SBA Further Streamlines Forgiveness On PPP’s

In yet another Interim Final Ruling, (they’re never “final”), the SBA published new guidance to speed up the forgiveness process on PPP Loans of $150K or less. These new rules are only applicable to 2nd Draw PPP Loans. Welcome to the COVID Revenue...

PPP Loan Deadline Looming and Another EIDL Loan Increase

The deadline for getting your first draw PPP Loan Forgiven is fast approaching for many. Borrowers have 10 months after their covered period to request loan forgiveness before the monthly payments including 1% interest begin. If you received your first draw on May 1st...

The Illinois Back To Business Grant Program

This is a $250M grant program that launched on Wednesday aiming to help businesses across the state in harder hit areas. The money has been allocated in the following manner. – $100M for businesses in Disproportionately Impacted Areas – $30M for Arts and...

Federal Litigation on PPP, EIDL, and Unemployment Is Rising

Federal prosecutions across the country have increased dramatically against businesses and individuals accused of fraud under the CARES Act. Losses associated with improperly used or gained stimulus money has reportedly exceeded $569M. The Attorney General has stated...

Banks Become Wary of Borrowers With PPP Loans

Businesses that are planning on applying for additional financing should first apply for PPP Loan Forgiveness. Companies that have an outstanding PPP Loan obligation can potentially have difficulties with additional borrowing. I have a couple of clients that are...

PPP Loan Litigation On the Rise

I had an interesting conversation with a young attorney involved in PPP Loan Litigation. Those are three words that I never thought I would hear together. Think about it. You have a company that received a PPP Loan. You send in the 3508, get it forgiven, and are on...

The New Administration’s Tax Increases Lose Momentum

We’re six months into our new president’s term, and support for his tax agenda is waning. The President’s campaign promise of higher taxes doesn’t appear to have the votes necessary for passage. The three biggest parts of the tax plan include 1...