The following guidance has been posted by the United States Trustee in respect to the treatment of the IR rebate checks. The federal government will soon begin issuing recovery rebates to qualified individuals under the Coronavirus Aid, Relief, and E…
Read More
The City of Chicago has established the Microbusiness Recovery Grant Program, which will distribute $5,000 grants to up to 1,000 eligible businesses. In order to qualify for this grant, a business must have no more than four employees, less than $250…
Read More
One would think that a chapter 11 debtor has a strong need for a PPP loan, but the SBA believes otherwise. Guidance issued on 4/24 by the SBA rejects the use of such financing for companies in chapter 11, which is not surprising since bankruptcy was…
Read More
FactorLaw previously reported on the trials and tribulations of small businesses trying to stay afloat by accessing (or not being able to access) funds from the Payroll Protection Program (PPP). We are pleased to note that this afternoon, President T…
Read More
Gov. J.B. Pritzker’s office has issued an executive order temporarily suspending the service of garnishment summonses, wage deduction summonses, and citations to discover assets on consumer debtors and consumer garnishees for the duration of the Gu…
Read More
An article in the New York Times today reported that funding for the Paycheck Protection Program could be exhausted within the next day or two. “As of Wednesday evening, more than 1.4 million loans had been approved at a value of more than $315…
Read More
The SBA reported on 4/13 that approximately 65% of the $350 Billion allocated to the Payroll Protection Program (there is talk of an additional $250 Billion in funding) was already committed. Similarly, Crain’s reported on 4/13, that locally CI…
Read More
Under the heading of “one hand giveth and one hand taketh away”, attorneys have mused about the possibility that creditors could garnish payments to individuals and corporations that receive benefits under the CARES Act. This concern is p…
Read More
One of the key provisions of the CARES Act is a $600 per week enhancement to each State’s unemployment benefit. Anecdotal evidence indicates this attribute of the massive legislation may lead some workers to choose to stay off the employment ro…
Read More
We just posted the agenda for the upcoming omnibus hearing on April 16, 2020, for the Mack Industries case. Visit our Mack Industries page to get the agenda.
Read More
