Chicago Accounting Articles

EIDL Disasters

The SBA seems to be having difficulties with their EIDL Loan and Grant Programs. Since announcing the increase on the EIDL from $150K to $500K, I have spoken to many who have expressed concerns over the process. Many have applied, and heard absolutely nothing in...

PPP Loan Funding Exhausted Except For MDIs and CDFIs

The Small Business Administration has informed trade associations that as of yesterday, Paycheck Protection Program funding has been exhausted. Their application portal has stopped accepting applications from most lenders. The agency has reserved about $6B in funding...

Alderman Daley Indicted On Income Tax Evasion

Chicago, a well known hotspot for political corruption, can now add Alderman Patrick Daley Thompson to its long list of indicted Aldermen. The allegations stem from the failure of Washing Federal Bank that gave the Alderman a $219K loan to purchase a vacation home in...

SBA Launches Supplemental Targeted Advance Grant

SBA Launches Supplemental Targeted Advance Grant Beginning April 22nd of this year, the SBA is now offering an additional $5,000 grant on top of the $10,000 EIDL Grant to our nation’s hardest hit businesses. To qualify, a business must be in a low-income...

Employee Retention Credit Update

There’s a lot of confusion in reference to this, so let me go through a few commonly asked questions. How Does The Credit Work? It may be called a credit, but in reality, it’s a refund based on money you didn’t pay. A credit is claimed on the Federal...