Update: COVID Economic Injury Disaster Loan Program

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 (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer...

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. The legislation, as approved by the Committee on Wednesday, September 15,...

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 hardest by the COVID-19 pandemic. The B2B grant program builds on the success of...

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 pandemic. Notice 2021-49 addresses various issues, particularly those related to...
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The Restaurant Revitalization Fund

The Restaurant Revitalization Fund

Updated 4-6-2021 The American Rescue Plan Act of 2021 (the “Act”), signed by President Biden on March 11, 2021, includes within Section 5003 a $28.6 billion appropriation to establish a...

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PPP Application Deadline Extended

PPP Application Deadline Extended

On Wednesday, March 31, 2021, the President signed the PPP Extension Act of 2021, H.R. 1799 which moves the Paycheck Protection Program (PPP) application deadline from March 31 to May 31. ...

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What’s in the ARPA for individuals?

What’s in the ARPA for individuals?

On March 11, 2021, President Biden signed the American Rescue Plan Act (“the Act”), a $1.9 trillion COVID-19-relief stimulus package. The Act extends the unemployment benefits that were...

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White House announces PPP changes

White House announces PPP changes

The Biden-Harris administration announced several reforms to further target the Paycheck Protection Program (PPP)  to the smallest businesses and those that have been left behind in...

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