News & Publications
Our Latest News & Articles
Guide to Market Recoveries - How to Stay Focused on Long-term Success
We invite you to join the webcast on Aug. 19, 2020 as Porte Brown addresses "Guide to Market Recoveries - How to Stay Focused on Long-term Success." If the market declines make you nervous, you're not alone - especially now, with news of COVID-19 and it's economic impact fueling feelings of uncertainty around the world. Join guest speaker, Abe Chidalek, wealth management...
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Illinois Announces $900M Package of Community and Business Grant Programs
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 Fund Accepting Applications Through June 18
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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Paycheck Protection Program Client Survey
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 the nation. Not only is the impact of the Payment Protection Program far-reaching, it affects each and every organization differently, which is why we need your input.
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IRS Sending Some Economic Impact Payments by Prepaid Debit Card
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). The cards are being distributed to qualified taxpayers without bank information on file with the IRS and whose tax return was processed by either the Andover or Austin IRS Service Center.
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Newly Released Paycheck Protection Program: Loan Forgiveness Application
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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Porte Brown Named One of Open Systems' Top Partners for 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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Updated Guidance on PPP Good-Faith Certification and Need for Funds — New Safe Harbor for Loans Under $2M
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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COVID-19 Credits, PPP Fund Returns, and Other Important Information
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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Why the Economic Impact Payment Amount Could Be Different Than Anticipated
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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IRS Urges Taxpayers to Use "Get My Payment" by Wednesday to Expedite Payment
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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The IRS Wants Its Money Back - Stimulus Checks Made to Deceased Taxpayers Must Be Returned
The IRS announced May 6, 2020 that stimulus checks issued to deceased individuals should be returned if the person died before they received their stimulus check. If the money is not return, the IRS may send a notice at a later date, once their system is updated for all pre-stimulus dates of death.
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Restore Illinois: A Public Health Approach to Safely Reopen Our State
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
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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ALERT: PPP Borrowers Can Return Funds by May 7 Without Penalty
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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