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PPP Funds Almost Exhausted

April 15th, 2020
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
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Categories: Covid-19 Issues, For Creditors, For Debtors, Interesting Articles, News, Practice Areas

The Enhanced Unemployment Benefit under the CARES Act - Potential Unintended Consequences

April 12th, 2020
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
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Categories: Covid-19 Issues, Illinois Bankruptcy, Interesting Articles, Practice Areas, Uncategorized

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 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