Streamlined Loan Forgiveness Process for PPP Loans Under $50,000
As of October 8, 2020, loan recipients under the Paycheck Protection Program (“PPP”) have a new, streamlined application form for requesting loan forgiveness. The new loan forgiveness form, SBA Form 3508S, may be used by businesses that received a loan totaling less than $50,000 or, together with its affiliates, received PPP loans totaling less than
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,
SEC Changes Definition of Accredited Investor
On August 26, 2020 the Securities and Exchange Commission (“SEC”) adopted amendments to the “accredited investor” definition, which is a principal test used to determine who is eligible to participate in the US private capital markets. These amendments revise Rule 501(a), Rule 215, and Rule 144A of the Securities Act of 1933. These new amendments
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
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