmas, releasing another $900 billion in stimulus funds into the economy and preventing a government shutdown. The government would have shut down just before the new year if the President had not taken action. In addition to containing money to fund government operations, the spending package also includes emergency relief money that finances a new round of stimulus checks, unemployment aid, and small business assistance. A qualified employment attorney can help you learn how this new legislation may apply to you and your company, possibly saving your livelihood during this unprecedented time.
Financial Assistance for Struggling Businesses
The new deal from Congress will deliver approximately $900 billion in relief funds in an effort to help families and businesses struggling due to the COVID-19 pandemic. During this round of stimulus checks issued by the U.S. government, Americans will receive up to $600 per person for those earning $75,000 or less per year in addition to $600 for each minor dependent. This is similar to the country’s initial stimulus package months prior.
The relief package also includes an extension of unemployment insurance and a federal unemployment insurance bonus of $300 per week. The economic fallout due to the coronavirus pandemic has negatively impacted small businesses in 2020. In response, Congress has allocated an additional $284 billion in loans for those business owners who are struggling to issue paychecks and cover their business’ rent.
Americans who are facing eviction due to nonpayment of rent may find assistance with this latest relief package as well. Congress has included $25 billion in rental assistance plus a 30-day extension of the moratorium on evictions. However, the bill does not provide financial assistance to homeowners who are struggling to make their monthly mortgage payments on time.
Even with this additional financial assistance, business owners may need to consider alternative options, including filing for bankruptcy. Depending on how hard a company was hit during the pandemic, it may be the only option to stay afloat. However, looking ahead to the new year with a vaccine already being distributed for the virus, business owners can take steps to prepare for a more profitable 2021. Preparation may include carefully reviewing their financials from 2020 and realizing new ways to get the job done.
Contact an Illinois Small Business Attorney
Regardless of the industry or size of a company, being a business owner can be stressful for various reasons. This past year has been very challenging, with many businesses temporarily closed in an attempt to stop the spread of COVID-19. A skilled Schaumburg, IL employment lawyer from The Miller Law Firm, P.C. can assist you with any issues you might be having with your company, including financial planning for the new year. Call us today at 847-995-1205 to schedule a free consultation.