COVID-19 UPDATE from Bellas & Wachowski

Articles Posted in Small Business

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COVID Rules for Residential Evictions

The COVID-19 Pandemic has drastically altered the Rules for Residential Evictions affecting both landlords and tenants.

The Federal Government and the State of Illinois have enacted rules to protect many individuals from eviction and landlords must be aware of the rules to protect their interests.   The recent Stay-At-Home recommendations and the slowdown in the economy have created pressures on both landlord and tenants.

Chicago Business Lawyer George Bellas answers questions for business owners.
Updated November 14

The Chicago area and Illinois business owners are facing a number of challenges and the CoronaVirus pandemic is threatening the continued viability of their business.   Here are some of the more frequently questions asked by business owners.

  • Residential Evictions Stayed until December 15 by Governor Pritzker

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           Crypto economy has arrived.

An actual physical bank will soon be providing the full slate of deposit-taking, custody and fiduciary services for cryptocurrency such as bitcoin.

The Cheyenne, Wyoming-based Kraken Financial on September 16 became the first digital asset firm in the U.S. to obtain a federal- and state-recognized bank charter and thus will be regulated very similarly to other American banks. Although the institution will have a physical office in Cheyenne, the plan is to emphasize online and mobile banking, with customer support on call 24/7/365.

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Employers Need to Mask Up Against Lawsuits

Small businesses face a dizzying swirl of regulations from different levels of government about whether patrons and employees are required to wear masks during the pandemic, as well as whether employers are required to either purchase masks for employees or reimburse them for reasonable costs.

The scenario becomes more fraught given the emergence of class-action litigation even when businesses are complying with the mandates and guidelines from the federal, state and local authorities. Going forward, small businesses need to strike a delicate balance between accommodating customers in their public spaces while doing right by their employees, whose priorities are not always the same but should be considered.

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Women-Owned Small Business Ends

Starting October 15, in a stepped-up effort to ensure that all applicants are eligible, the U.S. Small Business Administration will no longer allow women-owned small businesses or economically disadvantaged women-owned small businesses to self-certify that they meet the requirements for the Procurement Program for Women-Owned Small Business Concerns.

That program enables these categories of businesses to compete for set-aside or sole source contracts with the goal of awarding at least 5% of contracts to these businesses, a goal that the government surpassed in 2019 with $26 billion in total contracts awarded. Women-owned small businesses are defined as those at least 51% owned by one or more women who are U.S. citizens, while the separate economically disadvantaged category includes those with a net worth of less than $750,000, not including primary home equity and interest in the business.

Is Chicago Commercial Real Estate set to rebound after 2020?

Is commercial real estate set to rebound after 2020?

The pandemic and resulting stay-at-home orders from governments and private employers has upended the commercial real estate market on a number of fronts.  And we are now looking square into the Pandemic Recession which has just begun.

For now, it’s merely a matter of unpaid rents and empty spaces, which means short-term losses for building owners. But if working at home has lasting appeal—and the sometimes-resistant culture of American business changes—or if shopping from home stays at its currently heightened level of prevalence, commercial real estate could lose longer-term value.

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How private is your cell phone?

Smartphones provide all kinds of information that advertisers might find useful, including the user’s locations throughout the day. While this information is aggregated and anonymized—excluding names and other identifiers—it’s possible that hackers or other malevolent actors could gain access to a user’s raw data.

Location tracking can be useful for a number of reasons, ranging from targeted advertising from stores and brands, to traffic monitoring and reporting on the part of GPS apps, to analyzing the growth of potential coronavirus hot spots. But people often don’t know their information is being tracked, and disclosures that providing their location for use in a weather app might lead to their data being sold, for example, are often buried in the fine print.

Chicago Business Lawyer

The Dangers of Payroll Tax Deferment

As part of a series of executive actions rolled out in early August, President Trump ordered Treasury Secretary Steven Mnuchin to allow the deferral of the 6.2% payroll tax on employees from Sept. 1 through Dec. 31 for workers making less than about $104,000 on an annualized basis.  The plan was brought forth by the White House after it became clear that Congress did not plan to play ball with the President and pass an actual payroll tax cut.

After a hard look at the plan, it is obvious that small business owners should not be tempted by President Trump’s offer to defer paying some employee payroll taxes until next year.    Established through a non-binding Presidential Memorandum, this offer does *not* constitute a tax cut. 

Chicago Small Business Lawyer

The Key to Surviving as a Small Business

How can your business – and you – survive the COVID-19 pandemic?

It’s a tall order.   But small business owners have means of surviving.   The corollary shutdowns have impacted 20% of small businesses, according to the U.S. Chamber of Commerce, and restrictions have affected a far greater number. A study by the University of Illinois, University of Chicago and Harvard University and its business school estimates more than 100,000 small businesses are permanently shuttered. Not a surprise since many small firms don’t generally have more than a few months’ cash reserve.

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Entrepreneurial Business Concepts 

Companies like GE, Disney and HP got their start during the Great Depression, while Airbnb, Uber, Slack and Venmo launched in cyberspace during the Great Recession.   Taboola’s analysis of more than 8 billion page views, along with data from the aggregated readership among 1,000 of its publisher partners, collected in March and April, shows several promising growth markets, as Singolda noted in an article published on CNBC.com.

Creating the next great videoconferencing platform is an idea that’s probably already taken, but the Taboola analysis of search engine terms revealed others: