May 27, 2020 | Client Alert
Illinois Department of Commerce released guidelines for reopening ten (10) types of businesses on Sunday, May 24, 2020.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.OSHA’S Disappointing Reversal on Recording COVID-19 Infections as Workplace Injuries
May 21, 2020 | Client Alert
The new OSHA directive reminds employers that recording a COVID-19 illness does not, of itself, mean that an employer has violated any OSHA standard. Moreover, existing regulations exempt employers with 10 or fewer employees and certain employers in low hazard industries from reporting obligations altogether.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.STIMULUS CHECKS TO DECEASED MUST BE RETURNED
May 7, 2020 | Client Alert
On March 27, 2020, federal lawmakers approved a $2 trillion stimulus package to reduce the economic impact of the COVID-19 National Emergency. A part of that package was a onetime cash payment of $1,200 to qualifying American citizens.Senate Bill Introduced to Reverse IRS Position on PPP Loan Forgiveness
May 7, 2020 | Client Alert
On May 5, 2020, Senator John Cornyn, with bipartisan support, introduced legislation that would permit borrowers that received Payroll Protection Program (“PPP”) loans under the CARES Act to deduct expenses that were funded with the PPP loans. The Senate bill responds to IRS Notice 20-32, which provided guidance regarding the deductibility for federal income tax purposes of otherwise deductible expenses when a taxpayer receives a PPP loan.New COBRA Rules During the COVID-19 National Emergency
May 6, 2020 | Client Alert
The Department of Labor and the Internal Revenue Service recently issued a Joint Rule which gives employees additional time to make important health insurance coverage decisions if they experience a “qualifying event” under COBRA. The Joint Rule extends multiple COBRA deadlines related to coverage and election through the “Outbreak Period”.