Recently, we have been fielding a fair number of inquiries from clients who have been approached by third parties urging them to claim the Employee Retention Credit (“ERC”)... ...more
Just when we thought the Families First Coronavirus Response Act was about to disappear into HR history, we have another extension (to the tax credits for voluntarily providing qualifying leave)! Here is what you need to...more
On Thursday, February 4, 2021, the Wisconsin State Assembly (“Assembly”) voted on a resolution to repeal the mask mandate. This vote came a week after the Wisconsin State Senate (“Senate”) voted on the same resolution to...more
On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated...more
12/23/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Tax Deductions ,
Tax Planning
Through the release of a Revenue Ruling and a Revenue Procedure, the IRS re-affirmed its stance that taxpayers may not deduct payments for otherwise deductible business expenses (i.e., payroll, rent, covered utility payments,...more
On June 16 the SBA issued a revised Paycheck Protection Program (PPP) Loan Forgiveness Application along with updated instructions. The update in large part reflects the changes made to PPP by the Paycheck Protection Program...more
A few moments ago President Trump signed HR Bill 7010 into law, which we summarized for you in an alert yesterday. We also need to clarify that all of the revised and amended PPP terms apply to all existing and new PPP loans...more
Both the House and the Senate have now passed HR 7010 providing PPP borrowers more favorable terms. We first alerted you on May 27th of possible changes to PPP being considered by both the House and the Senate. Last night in...more
As some Paycheck Protection Program loan borrowers approach the close of their eight week covered period (the period during which loan proceeds can be used for certain expenses and the corresponding loan amount can be...more
You’ve been waiting. We’ve been waiting. Another week went by with no meaningful guidance on the forgiveness provisions of the Paycheck Protection Program. What better time to issue it than a beautiful Friday evening! We now...more
On May 5th, the U.S. Department of the Treasury (Treasury) extended the PPP loan repayment safe harbor from May 7th to May 14th. In FAQ #47 the Treasury just announced it has extended the deadline once again—this time to May...more
The Wisconsin Supreme Court has ruled that Governor Tony Evers’ administration overstepped its authority when it extended the governor’s “Safer at Home” order until May 26.
The original “Safer at Home” order went into...more
The US Department of Treasury released FAQ #46 this morning providing guidance on “how will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request.”...more
5/13/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
In FAQ #43, Treasury announced it has extended the PPP loan repayment safe harbor to May 14, 2020 (from the original May 7, 2020 deadline)....more
With a second round of Paycheck Protection Program (“PPP”) funding coming available last week, a large percentage of small businesses either have already received (or will soon receive) the proceeds of a PPP loan. At only one...more
Wisconsin Department of Health Services issued Emergency Order #28 (the “Extended Order”), an extension to Emergency Order #12 released on March 24th (the “Original Order”)...
The Original Order remains in effect until...more
The SBA released the Interim Final Rule announcing more information on the Paycheck Protection Program. The Interim Final Rule provides some program clarifications, but also provides some program changes....more
Today the DOL released detailed regulations with answers to nearly every question we have had over the past two weeks regarding this law. While we are still reviewing these regulations, there are two important details that...more
The SBA and Treasury moments ago released updated information on the new Paycheck Protection Program created by the CARES Act. The program is specifically designed to help small businesses (less than 500 employees) keep their...more
After much negotiation over the past few days, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law, a $2 trillion stimulus package aimed at providing critical economic...more
Today, March 25, 2020, the DOL issued a notice employers subject to the FFCRA must post prior to April 1, 2020...more
Shortly after we issued our guidance on the Families First Coronavirus Response Act (H.R. 6201) (the “FFCRA”) last week Friday, the Department of Labor and the Treasury Department jointly issued IRS Bulletin 2020-57 stating...more
As expected, on Tuesday, March 24, 2020, Governor Evers issued Safer at Home Order #12, requiring individuals across the state of Wisconsin (with exceptions) to stay at home starting at 8:00 AM on Wednesday, March 25, 2020 in...more
Late yesterday, the Department of Labor issued its first FAQ at regarding the FFCRA. In that FAQ the DOL specifically states: Question: Can my employer deny me paid sick leave if my employer gave me paid leave for a reason...more
The Families First Coronavirus Response Act (H.R. 6201) (the “FFCRA”) (signed into law on March 18) and generally effective April 2, 2020 provides refundable tax credits for employers to offset the costs associated with the...more
3/20/2020
/ Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Paid Family Leave Law ,
Public Health Emergency ,
Qualified Health Plans ,
Relief Measures ,
Secretary of the Treasury ,
Sick Leave ,
Sick Pay ,
Tax Credits