David J. Tecson

Chicago’s Small Business Improvement Fund (SBIF) offers small businesses reimbursable grants for permanent building improvements and repairs. SBIF grants are offered by the Department of Planning and Development and use local tax increment financing (TIF) revenues to reimburse owners of industrial and commercial properties for pre-approved repairs of business facilities throughout the city. Recipients of…

For founders, investors and employees in certain emerging growth C-corp businesses that have experienced success, a hidden treasure lurks in the Internal Revenue Code (IRC). Section 1202 of the IRC allows investors to exclude some or all of the gain realized from the sale of qualified small business stock (QSBS). The infamous QSBS, or 1202,…

There has been a lot of talk that taxes are going up. In fact, there are two proposals from the Biden administration in play, the American Jobs Plan and the American Families Plan. Here are some highlights (or lowlights, depending on your perspective): Top individual tax bracket will rise from 37% to 39.6%; Corporate tax…

Chicago’s Small Business Improvement Fund (SBIF) offers small businesses reimbursable grants for permanent building improvements and repairs. SBIF grants are offered by the Department of Planning and Development and use local tax increment financing (TIF) revenues to reimburse owners of industrial and commercial properties for pre-approved repairs of business facilities throughout the city. Recipients of…

Upon entry of judgment, a judgment creditor may wish to attach a judgment lien against real property owned by the judgment debtor. However, whether the judgment creditor is able to enforce its judgment lien and foreclose on the real estate may depend on how title to the property is held. Pursuant to Illinois law, any…

Real property disputes are as old as Rome. As such, it is appropriate that the Illinois Code of Civil Procedure (the Code) provides for a lis pendens, Latin for “pending suit,” to be recorded against title to real estate. The Code has two different statutes on lis pendens: 735 ILCS 5/15-1503, which is relative to…

When considering purchasing or leasing a commercial property in Chicago or in other Illinois municipalities, an often overlooked issue is whether the property is properly zoned for its intended use. Every property in Chicago falls within a specific type of zoning designation, which identifies a broad category of use such as residential or commercial. These…

Chicago’s Small Business Improvement Fund (SBIF) offers small businesses reimbursable grants for permanent building improvements and repairs. SBIF grants are offered by the Department of Planning and Development and use local tax increment financing (TIF) revenues to reimburse owners of industrial and commercial properties for pre-approved repairs of business facilities throughout the city. Recipients of…

The U.S. Small Business Administration (SBA) released Procedural Notice 5000-20095 (Procedural Notice) on Feb. 16, 2021, which clarifies the eligibility and procedures for existing loans under its 7(a) and 504 loan (Covered Loan programs) to receive extended loan payments from funds earmarked for that purpose by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and…

The Paycheck Protection Program (PPP), which is intended to be a lifeline to keep businesses afloat during the COVID-19 pandemic, has given rise to an incorrect belief among some that the funds obtained through a PPP loan are somehow “off limits” to creditors in situations like post-judgment garnishments and set-offs. Given the emergency relief nature…

On Jan. 11, 2021, the U.S. Equal Employment Opportunity Commission (EEOC) sent its Final Rule – Update of Commission’s Conciliation Procedures to the Federal Register. The rule will become effective 30 days from its publication and will not be applied retrospectively. By this rule, the EEOC amends its process to require that the commission provides more information…

Illinois has been moving to a minimum wage of $15 per hour and $9 per hour for tipped workers by 2025. Under the Illinois Minimum Wage Law (IMWL), the minimum wage increased statewide on Jan. 1, 2021, to $11 per hour and $6.60 for tipped workers.The remaining minimum wage changes that are forecast for adult employees in…