UpdatedThu, Jan 7, 2021 at 12:39 pm CT
Reply(1)
The Park Forest man was indicted on federal fraud charges, according to the Northern District of Illinois U.S. Attorney s Office. (Shutterstock)
PARK FOREST, IL A Park Forest businessman was indicted on federal fraud charges after taking more than $420,000 in small business loans under the Coronavirus Aid, Relief and Economic Security Act (CARES), according to the Northern District of Illinois U.S. Attorney s Office. According to the indictment, Carlos Smith, 56, lied about the number of people he employed and his monthly payroll. He also made false statements to conceal a previous felony conviction, prosecutors said.
How new stimulus package can help minority businesses inquirer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.com Daily Mail and Mail on Sunday newspapers.
Monday, December 28, 2020
UPDATED: December 29, 2020
After much deliberation, Congress finally agreed to approve a $900 billion COVID-19 relief package as part of the Consolidated Appropriations Act, 2021. Included in that amount is $284 billion for a second round of the Paycheck Protection Program (PPP). The new relief package includes:
additional funding for new PPP loans
the ability to obtain a second PPP loan for small businesses facing significant revenue declines in any 2020 quarter compared to the same quarter in 2019
clarifications providing for the deductibility of business expenses paid with forgiven PPP loans (a material change from existing IRS guidance)
loan eligibility for Section 501(c)(6) not-for-profit organizations for the first time
He said health officials there have identified grocery stores as coronavirus hot spots. We know that those closed quarters with gatherings of folks really provides a medium for the virus to transmit and infect others, he said.
The order would include big-box stores such as Target and Walmart, but would allow curbside pickup and delivery to continue.
Businesses that don t comply could be cited.
Fines start at $1,000 and could go all the way up to $10,000. We are asking big box stores to do what restaurants are doing, curbside pickup, delivery and I think that sends a message that we are all in it together, he said.
Tuesday, December 22, 2020
On December 20, Congress reached a deal on a new stimulus package (the “
Package”). Included in the Package is $284 billion for a second round of the Paycheck Protection Program (“
PPP”), $15 billion is set aside for live venues, independent movie theaters, and cultural institutions, as well as an additional $20 billion for the Economic Injury Disaster Loan Program. Additionally, clarifications are made on forgivable expenses for PPP and tax deductions for PPP expenses, including for borrowers under the original PPP.
The SBA will establish regulations no later than 10 days after enactment of the act. The current legislative text is available here and is slated to be finalized this week.