Dear Business Owners and Operators,
There has been some additional information to share with you regarding stimulus and relief programs through our government entities:
FEDERAL RELIEF
The $2 Trillion stimulus package has a lot of information to digest and the full package has not been released or fully voted on just yet. Once we have the final version, we will pass it on to you. We do have some important information from this package that you can review regarding the Keeping American Workers Paid and Employed Act.
The Stimulus package will provide direct payments by mailing out checks:
$1,200 for those under $75,000 annual salary
(phase out up to $99,000)
families $500 each child
$2400 for married couples
independent contractors under review in this package
Illinois Department of Commerce and Economic Opportunity has outlined some new relief for Hospitality and Small businesses. Emergency Loan funds and hospitality grant opportunities should be a available on their website on Friday.
Families First Coronavirus Response Act: Employer Paid Leave Requirements
Employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19.[1] The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020. VISIT THE US LABOR WEBSITE for more information.
Governor Pritzker stated in today’s conference Fannie Mae has agreed to work with their customers on term mortgages. Many banks will also talk to you about a 90 day hold on your mortgage to be paid on the back end of your term.
Some businesses are still filing for business interruption insurance in hopes insurance companies may have to pay out. Insurance companies are currently denying these claims, however businesses are still making the claim.
The Chicago Police Department will begin ticketing any groups of people that are outside and not following the stay at home rules. If you see something, please call 911.
Our security will continue to work overnight until further notice.
Please be safe and please visit our website for the latest updates.