Daily Three: June 26
June 26, 2020
- Client Question: “Should we include the FTE status of owner-employees in the forgiveness calculations? If the company had 10 FTEs (1 of the 10 was an owner) in the reference period and the company has 8 FTEs (1 of the 8 is an owner) in the covered period, does the owner get included in the reduction calculations?” Do not include owner-employees when determining FTEs. Answered by Aria Eckersley
- Governor Pritzker first issued an Executive Order to address COVID-19, commercial landlords and tenants have speculated what this would mean for commercial leases and whether tenants would be entitled to rent abatement during any period of the COVID-19 pandemic. This question is playing itself out in the Circuit Court of Cook County right now as law firm Jenner & Block LLP ("Jenner") defends a $3 million breach of lease suit brought by its landlord. Check your leases for similar provisions in evaluating any rent abatement requests and when considering litigation strategy. Authored by Jamie Burns
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