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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”.

Illinois Court Operations During COVID-19 UPDATED

April 30, 2020 | Client Alert

Illinois courts remain open in a limited capacity. Judges and judicial employees in all counties are encouraged to work from home for non-emergency matters, and litigants are encouraged to continue utilizing court services while following all applicable public health guidelines. Below please find a brief synopsis of current court availability in civil matters across local courts.

Residential Landlords Take Notice: City of Chicago Proposes New Ordinance Mandating up to Twelve Months of Rent Relief for Tenants affected by the COVID-19 Pandemic

April 28, 2020 | Client Alert

On 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.

Treasury and SBA Update Paycheck Protection Program Loan Guidance

April 9, 2020 | Client Alert

On 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”).