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.Illinois Department of Revenue Waives Penalties for Late Sales Tax Payments from Bars and Restaurants
April 3, 2020 | Client Alert
Governor Pritzker announced on March 19 that effective immediately, the Illinois Department of Revenue will waive any penalties and interest from late sales tax payments for business taxpayers that are bars and restaurants. To qualify for the relief, the taxpayer must operate an eating and drinking establishment that incurred a total Sales Tax liability of less than $75,000 in calendar year 2019.SBA Issues Interim Final Rules On Paycheck Protection Program
April 3, 2020 | Client Alert
Late Thursday, April 2, 2020, the U.S. Small Business Administration (“SBA”) issued interim final rules implementing the “Paycheck Protection Program. Under the CARES Act. Most of the Interim Rules are consistent with the CARES Act. The SBA invites comments for a period of 30 days following publication of the Interim Rules in the Federal Register.Treasury Delays April 15 Tax Deadline by 90 Days for Millions
April 3, 2020 | Client Alert
Treasury Secretary Steven Mnuchin announced that his department is pushing back the April 15 deadline to pay any federal income tax liability, giving individuals and many businesses 90 extra days to pay taxes they owe. Individuals can defer up to $1 million of tax liability and corporations get an extension on up to $10 million, Mnuchin said Tuesday at a press conference.