Chicago Accounting Articles

Additional Tax Planning Opportunities

I’m getting a lot of questions on whether the PPP Loan is better than the Employer Retention Credit. Last year, the question was which one should I use. Now that you can do both, the point is that if you qualify, you should certainly do both. I’m going to go...

House Passes $1.9T Relief Bill

Early Saturday morning, the House passed the new administration’s $1.9T relief bill. There are many tax provisions in the new bill including but not limited to 1 – An increase in the Federal minimum wage to $15 by 2025. 2 – An extension of the $300...

EIDL Loan Program Extended

Part of the newest CARES Act provisions include an extension to the Economic Injury Disaster Loan in the C-19 relief package until December 31, 2021. The popular program which provides up to a $150,000 loan, repaid over thirty years at 3.75%, has lent over $200B since...

PPP Loan Changes For Smaller Businesses

PPP Loan Changes For Smaller Businesses The Small Business Administration announced changes to the PPP Loan program to provide additional access to smaller businesses. The changes made include 1 – A 14 day exclusive period where only businesses and non-profits...

General Business Credits Available For 2020

I recently did a piece on the Research and Development Credit that generated a lot of interest and questions, so I thought I’d explain a few more. If any of this is applicable to your individual circumstance, please contact our offices so that we can file the...