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What Illinois Businesses Should Know

A.  Introduction

The cornerstone of federal legislation for small business relief is the CARES Act Paycheck Protection Program (“PPP”). 

The CARES Act set aside $349 billion for government-guaranteed loans for small businesses, to cover eight weeks of payroll and other expenses.

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Why a Driver’s License Revocation Is More Severe Than a SuspensionLosing your driving privileges is a cumbersome penalty that you can face for various infractions in Illinois. People often refer to a driver’s license suspension and a driver’s license revocation as if they are the same thing. Both have the same result of making it illegal for you to drive unless you receive a Restricted Driving Permit. However, a driver’s license revocation is more severe and will make it more difficult for you to regain your driving privileges. You will need the help of an experienced license reinstatement lawyer in order to get your license back.

What Is the Difference Between Suspension and Revocation?

When your driver’s license is suspended, you still possess it but it is temporarily inactive. You could have a definite suspension, in which your license is suspended for a set amount of time, or an indefinite suspension, in which reinstatement of your license is dependent upon meeting conditions such as paying fines. Once the conditions for ending the suspension have been met, you will automatically be eligible for reinstatement of your license.

When your driver’s license is revoked, it has been terminated so that it no longer exists. To regain your driving privileges, you will need to apply for a new driver’s license after a set waiting period. The Illinois Secretary of State’s office must grant permission for you to reinstate your license, which it will determine at a hearing. In order to receive permission, you may need to show that you will not be a danger to yourself or others if you are allowed to drive.

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What Happens If Your Loved One Dies Without a Will or Trust?When a person dies, distributing assets from their estate is one of the many issues that the survivors must sort out. In Illinois, probate is required for dividing an estate if the deceased person solely owned properties that have a total value of more than $100,000. The probate process should go smoothly if the person left a detailed last will and testament or put their assets in a trust. However, the person may have died without an estate plan or had a plan that was out-of-date or vague in its instructions. When an estate plan leaves unanswered questions, the beneficiaries must use probate to fairly divide properties or attempt to determine what the deceased person intended.

Problems with an Estate Plan

Amid the grief of losing a loved one, it can be stressful to learn that there are flaws with the estate plan that make it difficult to determine how to divide their assets. The person reviewing the estate plan may discover that it:

  • Leaves properties to someone who is deceased
  • Had not been updated since the deceased person divorced or remarried
  • Does not include significant assets that need to be distributed
  • Is invalid for reasons such as lacking a witness

You can work through some problems in an estate plan while still salvaging the rest of the plan. For instance, a property that was instructed to go to a deceased spouse may be divided among their children instead.

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What Employees Should Know

A.  Introduction

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), was passed by Congress and signed into law. 

The CARES Act is the largest economic bill in U.S. History, calling for nearly $2 trillion in spending, in part as an economic stimulus package to benefit small businesses and individuals.

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How Do You Find Hidden Assets in a Divorce?Negotiating the division of property in a divorce begins with identifying the properties that you and your spouse own. Marital properties are the ones that you will equitably divide between each other. Non-marital or separate properties belong to only one of you, though knowing their value is relevant when deciding on financial matters in your divorce. You and your divorce attorney will at times need to cooperate with your spouse to obtain records on your marital and separate assets. However, spouses sometimes hide valuable assets during divorce so that they do not have to share them or to make it appear that they have fewer financial resources. Hidden assets can skew the financial balance of your divorce agreement, and you need to work with your attorney if you believe that your spouse may have hidden assets.

What Are You Looking For?

Hidden assets can be secret financial accounts or luxury items that your spouse is holding in a place that you are not aware of. A spouse can more easily hide assets when they own a business or are the only one who manages their marital finances. If you are unsure whether your spouse has hidden assets, you can start by obtaining copies of their income tax returns or loan applications. In those documents, you are looking for:

  • Unidentified assets
  • Unexplained transactions
  • Discrepancies between the income they told you and the income they reported

If your attorney finds suspicious information, they may trace it to a separate bank account or discover that the assets were temporarily transferred to another person.

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