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Schaumburg small business lawyerPresident 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.

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Schaumburg business lawyerStarting your own business and becoming your own boss can be a dream come true for many people. Bringing your talent and creativity to fruition may allow you flexibility and financial security at the same time. As an Illinois business owner, you have several options regarding what type of company you would like to form. Important considerations include ownership, taxation, and management. Although you may have a vision of how you want your business to run, you may not be sure which business entity is the best choice. Before making this crucial decision, consult an experienced business attorney for advice on the best path for your business.

Business Structures to Fit Your Goals

Running your own business offers many perks and can enhance your work-life balance. However, building a company from the ground up can be a daunting task, with many critical factors to consider before the doors can open for business. There are four main business entities that entrepreneurs may consider, as described below:

  • Sole Proprietorship: This type of entity has one owner who may choose to use his or her own name for the company. He or she is solely responsible for the management and daily operations of the business. One benefit of sole proprietorship is that any income generated is only taxed once.

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Schaumburg business law attorney coronavirus reliefThe global pandemic of COVID-19 is on everyone’s minds these days. Millions of confirmed cases have been reported, and tens of thousands of people have died in the United States due to complications from the virus. Health and government officials continue to monitor the situation very closely. In countries throughout the world, non-essential businesses and schools have been temporarily closed in an effort to stop the spread of coronavirus. Illinois Governor J.B. Pritzker issued a “stay at home” order through April 30. For those small business owners and employers who are struggling to maintain their livelihoods, there is some relief in the form of financial assistance. The Illinois Department of Commerce & Economic Opportunity (DCEO) and the Illinois Department of Financial and Professional Regulation (IDFPR) established the Illinois Small Business Emergency Loan Fund to provide small businesses with the opportunity to apply for loans up to $50,000 at a low-interest rate.

Who Can Apply for the Bailout Loan?

The below eligibility requirements apply to small businesses that are in Illinois but are outside the city of Chicago. Small businesses within Chicago can apply to a similar loan program. Requirements are based on employment between October 2019 and December 2019. Seasonal businesses may use an employment average between January 2019 and December 2019.

In addition, the business must:

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nursing mother, FLSA, Affordable Care Act, Obamacare, Fair Labor Standards ActWhen the Patient Protection and Affordable Care Act was passed in 2010, it amended a portion of the Fair Labor Standards Act (FLSA) to accommodate nursing mothers who return to work after the birth of their child. Failure to follow these new rules could result in serious small business employment litigation in Illinois and across the country.

Under the amended Section 7(r) of the FLSA, employers must provide a reasonable break time for nursing mothers to express their breast milk for up to a full year after their child's birth. The employee must be allowed to take these breaks every time they have the need to express their milk. Employees do not have to be compensated for these breaks, unless they fall during the employees' regular compensated break period. This requirement applies to all employers, though businesses with less than 50 employees can apply for an exemption if they can prove the requirements would cause undue hardship to the business. In addition to allowing for time to express the breast milk, employers must also provide a space other than the bathroom for the employee to use during this time. The space can be temporarily created or converted, or can simply be made available to the nursing mother when needed. This space must be free from co-worker intrusion and shielded from the view of both co-workers and clients. It must also be function. In general, employers will need to provide a seat for the employee and an outlet for the pump at a minimum. If you have an employee who is returning to work following childbirth and you are concerned about what will be required of your business under the law, or if you have been accused of violating any part of the FLSA, having a qualified attorney is important. Contact the experienced professionals at the Miller Law Firm, P.C. We have had experience with hundreds of Illinois FLSA cases and can help you ensure your business is protected.

 tax credit for small business IMAGEUnder Illinois employment law, businesses who hire certain groups of employees could earn big tax credits this year.

According to the Illinois Department of Employment Security, employers who participate in the Work Opportunity Tax Credit program could earn up to $9,600 in federal tax credits for hiring certain groups of employees:

  • Up to $2,400 for short-term welfare recipients and ex-felons
  • Up to $9,000 over two years for long-term public assistance recipients
  • Up to $9,600 per veterans for profit employers or up to $6,240 for non-profit organizations.

In addition to these federal credits, Illinois employers can earn substantial state tax credits for hiring veterans, particularly those who served during Operation Desert Storm, Operation Enduring Freedom, or Operation Iraqi Freedom. This credit can be up to $5,000. Ten percent of the total earnings paid to every qualified veteran hired after January 1, 2010 can be applied to the credit, as long as the veteran worked at least 185 days during the tax year.

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