Daily Three: June 25
June 25, 2020
Client Question: “Phase IV starts Friday (June 26) – does this mean Condominiums in Chicago can re-open their pools, fitness centers, sundecks, etc.?” Read the recommended guidance from the City of Chicago for re-opening condominium common amenities. Answered by Adam Kahn
- Client Question: “The FTE safe harbor says ‘restore its FTE employee levels by no later than Dec 31…’ Does that mean if the company brings its headcount back up to the higher level at any point (even for one week) from the start of the covered period through Dec 31, it’s met the safe harbor and would avoid any reductions?” See an example of how to satisfy the safe harbor provision. Answered by Aria Eckersley
- Client Question: “I would like to get your thoughts on the CARES Act specifically around our ability to charge lease termination fees. We typically charge 2 months’ rent if a resident comes to us and asks to end their lease early. Can we continue charging this fee and still be in compliance with the CARES Act?” Know what fees, penalties, or other charges are prohibited. Answered by Jamie Burns
For more resources and LP's response to COVID-19, visit this webpage.