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”.Letter Updating Covid-19 Impact on Court Operations and the Affect on Estate Planning
April 30, 2020 | Client Alert
We know that the global spread of the Corona Virus (“COVID-19”) continues to impact our community in a way that is creating concern and uncertainty at home, at work, and in the economy. As the situation develops, so does our firm’s response.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.Congress Passes Additional PPP Funding; SBA Issues Additional Guidance
April 24, 2020 | Client Alert
On 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 Alert
Many 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 Alert
Generally, 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 Alert
OSHA 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.