As you may have read recently, the Paycheck Protection Program (PPP) closed on Aug. 8, 2020, so that no additional loans would be granted under the program. The possibility exists that another round of funds through the program will be made available if and when Congress agrees on additional stimulus for taxpayers and the economy. […]
In August 2019, Illinois enacted the Workplace Transparency Act, which made major revisions to the state’s employment laws. Among the changes, Illinois imposed a requirement in which all employers must disclose to the Illinois Department of Human Rights (IDHR) the adverse judgments or administrative rulings entered against them in the preceding year. For the 2019 […]
A husband and wife owned a home, their marital domicile. They heard a commercial on the radio informing listeners that internet thieves are stealing homes by forging and creating false ownership documents and that the way to protect unwary homeowners is to utilize their services, which include transferring ownership to a trust. Illinois law allows […]
On June 26, 2020, Gov. J.B. Pritzker signed an extension to Executive Order 2020-30 until July 26, 2020, and has suggested as of June 17, 2020, that potential tenant assistance grants may be available in August 2020 for those who have accrued rent due to a COVID-19 related hardship. This suspension effectively halts evictions for nonpayment of […]
In response to the COVID-19 pandemic, Congress and the Federal Reserve created the Main Street Lending Program (Main Street). The purpose of Main Street is to provide $600 billion in low-interest loans to small and medium-sized U.S. companies. The final details are not yet available, but the Federal Reserve anticipates the program will soon be […]
In addition to the much heralded Paycheck Protection Program (PPP) and tax rebates to individuals, the CARES Act also includes many additional tax credits and benefits. The following are some of the benefits created under the CARES Act. Employee Retention Credit The Employee Retention Credit (ERC) is a fully refundable tax credit for employers equal […]
It is not yet possible to calculate the economic toll from the COVID-19 pandemic. As the world looks towards recovery, businesses may be seeking out sources of recovery for losses resulting from operational disruptions, and insurance policies may be the first place to look. This is the third piece in a three-part series on contractual […]
The Great Recession taught us that fraudulent activity increases during economic downturns. With unemployment claims increasing at unprecedented levels and businesses struggling to survive, financial institutions should expect an increase in fraud. One of the most common schemes against a creditor is a fraudulent conveyance. This article discusses the actions that constitute a fraudulent conveyance […]
In response to the COVID-19 pandemic, Congress and the Federal Reserve created the Main Street Lending Program (Main Street). The purpose of Main Street is to provide $600 billion in low-interest loans to small and medium-sized U.S. companies. The final details are not yet available, but the Federal Reserve anticipates the program will soon be […]
Last August, Gov. J.B. Pritzker signed the Workplace Transparency Act (the Act), which amended the Illinois Human Rights Act to require all Illinois employers provide annual sexual harassment prevention training to their employees by Dec. 31, 2020, and annually thereafter. The Act permits employers to develop and use their own programming as long as it […]
When Illinois passed the Workplace Transparency Act last August, it also imposed annual reporting obligations on employers who entered into settlements, or had final judgments or administrative rulings entered against them, based on alleged acts of sexual harassment or unlawful discrimination in the workplace. The report is due to the Illinois Department of Human Rights on July […]
