April 28, 2020 | Client AlertOn April 22, 2020, Ordinance O2020-2235 (the “Ordinance”) was introduced in the City of Chicago proposing to grant significant rental relief protections to residential tenants affected by the COVID-19 pandemic. The Ordinance has been referred to the City of Chicago’s Committee on Housing and Real Estate for review.
Congress Passes Additional PPP Funding; SBA Issues Additional Guidance
April 24, 2020 | Client AlertOn April 23, 2020, the House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act and sent the bill to President Trump, who is expected to sign it today. The bill provides an additional $310 billion of funding for the PPP Loan program.
Guidance for Employers Returning to Work; COVID Infections as Worker’s Compensation Injuries, and More.
April 23, 2020 | Client AlertMany of our clients are operating in a limited fashion pursuant to one of the many exemptions set forth in Governor Pritzker’s stay at home order. More employers will open up or expand their existing operations in the near future. The EEOC recently issued practical guidance to employers who are resuming operations.
1031 Like-Kind Exchanges and COVID- 19 Deadline Impact
April 23, 2020 | Client AlertGenerally, a gain or loss on the sale of real property is recognized and taxed in the year of realization. There is an exception in the Internal Revenue Code (“Code”) under Section 1031 to this requirement.
OSHA Relieves Most Employers from Recording COVID-19 Infections as Workplace Injuries
April 13, 2020 | Client AlertOSHA issued temporary guidance in the form of its “Enforcement Guidance for Recording Cases of Coronavirus Disease 2019 (COVID-19)” last Friday. The OSHA memorandum issued on April 10th takes effect immediately. It is time-limited to the current public health crisis.
Treasury and SBA Update Paycheck Protection Program Loan Guidance
April 9, 2020 | Client AlertOn April 8, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, updated its Paycheck Protection Program Loans frequently asked questions (FAQs).According to the SBA, “Borrowers and lenders may rely on the guidance provided in the document as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program interim final rule (“PPP Interim Final Rule”).
Center for Disease Control Issues Interim Guidance for Implementing Safety Practices for Employees Exposed to Person with Suspected or Confirmed COVID-19
April 9, 2020 | Client AlertOn April 8, 2020, the US Center for Disease Control issued interim guidance, (“Interim Guidance”), for critical infrastructure workers that permits those workers to continue to work even if exposed to COVID-19, so long as they remain asymptomatic and the employer or business takes additional precautions to protect them and the community at large.
New Guidance from the Federal Government on Unemployment Benefits – $600 Payment
April 8, 2020 | Client AlertMany of our clients have been faced with the Hobson’s choice of furloughs, layoffs, or shutting down. When making these painful decisions, clients want to know what new unemployment benefits might be available to their workforce.
Executing Documents During the Covid- 19 Shut Down
April 7, 2020 | Client AlertOn March 26th, Governor Pritzker issued an Executive Order to facilitate witnessing and notarizing of legal documents in Illinois during the Gubernatorial DisasterProclamation (the “Shutdown”). It permits remote notarizing of documents and witnessing of wills and other documents needing witnesses by two-way audio-video technology, provided that both the client executing the document and the Illinois notary or witness are both physically located within the State of Illinois at the time.
Financial Covenant Considerations in Loan Documents During the COVID-19 Outbreak
April 7, 2020 | Client AlertThe COVID-19 outbreak is not only affecting people on an individual basis, but also entire markets and industries. Reading a few headlines of newspapers indicates the industry of commercial real estate is no exception.