Business contract breaches are on the rise during the COVID-19 pandemic and our firm is seeing a rise in contract disputes leading to business litigation. Unfortunately, as the coronavirus continues to disrupt business, more and more companies and individuals will struggle to perform their contractual obligations. The applicability of force majeure clauses—and whether or not [...]
The sweeping coronavirus aid package set for a House vote today provides $349 billion for the Small Business Administration to guarantee loans to small businesses. The legislation calls for the loan money to be distributed using the existing framework of the Small Business Administration’s 7(a) program. The 7(a) program is a joint partnership between private [...]
Coronavirus-related paid leave for workers and tax credits for small and midsize businesses The US Treasury Department, IRS and Department of Labor issued a joint announcement that small and midsize employers can take advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar for dollar, for the cost of [...]
Economic Relief Plan for Small Business The Keeping American Workers Paid and Employed Act is Division A of the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT). The CARES Act is 880 pages long, consisting of several different Divisions and Titles: A. Division A—Keeping Workers Paid and Employed, Health Care System Enhancements, and Economic [...]
IRS extends tax filing deadline to July 15 as coronavirus spreads, Mnuchin says More relief for individuals and small businesses. Key Points - The Internal Revenue Services moved the national income tax filing day ahead to July 15, three months after the normal deadline for Americans to send in their returns. Treasury Secretary Steven Mnuchin [...]
Picture the situation, Bob, an employee of your small business, has crossed the line one too many times, and you fire him for legal cause (assume one that may even disqualify him from receiving unemployment benefits). You give him his final paycheck and begin trying to figure out who will pick up Bob’s share of [...]
With the new tax law now passed through Congress and signed by the President, our Chicago business lawyers have been spending time unpacking the new 2018 tax law related to Illinois corporations and pass through entities, such as Illinois limited liability companies. We have found that the choice of business entity and the elected tax [...]
Estate Tax and Generation Skipping Taxes Repealed On November 2, 2017, Republicans in the House of Representatives released their version of a tax reform bill: The Tax Cuts and Jobs Act. The Tax Cuts and Jobs Act is not yet law and is only the beginning of what is sure to become a legislative [...]
Have a great business idea or inventive product that needs funding to get launched? Crowdfunding and micro-finance platforms, like Kickstarter, may be the answer to your new businesses financing needs. For some entrepreneurs and new business owners, crowdfunding or micro-finance may not be the way to go. But, as our Chicago business lawyers has recently [...]
Looking for a great hand crafted holiday gift for yourself, friends and family, business clients or employees.? Well, you should definitely check out Holy Smoke's handcrafted cold-smoked extra virgin olive oil. If you've never had smoked olive oil, you're missing out! "It's like liquid bacon that's good for you!" Smoked Olive Oil All the of [...]
