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House Passes Bill Amending Key PPP Loan Provisions

May 29, 2020 | Client Alert

On May 28, 2020, the U.S. House of Representatives passed the Paycheck Protection Program Flexibility Act of 2020 (the “Bill”). The Bill amends certain Paycheck Protection Program (“PPP”) provisions of the CARES Act.

Illinois Department of Commerce Releases Phase 3 Guidelines for Reopening

May 27, 2020 | Client Alert

Illinois Department of Commerce released guidelines for reopening ten (10) types of businesses on Sunday, May 24, 2020. Separate guidelines were issued for Manufacturing, Health and Fitness Centers, Offices, Personal Care Services, Retail, Outdoor Recreation, Service Counters, Day Camps, You Sports, and Restaurants and Bars. We will examine the guidelines for Manufacturing and Offices.

House Bill Would Amend Key PPP Loan Provisions

May 22, 2020 | Client Alert

On May 15, 2020, Republican Representative Chip Roy of Texas introduced in the U.S. House of Representatives a bill known as the Paycheck Protection Program Flexibility Act of 2020 (the “Bill”). The Bill would amend certain Paycheck Protection Program (“PPP”) provisions of the CARES Act.

SBA Issues Long-Awaited Guidance on PPP Loan Forgiveness

May 18, 2020 | Client Alert

On Friday, May 15, 2020, the U.S. Small Business Administration issued its long-awaited guidance on loan forgiveness under the Paycheck Protection Program (“PPP”). The instructions were in the form of a Loan Forgiveness Application Instructions for Borrowers (the “Application”).

ABA Section of Taxation Letter in Response to IRS Notice 2020-23

May 15, 2020 | Client Alert

In a CCM client alert dated April 23, 2020, deadline changes for Section 1031 like-kind exchanges announced in Notice 2020-23 by the Internal Revenue Service (“IRS”) were outlined. In response to Notice 2020-23, the Section of Taxation of the American Bar Association (“ABA Tax Section”) submitted a letter to the IRS requesting further clarification and guidance and providing additional recommendations for changes.

DUPAGE COUNTY REMOTE PROCEDURES

May 11, 2020 | Client Alert

Due to the COVID-19 National Emergency, all Du Page Chancery, Domestic Relations, and Law Division matters scheduled between May 18, 2020 and June 05, 2020, will be heard remotely. This does not include jury trials, evidentiary hearings, arbitrations, or mediations. Remote proceedings will be conducted through Zoom, CourtCall, or other platforms preferred by the assigned judge.