COVID-19 Resource Center

Corona Virus: COVID-19 - Paycheck Protection Program News & Updates

How Porte Brown Can Help

At Porte Brown we are here to work with you as you navigate through the PPP Loan Forgiveness process and provide assistance you may need in relation to other business provisions provided in the wake of COVID-19. We have a team of staff members dedicated to Loan Tracking and Loan Forgiveness Calculation services. Porte Brown is able to assist business owners and nonprofits and help alleviate the administrative burden of managing these funds. For more information, complete the form on the right. If you need immediate assistance please call us directly at 847-956-1040.

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Latest Updates:

Business owner opening her business after COVID-19 pandemic

Illinois Announces $900M Package of Community & Business Grant Programs

June 19, 2020 — As part of a broader $900M community and business assistance program announced by Governor Pritzker on June 17, DCEO... Read More

Paycheck Protection Program Flexibility Act sign

The Paycheck Protection Program Flexibility Act and What We Now Know

June 17, 2020 — On June 5, 2020, the Paycheck Protection Program Flexibility Act was signed into law providing sweeping changes to the provisions of the Paycheck Protection... Read More

PPP Flexibility Act of 2020

Paycheck Protection Program Flexibility Act of 2020 Enacted into Law

June 5, 2020 — President Trump and Congress has now passed the Paycheck Protection Program Flexibility Act of 2020 with the Act passing the Senate by unanimous consent... Read More

Online Survey

Paycheck Protection Program Important Client Survey

June 2, 2020 — During the past couple of months, the Paycheck Protection Program (PPP) has grown increasingly important to the short-term and long-term success of countless organizations across... Read More

Debit Card

IRS Sending Some Economic Impact Payments by Prepaid Debit Card

May 21, 2020 — The IRS has announced that it is beginning to send nearly four million Economic Impact Payments (EIPs) by prepaid debit card (instead of by paper check)... Read More

Loan Forgiveness

Newly Released Paycheck Protection Program:

Loan Forgiveness Application

May 18, 2020 — On May 15, 2020, the SBA released the application and instructions for loan forgiveness under the PPP. The application and... Read More

COVID-19 $100 bill

COVID-19 Credits, PPP Fund Returns, and Other Important Information

May 14, 2020 — If an organization decides that they will be giving the money back to the banks, there are several credits that are available for organizations to take advantage of... Read More

Upset woman in front of her computer

UPDATE:

Updated Guidance on PPP Good-Faith Certification and Need for Funds — New Safe Harbor for Loans Under $2M

May 14, 2020 — In a new FAQ regarding the Paycheck Protection Program updated... Read More

Piggy Bank and Question Marks

The CARES Act:

Why the Economic Impact Payment Amount Could Be Different Than Anticipated

May 11, 2020 — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact... Read More

Receiving a check

IRS Urges Taxpayers to Use "Get My Payment" by Wednesday to Expedite Payment

May 11, 2020 — With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the IR ... Read More

Restore Illinois

Restore Illinois:

A Public Health Approach to Safely Reopen Our State

May 6, 2020 — From the beginning of the novel coronavirus pandemic, Illinois’ response has been guided by data, science, andpublic health experts. Relying on the experts... Read More

Returning Cash

The IRS Wants Its Money Back - Stimulus Checks Made to Deceased Taxpayers Must Be Returned

May 6, 2020 — The IRS announced May 6, 2020 that stimulus checks... Read More

PPP Safe Harbor Extended to May 14, 2020

The CARES Act:

PPP Safe Harbor Extended to May 14, 2020

May 6, 2020 — A key aspect of the CARES Act relief package is the now-well-known Paycheck Protection Program administered by the Small Business Administration... Read More

PPP Borrowers Can Return Funds by May 7 Without Penalty

The CARES Act:

ALERT: PPP Borrowers Can Return Funds by May 7 Without Penalty

May 4, 2020 — During the last week, the Paycheck Protection Program has been the focus of national media reports, the Secretary of the... Read More

Update Loan Forgiveness Expenses Not Deductible

The CARES Act:

IRS Guidance Denies Deduction for Forgiven Expenses Under the Paycheck Protection Program

May 1, 2020 — The IRS on Thursday released guidance under Notice 2020-32 stating that Companies that... Read More

Loan Forgiveness

The CARES Act:

New SBA Guidance on Payment Protection Plan

April 29, 2020 — On April 24, President Trump signed into law new legislation that provided an additional $310 billion in funding for the Paycheck Protection Program. Now... Read More

Kid wearing business suit throwing money in the air.

The CARES Act:

Additional Funds for Small Businesses: Details of the Just-passed $484 Billion Interim Stimulus Plan

April 24, 2020 — Congress and the Trump administration have struck a deal on another piece of legislation... Read More

A hand writing "Did you know?"

