Chicago Accounting Articles

Filing For EIDL Reconsideration

I’m not a big fan of debt. We have to be careful. I always tell the story of the last major real estate recession we had in 2007. I had a bunch of 28 year old MBA’s that would constantly lecture me on how debt was good. How leveraging their businesses was...

EIDL Loan Reconsiderations and Increases

We found out today that although the White House had successful negotiations with the House of Representatives yesterday, it looks like anything they get done will be dead on arrival in the Senate. Many Senators are facing stiff opposition next month, and the deficit...

Stimulus Package Talks Resume

Our President ordered stimulus talks to resume almost as abruptly as he ended them. Yesterday, he ordered his Treasury Secretary to again negotiate with the other side. emphasizing that he should, “Go big, or go home.”   If they do agree on a new...

Update on The Illinois Fair Tax

I wrote a column a couple of weeks ago about the proposed Illinois Fair Tax, on the ballot in November. There is an enormous amount of misinformation surrounding this important amendment.   Here are the facts.   The current language in the Illinois...

Many Shortchanged By EIDL

Hundreds of thousands of businesses that applied for the EIDL Loan Program were shortchanged, given a new study completed by the Government Accountability Office.   The EIDL Program was established in 1953 to provide capital to businesses that went through...

PPP Loan Forgiveness Simplified

Borrowers with loans of $50,000 or less are now able to apply for forgiveness using a simplified application. Under a new Interim Final Rule issued by the SBA, these borrowers are exempted from reductions in forgiveness based upon   1 – Reductions in...