Resources

Reminder: Illinois 2nd Quarter Tax Estimates Due 6/15/20

As you know, in response to COVID-19, Illinois extended the filing deadline and payment due date of the 2019 individual tax return to July 15, 2020. And as you may remember, the state did not extend the due dates for making 2020 estimated tax payments. Therefore, the due date for all 2020 estimated tax payments remain the same with the 2nd quarter due date of June 15, 2020 quickly approaching.

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Clarifications on the PPP Loan Forgiveness Application

This past weekend the Small Business Administration (SBA) released the loan forgiveness application for borrowers who received funds under a Payroll Protection Program (PPP) loan. We are still anticipating formal guidance to be issued in the next few days from the SBA, but the application form itself provides some answers to questions we have been tackling in recent days.

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An Important Update on Returning PPP Loan Funds

We recently addressed the question, “do I need to consider returning my PPP loan funds?”. The SBA had provided guidance that if any borrower returns their funds by May 14, the borrower will have been deemed to make their PPP loan certification in good faith. However, today on May 13, the SBA has issued additional guidance regarding the good faith certification.

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Cray Kaiser Employee Spotlight: Eva Koziel

In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be more proud of the team we’ve grown and we’re excited for you to get to know them. This month we’re shining our spotlight on Eva Koziel.

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Is Cofounder Conflict Threatening Your Business?

If you asked entrepreneurs to make a list of everything they think might one day pose a threat to their company, you’d probably hear a variety of answers. Some might be (rightfully) worried about ultimately developing a product in search of a marketplace. Others may be worried about how they’re going to overcome cash flow issues. And some may still be worried about getting “taken for a ride” by the venture capital people they’re putting so much of their faith in. While all of these are understandable concerns, there’s one that’s often missing from the list: cofounders.

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Here Comes the Math: Download PPP Loan Forgiveness Templates

UPDATED: It’s now time to start tracking your use of the funds to determine the amount to be forgiven. To aid you in this process, we’ve prepared a few Excel workbooks which you can download by clicking the link below. Each workbook contains instructions, the loan forgiveness calculator, determination of your FTE (full time equivalent), actual tracking of costs template, a certification template and two examples so you can “see the math” in action.

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