To Pay or Not to Pay – The Case for Amateur Athletes

As everyone in the college sports world should now know, college athletes can now be paid for their name, image and likeness (“NIL”). The Supreme Court said so when they ruled against the NCAA in 2021, and forced them to change their rules to let college players earn money on their NIL.  Not everyone is [...]

Illinois Passes Student-Athlete Endorsement Rights Act

Illinois Governor, JB Pritzker, signed into law Senate Bill 2338, effective on July 1, 2021, which allows student athletes to be compensated for the use of their name, image, likeness, or voice (NIL). The Student-Athlete Endorsement Rights Act (the "Illinois Act") essentially prevents organizations like the NCAA and post secondary educational institutions from upholding any [...]

The Impact of the Election on Making Company Formation Tax Elections

The Tax Cuts and Jobs Act (“TCJA”) that was signed into law in 2017, made forming a company and making an appropriate tax election a challenging decision, and the election results have made it even harder.  While it looks like Biden is our new President, the Democrats have not taken control of the Senate, so [...]

Risks and Opportunities for Family Offices in the Direct & Co-Investment World

For the past several years, Family Offices have increased their appetite for direct investments and co-investments with other Family Offices and private equity funds.  On February 21, 2020, Forbes reported that going direct was an “undeniable trend” and focused on the 5 Reasons Why Family Offices Are Focusing on Direct Investments which included greater control [...]

New SBA Safe Harbor Puts Borrowers at Ease

Today, the SBA provided some additional guidance on the certification issues related to Paycheck Protection Loans.  In order to get a loan in the first place Borrowers were required to certify that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”  Today, the SBA essentially said that if [...]

So You got the Paycheck Protection Loan, Now What?

As businesses scrambled to get a loan under the Paycheck Protection Program ("PPP") that was created under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), they must now decide how to use those proceeds so that they are both consistent with the law and maximize loan forgiveness. If after getting the loan, you [...]

Operating an Essential and Non Essential Business – Under Illinois Executive Order 2020-10

On Friday, March 20, 2020, JB Pritzker, Governor of Illinois, acting pursuant to the Illinois Emergency Management Agency Act, issued Executive Order 2020-10 (the "Order"), requiring all Illinois residents to stay at home, except as may be permitted under the Order.  All Non-essential business and operations were required to cease, except for certain Minimum Basic [...]

2019 University of Illinois LAS-Econ Commencement Speaker – Steven J. Thayer

On May 11, 2019, Steven Thayer delivered the commencement speech to over 600 graduates, parents, and faculty, at the College of Liberal Arts and Sciences Department of Economics graduation ceremony.  Thayer is a 1988 graduate of the University of Illinois College of Liberal Arts and Sciences and has a Bachelor of Arts Degree in Economics. [...]

IRS Issues Proposed Regulations on Opportunity Zones on October 19

The IRS issued proposed regulations on Opportunity Zones on Friday, October 19, 2018.  The 2017 Tax Cuts and Jobs Act (the "Act") created Opportunity Zones to spur investment in distressed communities throughout the country by providing tax benefits related to the deferral of capital gains.  Pursuant to the Act, States were permitted to designate certain [...]