News & Articles

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

What To Do If Employee Tests Positive For COVID-19

As the pool of “essential workers” continues to grow and Illinois continues to move through the phases of Governor J.B. Pritzker’s Plan to Reopen Illinois, it is important that employers establish procedures to prevent the spread of COVID-19 in the event an employee tests positive. Implementing procedures to address this scenario will protect your employees

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

Paycheck Protection Program – Small Business Association to Review Appropriateness of Some Loans and Loan Limits for Corporate Groups

Earlier this week the Small Business Association (“SBA”), in consultation with the U.S. Department of the Treasury (“Treasury”), released updated FAQs and a new Interim Final Rule (“IFR”) to provide guidance on uncertainties that were common among many PPP borrowers. First, on April 29th the updated FAQs confirmed U.S. Secretary of the Treasury, Steve Mnuchin’s,

Congress Passes Updates to COVID-19 Funds; More Money Available for Business Loans

On Thursday, April 23rd, the House of Representatives passed a $480 billion funding bill that aims to close gaps in funding provided by earlier loans through the Paycheck Protection Program (“PPP”). The funding bill is expected to be signed into law by President Trump today, April 24th. While many businesses were able to access the

UPDATE: Governor Pritzker Modifies and Extends Stay-At-Home Order

On April 23, 2020, Governor J.B. Pritzker announced that the Stay-At-Home Order, which was set to expire on April 30th, will be extended through May31st. In addition to extending the Stay-At-Home Order, the new executive order will include some modifications that may affect you. First, the modified order includes new businesses as essential. Starting May

STAFFING FIRMS – RESPONSIBILITIES DURING THE COVID-19 PANDEMIC: FAQ

Staffing firms that are in the business of employing individuals for short-term, or long-term periods may have unique obligations to temporary workers and clients in light of the COVID-19 pandemic. This FAQ answers frequently asked questions that will serve as a guide to staffing firms that will inevitably be impacted by COVID-19. For a more

Potential Real Estate Tax Relief to Illinois Businesses and Homeowners

It is undeniable that the repercussions of the COVID-19 pandemic have left many families and businesses in a state of financial uncertainty. As a result, many governmental agencies have taken steps to lessen the financial burden. Last Friday, Cook County Assessor Fritz Kaegi announced that all homes, businesses and other real estate parcels could see

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