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”).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 Alert
On 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 Alert
Many 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 Alert
On 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 Alert
The 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.IRS Extends Filing Deadline to July 15, 2020
April 3, 2020 | Client Alert
Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the US Treasury Secretary said on Friday, March 20. “We are moving Tax Day from April 15 to July 15,” Secretary Steven Mnuchin wrote on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”Coronavirus News Alert: IRS Provides Further Guidance on Delayed Tax Payments.
April 3, 2020 | Client Alert
Following the announcement by Treasury Secretary Mnuchin on Monday, March 16, 2020 that tax payments otherwise due on April 15, 2020 can be deferred for 90 days, the IRS issued Notice 2020-17 (the “Notice”) today providing further guidance.CCM COVID-19 Alert – President Signs CARES Act Into Law
April 3, 2020 | Client Alert
On Friday, March 27, 2020, the U.S. House of Representatives passed the “Coronavirus Aid, Relief and Economic Security Act” (the “Act”), which the Senate had previously passed. President Trump later signed the Act into law this afternoon, delivering much needed relief to individuals and businesses.SBA Issues Paycheck Protection Program Guidance to Lenders and Sample Loan Application
April 3, 2020 | Client Alert
On Tuesday, March 31, the US Small Business Administration issued a Payroll Protection Program (“PPP) Information sheet for lenders.Department of Labor “Posting” Requirement for Paid Leave – May Require Distributing Notice Electronically
April 3, 2020 | Client Alert
The Families First Coronavirus Response Act (or, FFCRA) was the first legislation designed to provide employees with enhanced benefits caused by the COVID-19 outbreak. As many employers are now learning, the FFCRA contains two important provisions regarding paid sick time and expanded (and partially paid) family and medical leave.