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 with the first payment.
The Small Business Administration announced last week that, given length and depth of the pandemic, those payments will be deferred for yet another year. This deferral is only on loans that were approved prior to 2020.
If you have an EIDL Loan that was approved in 2021, you received an automatic six month deferral on payment. This has now been extended to eighteen months.
In further EIDL Loan news, I wrote a piece last week about the SBA increasing the maximum amount of EIDL Loans from $150K to $500K. Many asked how they would be able to apply.
We now know that the SBA is going to handle this in the same way that it handled increases on the EIDL Grant. They will be sending out individual invitations to EIDL loan recipients asking them if they would like the increase.
If you do, you’ll need to fill out the request and submit the necessary documentation. Please call with your questions.
Let me leave you with this.
I’m still getting over what happened yesterday. We celebrated Easter by going to church and brunch, but that isn’t part that I’d like to relate.
My daughter moved out of the house almost a year ago. This is the sort of thing that can be either good or bad, for families. Some kids are ready. Some aren’t. Some parents are ready. Some aren’t. It can go either way.
Last fall, when we began making our plans for Christmas, my daughter said that she wanted to host the Easter dinner at her place. Most parents would have probably just said no, only with mine there is a distinct difference.
We used to have Easter at my Mother’s home. When Mama was diagnosed with cancer seven years ago, she needed help doing the dinner, so my daughter went over to help. For a couple of years, my little girl did the whole thing, given my mother’s infirmities. Cassie was only a teenager, but under the tutelage of my Mother, she learned to do most of it.
This year was her year to shine. There were only four of us at dinner; me, my wife, my mom, and Cassie. When we went over yesterday to Cassie’s apartment, as I entered her dining room, her table sparkled by candlelight. The silver rims of her Czech dinner plates were enhanced light green table linens and the antique silverplate of her tableware.
She made lamb chops with mashed potatoes and vegetables. I brought the homebrew, and a vintage bottle of Vueve Clicquot, and it was magic. Pure unadulterated nirvana.
She did it as well as I could have.
I’ve always thought that the main job of any parent was obsolescence. We need to raise our kids to be straight, strong, and smart enough not to need us. I wasn’t one of those fathers who wasn’t very good at it when she was a baby. Screaming, wiping snotty noses, and poopy diapers just aren’t my thing.
When she got to be about five, I sprang into action. Once she developed a personality and needed to be disciplined, I was there. Now that she’s a young adult, in many ways she needs me more now than ever before, but that time is ending.
I now only need to steer the boat rather than row. Now, I learn almost as much as I teach, and I couldn’t be happier or prouder.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, your have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
www.AccountingSolutionsLtd.com
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