Illinois Transitions into Phase 3

Most of Illinois began a partial reopening strategy today. Chicago will not begin until next Wednesday, June 3rd. Exactly what those few extra days will accomplish is beyond imagination.   The highlights of Governor Pritzker’s Phase 3 Plan are as...

The Costs of Non-Compliance

$150B of The PPP Loan money is still available. I don’t know how many telephone calls and emails that I have received in the past couple of weeks for businesses that have been unable to get a PPP Forgivable Loan, but the number is significant.   The...

A Happy and Blessed Memorial Day to All

Being an American isn’t easy. We live in a country that has issues. Never before in the history of our great nation have we ever been so divided and split into separate camps. When I grew up in Andersonville, if I didn’t agree with you, you didn’t...

Federal Reserve creates new $600B Lending Program

The Federal Reserve has established a Main Street Lending Program to support small and medium sized businesses who have been adversely affected by the Covid-19 pandemic. The purpose of the program is to support and provide liquidity to businesses that are still in...

Democrats propose $3 Trillion Relief Package

This new bill provides the following   – $1 Trillion for State and Local Governments – A $200B Fund for Essential Worker Hazard Pay – $75B for more Covid-19 testing – Another round of direct payment to Americans of up to $6,000 – An...

39% of PPP Loan Funds Still Available in Second Round

Nearly two weeks into the second round of funding for The Payroll Protection Program Loan, 39% of the additional funds are still available. The initial $350B in funding was depleted inside the first two weeks of applications. Many expected that the second round would...

Expenses for PPP Loan Forgiveness deemed Non-Deductible

A little over a week ago, I wrote a revision stating that any forgiveness of debt on the PPP Loan Program, was not to be included as income on a business income tax return. I also wrote that The IRS would probably do something in reference to this unreasonable law. In...

PPP Loan Forgiveness Factors

There is a logical problem inside the PPP Loan Program given what is actually happening in reality. The program is based upon employing workers when many businesses are fully or partially shut down. How can you possibly get your loan forgiven if you have no need for...