Small Business Bankruptcies: Subchapter V isn’t just for the Smallest Businesses
The CARES ACT Expands Eligibility For Subchapter V Providing More Businesses a Viable Option to Reorganize.
Earlier this year, the Small Business Reorganization Act of 2019, which created the new Subchapter V of the Bankruptcy Code (11 U.S.C. §§ 1181-1195 “Subchapter V”), went into to effect.
Chicago Landlords Beware: Tenants Rejoice
Despite vehement objection by several aldermen, property owners’ organizations and developers, the City of Chicago passed what’s come to be known as “The Fair Notice Eviction Ordinance” on July 22, 2020 by a vote of 36-14.
Chicago’s New Fair Workweek Ordinance Requires Certain Employers to Provide Predictive Work Schedules
On July 1, 2020, the City of Chicago rolled out the Fair Workweek Ordinance, which requires certain employers to provide predictable work schedules to eligible employees and pay additional compensation if the employer subsequently modifies the schedule. The City’s decision to implement the Ordinance in the midst of the COVID-19 pandemic has left many employers scrambling to determine whether their business is subject to the Ordinance, what employers need to do to comply, and how the Ordinance will be enforced during the ongoing pandemic.
Property Tax Deadlines Extended
In response to the Covid-19 pandemic, some county governments have extended deadlines for payment of property taxes or waived interest and penalties for late payment. The relief has been ad hoc with different measures enacted by different counties.
U.S. Supreme Court Holds That Title VII Prohibits Workplace Discrimination Based on Sexual Orientation or Gender Identity
On Monday, June 15, 2020, the U.S. Supreme Court issued a landmark decision holding that Title VII of the Civil Rights Act of 1964 prohibits discrimination in the workplace based on an employee’s sexual orientation or gender identity.
Federal Bankruptcy Court Rules Gov. Pritzker’s Executive Order Triggered Lease’s “Force Majeure” Provision
Last week, a Chicago-based federal bankruptcy judge ruled that Gov. Pritzker’s Executive Order addressing the COVID-19 pandemic triggered a lease’s “force majeure” provision entitling a tenant to a rent reduction.
Paycheck Protection Program Flexibility Act of 2020
Earlier today, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”). The PPPFA addresses the problem many employers were facing with the ability to seek loan forgiveness based upon restrictions under the Paycheck Protection Program (“PPP”) enacted earlier this year.
Leveraging the Current Environment to Meet Business and Estate Planning Goals
Recent events have led to weighty economic issues in the United States and around the world. While this will continue to cause anxiety and present serious challenges, the current situation has also created a significant opportunity to maximize wealth transfers and avoid transfer taxes. Two factors have converged to make this opportunity.
Amidst Covid-19, SFBBG Attorneys Appear in Court to Defeat Emergency Request for Restraining Order
Despite the COVID-19 restrictions in place in Illinois, SFBBG attorneys are active in successfully litigating remotely and in person.
The Proliferation of Class Action Lawsuits Amid the COVID-19 Pandemic
The COVID-19 pandemic has drastically disrupted all businesses, employers and government entities. Indeed, virtually the entire global economy has been affected. Shutdowns, the need for social distancing and efforts to contain the spread of the virus has led to the closing of businesses and the cancellations of services and events.