Chicago Accounting Articles

Banks Discover Problem In PPP2 Loan Approval Process

A major difference in the PPP Loan process this time is that it seems to be taking much longer to get approvals. One of the reasons for that difficulty is a glitch in the SBA software. Banks have found a technical error in the software portal they use to submit loans....

Biden’s $1.9T Relief Bill Stalled In Congress

This bill, which was announced even before he took the oath of office, is more commonly known as the American Rescue Plan. It includes, – Another $1,400 in direct payments to American Families – An additional $100 per week in Unemployment Benefits –...

PPP Loan Forgiveness Applications Updated

The SBA and IRS updated the loan forgiveness forms and provided new forgiveness guidance on all PPP Loans below $150K. The updated Form 3508S can be found at the following web address. It asks for the following information. 1 – Loan Amount and Disbursement Date...

Additional Grants in PPP2 To Be Available

The new legislation includes $35B in new grant money for businesses. These are not loans, they’re grants that don’t need to be repaid. Unlike the PPP you don’t need to apply for forgiveness, but they are income taxable. Additional EIDL Grant...

Changes In PPP2 Loan Forgiveness

The changes keep coming. Just when I thought I was going to run out of things to write about, here’s even more new developments. No End Date For Forgiveness Borrowers have until March 31, 2021 to apply for a first or second draw, but no ending date has been set...

PPP2 Loan Applications Now Open

Today, the SBA began accepting applications from entities applying for the second round of PPP Lending. Here are the answers to some commonly asked questions. Is there anything different about the application process? Not much. The new application has questions to...