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GCT ALERT: CORONAVIRUS SUMMARY
May 20, 2020
THE CORONAVIRUS PANDEMIC is a public health crisis that has presented unforeseen challenges in both our personal and business lives. We know that our clients are struggling with difficult decisions and an overwhelming onslaught of information. The attorneys at Golan Christie Taglia can assist you in navigating whatever you may be facing right now. If you are already working with one of our attorneys, you can reach out to them about any of these issues. If you are unsure about who to contact, we have provided a list of point-people below who can help.
CHALLENGE–QUESTIONS/ISSUES REGARDING LEASES OR VENDOR/SUPPLIER CONTRACTS SUCH AS:
- Talk with your landlord about issues with your lease due to:
- Inability to pay rent (i.e. rent deferrals, extensions or abatements or eventually litigation)
- Talk with your vendor or supplier contracts involving:
- Force majeure clauses or inability to perform
- Suspension and termination rights and re-negotiation of contracts
- Supply chain protection and safeguards that can be put in place to help guarantee delivery
Darrin Baim 312.696.1350 | Joy Mkrdichian 312.696.1371
CHALLENGE–FIND ANSWERS TO TAX QUESTIONS REGARDING:
- Payroll Tax credits and other tax benefits put in place by the new COVID related laws
- Tax return due dates and extensions for both returns and payments
Jonathan Morton 312.696.1018 | Nancy Franks-Straus 312.696.1368
CHALLENGE–PREPARE FOR END OF LIFE PLANNING BY:
- Updating powers of attorney as may be needed
- Obtain electronic copies of your estate planning documents
- Electronic filing of deeds and other items with local Recorders of Deeds
CHALLENGE–NEED ASSISTANCE WITH PAYROLL PROTECTION LOANS FOR:
- Reviewing loan documents from lenders
- Determining qualified uses for loan funds
- Making headcount and payroll decisions to maximize forgiveness options
- Preparing applications and documents for loan forgiveness
Jonathan Morton 312.696.1018
| Laura Balson 312.696.1351
CHALLENGE–IMPLEMENT CHANGES TO YOUR 401(k) OR OTHER RETIREMENT PLAN SUCH AS:
- Helping coronavirus impacted participants with immediate penalty-free benefit distributions
- Increasing participant loan limits or postponing current loan repayment obligations
- Suspending certain employer contributions for the balance of 2020
- Communicating any plan changes to your employees
Andy Williams 312.696.1373
CHALLENGE–REDUCE YOUR PROPERTY TAXES DUE TO:
- Full or partial closure of business
- Substantial lost revenue
- Loss of rental income due to late or non-payment by tenants
- Increase in vacancy due to tenant move-outs, non-renewals of expiring leases, or an inability to show empty spaces to prospective tenants
- Reduction in sale or rental offering price because of the statewide stay-at-home order
Don Rubin 312.696.2641
| Brianna Golan 312.696.2636
CHALLENGE–ANSWER QUESTIONS FROM YOUR EMPLOYEES ABOUT:
- Unemployment benefits
- The difference between a furlough and layoff
- New federal paid sick leave or paid family medical leave
- Requests for accommodations to allow remote work for essential businesses or after the state-wide stay at home order is lifted
Laura Balson 312.696.1351
| Ashley Orler 312.696.2032
CHALLENGE–RESPOND TO CREDITORS OR RESTRUCTURE, REORGANIZE OR ADJUST PERSONAL OR BUSINESS DEBT IN ORDER TO:
- Avoid bankruptcy for as long as possible
- Prepare documents, reports, and disclosures necessary to most efficiently file and work through the bankruptcy process for businesses or individuals, including business owners who guaranteed business obligations
- Protect assets, defend against mortgage foreclosure