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....
Update on Proposed Tax Law Changes
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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...
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...
SBA’s RRF Program to Accept Applications May 3rd at 12 PM ET
Registration for the SBA's Restaurant Revitalization Fund (RRF) relief program application portal will begin on Friday, April 30, 2021, at 9 am ET. Applications will open on Monday, May 3,...
Shuttered Venue Operator Grant Program Set to Reopen
Updated 4.23.2021 Updated launch date: The SBA announced that is has completed rigorous testing and the Shuttered Venue Operators Grant application portal and it will reopen on Monday,...