The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration...
Update: COVID Economic Injury Disaster Loan Program
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Update on Proposed Tax Law Changes
On Sunday, September 12, 2021, the House Ways & Means Committee (the "Committee") released draft legislation as part of Congress' ongoing $3.5 trillion budget reconciliation process....
Back to Business Grant Program Overview
As part of Governor JB Pritzker’s overall economic recovery strategy, the $250 million Back to Business (B2B) grant program aims to deploy small businesses recovery grants for those hit...
New ERC guidance; Congress mulls early termination
The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19...
SBA streamlines forgiveness for smaller PPP loans
The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The...
PPP first-draw forgiveness & repayment
The end of the principal and interest payment deferral period is rapidly approaching for many businesses that received first-draw loans under the Paycheck Protection Program (PPP1). To...
Tax refund delays? Where is your money and how to track it.
The IRS is behind schedule with processing income tax returns. Some taxpayers have been waiting months to get their tax refunds due to an IRS backlog of around 35 million unprocessed...
Should You Opt Out of Advance Child Tax Credit Payments?
What is the Child Tax Credit? Child tax credit payments, which were set up and expanded under the American Rescue Plan passed earlier this year, amount to $3,000 annually per child ages 6...
Employee Retention Credit: Are You Missing Out?
The Employee Retention Credit, or ERC, is a significant tax credit enacted in 2020 under the CARES Act to help businesses keep employees on payroll during the COVID-19 pandemic. Since...