Jul 12, 2021 | Covid-19 Updates
If you received a PPP Loan back in 2020 and have not yet put in for forgiveness, the window of time to avoid payments is coming to an end. For example, if you received the loan drop on April 15th of 2020 and elected the 24 week covered period, you have until the end...
Apr 5, 2021 | Covid-19 Updates
Economic Injury Disaster Loans that were obtained in 2020, came with an automatic one year deferral of all principal and interest payments. That’s a deferral. Although no payments needed to be made, the interest on those loans continues to accrue and will be due...
Mar 30, 2021 | Chicago CPA, Covid-19 Updates
Beginning April 6th, 2021, the Small Business Administration is increasing the upper limit of C-19 Economic Injury Disaster Loans from $150K to $500K. Given the length of the pandemic, the SBA has decided to increase this assistance from six months to twenty-four....
Feb 22, 2021 | Covid-19 Updates
One of the most touted portions of the CARES Act enacted last year was the suspension of monthly loan payments on existing SBA loans. Entities that had existing SBA financing were no longer required to make payments for one year. This has saved our clients lots of...
Feb 1, 2021 | Covid-19 Updates
This time around things are different, and these differences should be known before jumping into this one blindly. The process isn’t new, but it’s certainly different. Don’t Get Caught Up On One Lender Many lenders are requiring that 1st draw recipients...
Jan 29, 2021 | Covid-19 Updates
Many are asking if you can do both, and the answer is yes. They are no longer mutually exclusive events. What you cannot do is claim the ERC on the same payroll that you use for forgiveness on the PPP. You can do both if you don’t put in for forgiveness on the...
