PPP Loan Flexibility Planning Opportunities

The new loan flexibility act raises even more questions that we had before. We are expecting additional guidance in the form of answers to frequently asked questions from the SBA. But until those come out, let me field a few questions that I have been asked and talk...

New PPP Flexibility Act Signed Into Law

Last Friday the President signed the PPP Flexibility Act into law. In many ways this change to The CARES Act adds clarity and yet even more confusion to the PPP Loan. It’s main changes are as follows…   Repayment and Payment Deferral Terms  ...

Over $100B of PPP Loan Money Still Available

Wednesday night, the Senate passed the Paycheck Protection Program Flexibility Act. This bill had already passed the House in an almost unanimous vote. It now sits on the President’s Desk to be signed into law.   Because it has not become law, I have not...

PPP Loan Forgiveness

As Congress mulls over yet another change to the PPP Loan Forgiveness Process, I thought that I would share some insight with you on this process from the standpoint of the banking industry.   Let’s review how banks make money. It’s all about lending....

IRS Updates The Employee Retention Credit

On June 1st, The IRS provided an updated Form 941. They also provided additional guidance on The Employee Retention Credit (ERC) and other related stimulus act items. If you did not receive a PPP Loan, then you should probably avail yourself of this additional relief....

Chicago May Not Reopen June 3rd

My 2:00 appointment just called to reschedule because he needs to board up his business. He isn’t in Downtown Chicago or Merrillville. He’s in Lake Forest.   Buildings are currently burning on the southside. Buildings that house businesses owned by...

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...