San Luis Obispo, Calif (PRWEB) June 10, 2021 As Californians look forward to the lifting of COVID-19 restrictions on June 15, businesses are revamping and
Tyler LaRiviere/Sun-Times
Chicago’s largest and grandest hotels are reawakening from a pandemic-induced slumber. But they’ll apparently have to wait for the financial relief they need to fully reopen, even if occupancy rates rise and the demand for rooms is there.
Michael Jacobson, president and CEO of the Illinois Hotel & Lodging Association, has been told he’ll have to wait until late summer to find out whether Mayor Lori Lightfoot will grant his request for a hotel-only version of the Payroll Protection Program that helped restaurants survive the pandemic.
But Lightfoot isn’t ready to decide. She’s still waiting for final federal guidance on the preliminary edict that no new stimulus money can be used to cancel plans to refinance some city debt.
Business
The unemployment bill formerly known as S.10 – Business owners had their most challenging year in memory. Many hoped that the legislature, knowing this, would have sought to offset their challenges. Unfortunately leveling unemployment tax rates was considered by some to be too much help.
One of the most contentious negotiations of the session centered on the formula that determines the Unemployment Insurance Trust Fund balance. Recent years unemployment rates are entered into the calculation, and many experts felt that 2020 was an anomaly and should be removed from the formula given the pandemic. Without 2020 in the equation, the balance required would be $600 million, and with 2020 it would be $1 billion (by all accounts too much).
The state House approved Thursday a Republican-led effort that would compel North Carolina s withdraw from a federal extended unemployment benefit program with a $300 weekly payment.