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Pier 1 Bankruptcy Court Abates Payment of Post-petition Rent due to Pandemic

May 13th, 2020
Like other national retailers, Pier 1 Imports filed for bankruptcy in March, hoping to sell its assets and to liquidate under-performing locations. Then the Covid19 Pandemic hit the U.S. with its full force, causing mandatory stay at home orders in a… Read More
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Categories: Bankruptcy Litigation, Covid-19 Issues, Creditor's Rights, For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, Illinois Bankruptcy, Uncategorized

Chicago's Microbusiness Recovery Grants

April 30th, 2020
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
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Categories: For Debtors, Illinois Bankruptcy, Uncategorized

Governor Issues Executive Order Temporarily Suspending Service of Garnishment Summonses for Consumer Debt

April 16th, 2020
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
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Categories: Covid-19 Issues, For Creditors, For Debtors, Illinois Bankruptcy, Uncategorized

SBA Provides Guidance on Frequently Asked Questions About the Paycheck Protection Program

April 8th, 2020
The SBA has provided the following answers to frequently asked questions about the Paycheck Protection Program (“PPP”). The full guidance is available at https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Ask… Read More
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Categories: Covid-19 Issues, For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, For Debtors, Illinois Bankruptcy, Interesting Articles, Interesting Links, News, Uncategorized

Fed Announces Program to Bolster Payroll Protection Program Lending by Large Banks

April 7th, 2020
The Federal Reserve appears to be taking action designed to bolster the Payroll Protection Program by allowing banks to sell the low-interest loans (which are capped at $10 million) to the U.S. central bank for cash. This move is designed to ease pre… Read More
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Categories: For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, For Debtors, Illinois Bankruptcy, Interesting Articles, News

Merchant Cash Advances and Covid-19 - A Double Whammy.

April 4th, 2020
Businesses that have obtained financing through Merchant Cash Advances, and that have been shuttered by the Covid-19 pandemic, may be hit with a double-whammy — reduced cash flow to pay critical expenses (e.g., payroll) and aggressive collectio… Read More
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Categories: Covid-19 Issues, For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, For Debtors, Illinois Bankruptcy, Interesting Articles, Interesting Links, Merchant Cash Advance Defense, News, Practice Areas, Uncategorized

The Payroll Protection Program -- Offering Help to Small Businesses.

April 3rd, 2020
On April 2, 2020, the Small Business Administration issued guidance on the Paycheck Protection Program contained in the recently enacted Coronavirus Aid, Relief, and Economic Security Act (a/k/a the CARES Act). The Paycheck Protection Program will pr… Read More
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Categories: For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, For Debtors, Illinois Bankruptcy, Interesting Articles, Interesting Links, News, Uncategorized

The Illinois Department of Financial and Professional Regulation Announces Help for Consumers and Small Businesses Struggling to Make Payments on their Debts Due to the COVID-19 Crisis and Guidance for its Regulated Financial Sectors

April 1st, 2020
On Monday, March 30, 2020, the Illinois Department of Financial and Professional Regulation announced a series of actions to ensure the protection of Illinoisans in many areas of small business and consumer borrowing, servicing, and collections. The… Read More
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Categories: Covid-19 Issues, For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, For Debtors, Illinois Bankruptcy, Interesting Articles, Interesting Links, News, Practice Areas

Access to Covid-19 Small Business Loan Program Expected Later this Week

March 31st, 2020
Steven Mnuchin has announced that further details on accessing the SBA’s Covid-19 relief loan program should be available later this week. At this point, applications for the program are not available, but Mnuchin’s announcement hopefully… Read More
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Categories: Covid-19 Issues, For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, For Debtors, Illinois Bankruptcy, News, Practice Areas, Uncategorized
Tired owner sitting on floor in closed cafe, small business lockdown due to coronavirus.

When Does the Covid-19 Crisis Compel a Bankruptcy Option for Small Businesses and their Owners

March 29th, 2020
For your information, FactorLaw has prepared the following discussion of how and when chapter 11 can be a viable option for small businesses (or their owners) that are dealing with financial distress caused by the Covid-19 Crisis (the “CVC”). Alt… Read More
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Categories: Covid-19 Issues, For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, For Debtors, Illinois Bankruptcy, Interesting Articles, Interesting Links, News, Practice Areas, Uncategorized
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