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Business owner opening her business after COVID-19
Illinois Announces $900M Package of Community and 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 will make available two new business assistance programs. These programs will direct working capital to help businesses recover quickly – with capital funds to help businesses sustaining damages restore and repair.

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Cook County Community Recovery Initiative
Cook County Community Recovery Fund Accepting Applications Through June 18
June 15, 2020

Cook County Commissioner Kevin Morrison recently shared information about the Cook County Community Recovery Fund, which offers a one-time, zero-interest loan of up to $20,000 for small businesses and up to $10,000 for independent contractors in suburban Cook County. The fund opened for applications on June 8, and applications will be accepted through June 18.

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Loan Forgiveness
Newly Released Paycheck Protection Program: Loan Forgiveness Application
May 18, 2020

On May 15, 2020, the U.S. Small Business Administration (SBA) released the application and instructions for loan forgiveness under the Paycheck Protection Program (PPP). The application and instructions provide additional clarity to borrowers regarding the process and calculations applicable to...

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Disgruntled woman looking at a computer screen
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 (PPP) updated on May 13, 2020, the SBA appears to have backed off the threat to review PPP loans of less than $2 million for improperly certifying their loan was necessary.

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OSAS
Porte Brown Named One of Open Systems' Top Partners for 2020
May 14, 2020

Porte Brown is proud to announce it was named one of Open Systems' (OSAS) Top Partners for 2020. Even though the 2020 Partner Symposium was cancelled this year due to the coronavirus (COVID-19), Open Systems still wanted to recognize its top partners for outstanding performance and commitment to their clients.

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COVID-19 Label on $100 bill
COVID-19 Credits, PPP Fund Returns, and Other Important Information
May 13, 2020

Due to the recent guidelines published by the IRS regarding the PPP loan, many organizations are considering returning the funds they have received. 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 right now. Here are some details on the payroll credits available & details on Form 7200:

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Receiving an Economic Impact Payment 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 Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery.

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Piggy Bank with question marks
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 Payments to Americans in less than a month, and more are on the way. Some Americans may have received a payment amount different than what they expected. Payment amounts vary based on income, filing status and family size.

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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, and public health experts. Relying on the experts, Governor Pritzker took decisive action to slow the spread of COVID-19 and save as many lives as possible including...

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PPP Safe Harbor Extended to May 14, 2020
PPP Safe Harbor Extended to May 14, 2020
May 5, 2020

A key aspect of the CARES Act relief package is the now-well-known Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). As many are aware, the PPP loan application requires, among other things, that applicants certify that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of...

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Paycheck Protection Program - May 7th Fund Return Deadline
ALERT: PPP Borrowers Can Return Funds by May 7 Without Penalty
May 4, 2020

During the last week, the Paycheck Protection Program (PPP) has been the focus of national media reports, the Secretary of the Treasury, the U.S. Small Business Administration (SBA) and even the President of the United States. This alert summarizes the “good faith” certifications required by the PPP loan program and addresses and explains recent...

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Update - Loan Forgiveness Expenses Not Deductible
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 qualify for loan forgiveness under the Paycheck Protection Program (PPP) will not be able to deduct the wages or other businesses expenses they paid for using...

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"Loan Forgiveness" document
New SBA Guidance on Payment Protection Program
April 30, 2020

On April 24, President Trump signed into law new legislation that provided an additional $310 billion in funding for the Paycheck Protection Program (PPP). Now effective, banks started accepting applications for the program. While the additional funding may bring hope to some businesses who were left out of the first tranche of PPP funds, guidance released by the Small Business Administration (SBA) and Department of Treasury...

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Kid wearing business suit with money in the air
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, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief...

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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. One provision benefiting small businesses that has not received as much attention as the high-profile Paycheck Protection Program is Section 1112, which is titled “Subsidy for Certain Loan Payments.” While the Paycheck Protection...

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