ILBA INFORMATIONAL ALERT
CORONAVIRUS (COVID-19) UPDATE – 3/18/2020
PREPARE NOW FOR THE POSSIBILITY OF EXTENDED CLOSURE
The ILBA continues to communicate with many agencies and departments that make policy decisions. We are advocating to improve the challenging situation that Illinois’ adult beverage businesses are facing. We have made specific policy change requests with the ILCC. We are requesting relief programs for our member businesses and will continue to offer suggestions that may assist you during this unique situation.
IDES WILL ASSIST EMPLOYEES WITH UNEMPLOYMENT – ACT NOW
- The Illinois Department of Employment Security will assist employees with “out of work” benefits. They have a special notice regarding the Coronavirus. More information is available at: ides.illinois.gov Over 291,000 claims were received yesterday.
IDES WILL MAY ASSIST OWNERS WITH UNEMPLOYMENT – ACT NOW – FILE NOW
- The Illinois Department of Employment Security will assist employers with providing benefits to employees and possible benefits to you as an owner. It is best to file a claim immediately. They may deny the claim, but you can appeal that decision. It has been implied that there may be coverage for the self-employed regardless of payment into the system. More information is available at: ides.illinois.gov
FEDERAL ASSISTANCE COMING
- The White House is preparing a coronavirus response package that could top $1 trillion to follow two other relief measures advanced by Congress. An initial $8 billion package (Public Law 116-123) was signed into law on March 6. Lawmakers have quickly advanced a second package (R. 6201) to provide paid leave to some quarantined individuals, make coronavirus tests free, ensure students continue to receive free lunches, and expand unemployment insurance. More than 7,500 cases of Covid-19, the lung illness caused by the new coronavirus, had been identified in the U.S., and 123 Americans had died from the virus, as of the afternoon of March 18.
- The President announced today a $500B Stimulus Plan for a direct relief payment to adult taxpayers. The President is suggesting a $1,000 per taxpayer payment within the next 14 days and another $1,000 payment in 30-60 days.
- Another $500B is being proposed for business assistance through SBA Loans and other programs yet to be announced.
- Federal Tax Payments Due April 15th have been delayed, but you must file on time.
- There is no insurance relief or coverage available on almost all policies because there is “No Direct Physical Loss”.
- No real Coverage for “Loss Means of Support” or “Spoilage”
- Check your policy and contact your agent regarding your policy. Some insurers such as Illinois Casualty Co. have suspended, for 30 days, premium billing for policy holders.
LOAN & LEASE PAYMENT RELIEF – ACT NOW
- Several banks are deferring business loan payments for up to 90 days. In many cases, loan officers have contacted their business clients. Call your bank or loan officer and inquire about these options as soon as possible. If not available now, ask to be informed as soon as the option is available.
- Contact your landlord and request a delay of your lease payment.
- Contact other vendors and request assistance.