The CARES Act:

Providing Immediate Relief from Payments on Certain Existing SBA Loans

April 22, 2020 — The Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided relief to many businesses, employees and other stakeholders... Read More

U.S. $100 on American flag

You Applied for the Paycheck Protection Program. Your Request for Funding was Granted.

Now What??

April 16, 2020 — On Mar. 27, 2020, President Trump signed the CARES Act... Read More

Stimulus Package

Frequently Asked Questions:

SBA Paycheck Protection Program

April 16, 2020 — This series of frequently asked questions (FAQs) provide answers to questions we are hearing from our members about the Paycheck Protection Program... Read More

U.S. $100 on American flag

Stimulus Package:

Emerging Tax and Regulations Alert for April 13

April 13, 2020 — The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus pandemic. The IRS had already... Read More

Stimulus Package

Stimulus Package:

How Much Can You Expect?

April 1, 2020 — Stimulus checks intended to ease the economic impact of the coronavirus pandemic will soon be on their way. Under the Coronavirus Aid, Relief, and Economic Security... Read More

Small Business Owner

The CARES Act: Stimulus Package:

Small Business Payment Protection Program Overview

April 1, 2020 — The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can... Read More

Paycheck Protection Program Application Form

Paycheck Protection Program:

Application Form

April 1, 2020 — The Paycheck Protection Program authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone... Read More

Receiving a check

The CARES Act:

Paycheck Protection Program – Emergency Relief

March 28, 2020 — One of the core pieces of the CARES Act is the provision of $349 billion for small businesses through federally backed loans under a modified and expanded... Read More

The CARES Act: Individuals Provision

The CARES Act:

Individuals Provision

March 28, 2020 — Individual taxpayers can expect a recovery rebate check of $1,200 per individual ($2,400 for married couples filing jointly), plus $500 for each qualifying dependent child, as soon as the U.S. Department of the Treasury... Read More

The CARES Act: Businesses Provision

The CARES Act:

Business Provisions

March 28, 2020 — One of the core pieces of the CARES Act is the provision of $349 billion for small businesses through federally backed loans under a modified and expanded Small Business Administration (SBA) 7(a) loan guaranty program... Read More

Illinois State Capital Building

SBA Loan Assistance:

Illinois COVID-19 Relief Program

March 26, 2020 — This is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions through... Read More

Hand with question marks

Deadline for 2019 IRA Contributions Extended

IRS Releases FAQ on Tax Deadline Extensions for IRA Contributions

Taxpayers have extra time to contribute to their individual retirement accounts... Read More

Employee Rights During COVID-19

Families First Coronavirus Response Act:

Employee Expanded Family & Medical Leave Rights

March 26, 2020 — The Families First Coronavirus Response Act requires certain employers to provide employees... Read More

American Flag

Senate Reaches Deal on $2 Trillion Stimulus Bill

March 25, 2020 — After days of negotiations, Republican and Democratic senators have reached a deal on a roughly $2 trillion stimulus package to ease the damaging economic effects of the coronavirus... Read More

Gov. Pritzker Addresses the State

Illinois Extends State Income Tax Deadline to July 15

March 25, 2020 — Illinois Governor J.B. Pritzker announced the state’s income tax filing and payment extension would be pushed back three months to accommodate families and businesses... Read More

Rolling up our sleeves.

Tax Day Extension to July 15 Announced

March 20, 2020 — The deadline for individuals and businesses to file their income taxes will shift from April 15 to July 15, Treasury Sec. Steven Mnuchin announced today. Previously, the U.S. Treasury Department and the IRS had... Read More

Jar of cash - Sales Tax Deferral Announced

Sales Tax Deferral Announced

March 20, 2020 — Illinois Department of Revenue (IDOR) announced short-term relief for late sales tax payments due to COVID-19 virus outbreak. The sales tax deferral will apply to 24,000 small and mid-sized bars and restaurants... Read More

Stack of $100 bills

Cancelling 4/15 Direct Debit Payments...

March 20, 2020 — If your 2019 return has been electronically filed and accepted, and your federal tax payments or 2020 estimated tax payments were set for direct debit with the original 4/15 due date those can... Read More

Additional Resources

Stay up-to-date with the latest coronavirus (COVID-19) news and guidance with these additional resources:

IRS: Coronavirus Tax Relief

"The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus." This IRS page will be updated as new information is made available.

IRS Filing & Payment Extension Q&A

"In Notice 2020-18 (PDF), the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. Below are answers to frequently asked questions related to..."

Centers for Disease Control and Prevention (CDC)

"CDC recommends that for the next 8 weeks, organizers cancel or postpone in-person events that consist of 50 people or more throughout the U.S." For more information on the Coronavirus (COVID-19) and how to protect yourself and others, please visit the CDC's website.

USAGov

"Learn about international travel restrictions, how you can prepare for coronavirus, and what the U.S. government is doing in response to the virus." -- USA.gov

U.S. Department of the Treasury

Visit the U.S. Treasury's website for additional resources, updates, and guidance.

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