Tag Archives: McDonald Hopkins

ILN Today Post

CARES Act amends Bankruptcy Code to raise debt limit on subchapter V cases

While not as widely reported, the CARES Act amended the SBRA and the Bankruptcy Code in an important respect that should further facilitate reorganizations under the Bankruptcy Code for small businesses. READ MORE

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The CARES Act may help your non-profit

Non-profit organizations are facing challenges similar to those being faced by for-profit businesses as a result of the coronavirus crisis. Fortunately, the CARES Act contains provisions that may be beneficial to your non-profit organization. READ MORE

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Expansion of work share programs under the CARES Act

Among other temporary revisions to unemployment assistance programs, the recently passed CARES Act includes provisions aimed at expanding the effectiveness of state “short-time compensation” programs, also known as “work share” programs. READ MORE

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CARES Act: No required distributions for 2020

The CARES Act waives the 2020 minimum distribution requirement for many retirement plans and IRAs. You can take the distribution if you prefer, of course, but you will not be penalized if you do not. This will be welcome relief for people who do not want to liquidate investments in a down market in order to satisfy the minimum distribution requirement. READ MORE 

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States allowing for deferral of tax payments and tax return filings

The IRS has issued guidance allowing for additional time to pay 2019 federal income taxes and 2020 first quarter estimated taxes up to certain amounts. States have begun to follow suit with some following the federal government and others taking different approaches. READ MORE 

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COVID-19: Continuing healthcare coverage for furloughed or laid-off employees

As the coronavirus and it’s economic impact continue spreading across the nation, employers are dealing with a variety of unprecedented issues in regards to their business operations, including employee benefits plans. Many employers are concerned about continuing healthcare coverage for employees who are furloughed or laid off during this time. READ MORE

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Force majeure lease provisions before and after the coronavirus

A force majeure (or Act of God) clause in a lease limits or eliminates liability for “an event or effect that can be neither anticipated nor controlled.” Does the coronavirus trigger the force majeure clause in your lease, and thereby offer protection from liability to both landlords and tenants? READ MORE 

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Illinois non-essential businesses forced to close through April 7

Illinois Governor JB Pritzker has issued a “shelter-in-place” order, which requires citizens of Illinois “to stay at home or at their place of residence except as allowed in this Executive Order” through April 7, 2020. The executive order creates exceptions to the stay at home requirement which generally fall into three categories: essential activities, essential government functions, and to operate essential businesses and operations. READ MORE 

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Navigating through economic instability and COVID-19: SBA economic injury disaster loans

The negative affects caused by COVID-19 have forced small business owners to temporarily close without any clear indication on when they may open again. These closures have caused unprecedented revenue loss and economic instability. In an effort to mitigate the economic damage caused by COVID-19, several federal and state level financial relief programs have been activated to support small business owners. READ MORE 

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Ohio non-essential businesses forced to close through April 6

Starting on Monday, March 23 at 11:59 p.m. all individuals in Ohio are required to stay in their homes and all non-essential businesses are required to shut their doors until at least April 6, 2020. Learn what activities are prohibited and find out whether or not your business qualifies as an “essential business or operation.” READ MORE 

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