Category: Business Law
Lightfoot’s New Budget Includes Property Tax increase
The Chicago City Council voted to approve Mayor Lori Lightfoot’s $12.8 billion budget plan, including a $94 million property tax increase. The budget was passed on November 24th, which was followed by the property tax levy that then passed by a 28-22 vote. The property tax increase goes into effect in 2021 and includes an
Strategies to Combat Truck Driver Shortages
The freight industry has experienced a massive pendulum swing this year, beginning with an all-time high of 471,000 drivers in February 2020, to an eight-year low of 440,000 drivers by October 2020. The drop in the number of drivers is a product of the COVID-19 pandemic and its associated economic effects. Among these effects was
Momentum Grows For Change In Law Firm Ownership Rules
There is a growing list of states considering a change to their legal system rules that would allow non-lawyer entities to own law firms. New York, Illinois, Connecticut, Florida, and North Carolina are all exploring the possibility of making substantial ownership changes they hope could potentially make civil legal services more affordable to middle class
Major Boon for Insureds Seeking COVID-19 Business Interruption Coverage
Recent cases involving insurance companies against insured businesses seeking COVID-19 business interruption coverage could be of great importance due to the decisions’ focus on the impact of the virus as well as the expectations of a reasonable insured. A Missouri Court in Blue Springs Dental Care v. Owners Ins. Co. examined the “direct physical loss
Business Liability for Family Members of Workers who Contract COVID-19
The COVID-19 pandemic has raised many new questions in employment law. One emerging question is the liability of a business when a worker who was infected while on the job, passes the COVID-19 infection to his or her family member(s). This issue has yet to be addressed by most courts, however a recent Kane County,
Certain PPP Loan Recipients Are Now Eligible to Streamline Their Forgiveness Application
The Paycheck Protection Program (“PPP”) has been one of the most important components of the CARES Act enacted by Congress to provide relief to Americans during the COVID-19 pandemic. One of the most beneficial components of PPP loans to business owners is loan forgiveness. To help business owners with the process, the U.S. Department of
Important Information Regarding PPP Loans Under the Paycheck Flexibility Act
The Paycheck Flexibility Act (“PFA”) was signed into law by the President today, June 5. The PFA provides PPP loan borrowers with spending flexibility by adding additional time for loan proceeds to be used, while still qualifying for loan forgiveness. The PFA also makes some significant changes to the current PPP loan forgiveness requirements. PPP
PPP LOAN FORGIVENESS GUIDANCE
On Friday, May 15th, the Small Business Administration (the “SBA”) released an application for borrowers of the Paycheck Protection Program (“PPP”) loan to use to determine the amount of the loan that may be “forgiven” by their lender. As you may be aware, PPP loans are based upon 2.5 times the company’s average monthly payroll
Illinois Employers Must Provide Sexual Harassment Prevention Training By December 31, 2020
Illinois employers must provide annual sexual harassment prevention training. The Illinois Legislature amended the Illinois Human Rights Act (“IHRA”) to create this requirement, as well as expand the class of persons protected by harassment laws, impose reporting requirements, and limit the use of confidentiality clauses. The law also required the Department of Human Rights (“IDHR”)
Real Estate Tax Relief to Illinois Businesses and Homeowners
On May 13, 2020 we released an article illustrating Cook County Board President, Toni Preckwinkle’s, intent to present to the County Board an ordinance which would waive the assessment of interest and late fees for late payment of real estate taxes through October 1, 2020. As predicted, the County Board approved the ordinance during its