Daily Three: July 28
July 28, 2020
On July 23, 2020, the SBA issued a Procedural Notice to Paycheck Protection Program (PPP) lenders that addresses the procedures for lenders to submit PPP loan forgiveness decisions to the SBA. The forgiveness process could take up to 150 days after a borrower submits its complete Loan Forgiveness Application (LFA) to its lender. We’ve outlined the process and various scenarios borrowers may encounter in the forgiveness process, including partial approvals of the requested forgiveness amount and denials. PPP lenders will also gain access to an online Forgiveness Platform on August 10, 2020. Read the three steps for loan forgiveness. Authored by Aria Eckersley
- On July 22, by a 35-14 vote, Chicago City Council passed the "Fair Notice Ordinance," requiring residential landlords to provide increased notice before increasing rent or not renewing a lease. Previously residential landlords were required to give at least 30 days' notice before increasing rent or not renewing a lease. Determine your notice requirements based on duration of the tenancy. Authored by Josh Bashioum and Jamie Burns
- Client Question: “What Can Condo Associations do to stop large gatherings?" Large gatherings in condo buildings are problematic because they pose a potential risk of spreading coronavirus. Mayor Lightfoot has sought to address this issue for Chicago condominiums by imposing an additional restriction effective at 12:01 a.m. on Friday, July 24, 2020, that “Residential property managers will be asked to limit guest entry to five per unit to avoid indoor gatherings and parties.” Enforcement of this new restriction may prove difficult. Consider this list of practical strategies for limiting large gatherings. Answered by Adam Kahn
For more resources and LP's response to COVID-19, visit this webpage.