Disclaimer: This is for informational purposes only. Check with your accountant and/or banker for advice before proceeding with any business decisions related to the information posted here.
Coronavirus Response and Relief Supplemental Appropriations Act, 2021
Guide to new pandemic relief package - US Chamber of Commerce - 12/22/2020
PPP Payroll Protection Program
PPP Round 2: The Highlights - 12/29/2020
Clarification on PPP Flexibilty Act - 06/08/2020
Latest PPP FAQs from SBA - 5/3/2020
** Update - 4/27/2020 - SBA will resume accepting applications.
**Update - 4/16/2020 - PPP funds have been depleted.
SBA is no longer accepting applications.
US Treasury PPP Rules & Regulations - 4/15/2020
Program Summary - US Chamber of Commerce <----Start here
Find Approved Lenders here
Find SBA Counselors here
Good reading:
Journal of Accountancy: New PPP Loan Forgiveness Applications Released - 6/17/2020
Forbes: For Up To 100% Loan Forgiveness, Take These Three Steps the Very Moment You Get Your Loan - 4/23/2020
Verrill: PPP Loan Forgiveness: Further Guidance on the Math - 4/13/2020
AICPA: AICPA Applauds Additional Clarity in Treasury FAQs... 4/7/2020
Forbes: How To Calculate Payroll Costs For Your Paycheck Protection Program Loan - 4/5/2020 (PPP payroll tax calculation is not correct in this article)
Forbes: Paycheck Protection Program Loans: Three Things The SBA And Banks Need To Agree On Now - 4/5/2020
https://clark.com/ - Excellent Podcasts - check out 4/7/2020 regarding the PPP & EIDL
Note - this information is changing frequently, so please check with federal and state agencies to get the most current information before making any decisions regarding closures, wages and financing options.
**Update - 6/15/2020 - SBA has resumed accepting applications
**Update -
4/16/2020 - EIDL funds have been depleted. SBA is no longer accepting applications.
Program Summary - US Chamber of Commerce <----Start here
WISCONSIN has been declared an economic disaster area. SBA disaster loans are not new, but the (up to) $10,000 forgivable emergency grant is something to get excited about. Loan proceeds can be used for retaining employees, costs due to supply chain interruptions, rent/mortgage payments and to repay other previously obtained obligations. See the SBA website for details. These loans can be applied for along with the PPP loans. The funds cannot, however, be used for the same expenses.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Money Magazine: Latest on EIDL Grants - 04/10/2020
12/28/20 - The latest CARES Act has rescinded the regulation regarding deducting the EIDL advances from the PPP forgiveness loan amounts. For loans already forgiven, the advance deduction will be returned to the borrower.
04/14/20 - SBA finally makes clear that the $10,000 advance will be based on the businesses pre-disaster (1/31/20) employee headcount. They will award $1,000 per employee up to
10. Any EIDL advance awarded to a business will be deducted from the forgivable portion of a PPP loan if both are applied for and
received.
Note - this information is changing frequently, so please check with federal and state agencies to get the most current information before making any decisions regarding closures, wages and financing options.
Click here to view new ERTC 2021 program updates.
Program Summary - US Chamber of Commerce old program 12/31/2020
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit).
This 2020 program has expired. The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000.
Note - this information is changing frequently, so please check with federal and state agencies to get the most current information before making any decisions regarding closures, wages and financing options.
Program expired 12/31/2020
Employers may defer the employer portion of social security taxes for wages paid between March 27 and December 31, 2020. The taxes will be due 50% on December 31, 2021, and 50% on December 31, 2022. No proof of economic impact from COVID-19 is required.
IRS FAQs - employers may use this program along with the PPP program.
Note - this information is changing frequently, so please check with federal and state agencies to get the most current information before making any decisions regarding closures, wages and financing options.
CARES (Coronovirus Aid, Relief and Economic Security) Act
The President signed the CARES Act, March 27, 2020, which brings economic relief to millions of Americans, businesses and medical facilities. Read the congressional summary here.
An easy to understand summary of the CARES Act.
**Update - Funds have currently run out, but check back often.
"Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. We hope these supplemental funds will help you get through the next days and weeks."
** Update - 4/20/2020 - Emergency Order #31 - Badger Bounce Back Plan
** Update - 4/16/2020 - Extended Safer-At Home Order #28 - through 8 a.m., May 26, 2020
Wisconsin Governor Evers has issued Emergency Order #12. This "Safer-At-Home" order goes into detail regarding which businesses are essential. This will be in effect from Wednesday, March 25, through April 24, 2020 unless superceded by future orders.
Wisconsin Unemployment
4/15/20 - Today, the Senate passed and the Governor signed the Wisconsin COVID Response Bill. Read the summary here. Unemployment specific info here.
4/14/20 - The Wisconsin Legislature passed the COVID-response bill which will, among other things, eliminate Wisconsin's one-week waiting period for receiving unemployment benefits. The senate is expected to vote on the bill April 15. The UI measure will be retroactive to March 12.
JS Online - More than 300,000 Wisconsin residents . . . - 04/14/2020
Daily Reporter - Assembly OKs COVID-response Bill . . . - 04/14/2020
4/10/20 - Wisconsin unemployment claims and benefits are being delayed because of the sheer number of filers and because the State is not yet capable of processing the new federal funds ($600). Benefits should be retroactive to the initial time of unemployment.
3/27/20 - The new CARES Act of March 27, 2020, has eliminated the one week waiting period and provides an additional $600/week to the maximum allowable UI benefits for the first four months of claims. States are scrambling to build systems to process this.
Wisconsin Withholding Tax Return Deferral
Families First Coronavirus Response Act, H.R.6021
Program Expired 12/31/2020
On the evening of March 18, 2020, the President signed the Families First Coronavirus Response Act which will provide relief to employees and employers affected by COVID-19. The relief is in the form of a credit taken by the employer against their payroll tax obligations and, if that is not sufficient, by way of an expedited request for reimbursement. The bill has temporarily modified the FMLA (Family and Medical Leave Act) and is now required for employers with fewer than 500 employees (previously 50 or more). However, employers with fewer than 50 employees can be exempted from the new Act if it would jeopardize the viability of their business.
The new requirements are in effect for leave taken from April 1, 2020, through December 31, 2020.
In summary:
"Generally, the Act provides that employees of covered employers are eligible for:
DOL Q&A relating to the FFCR.
DOL easy to read summary here.
House Appropriations Committee's summary of the bill.
Find an explanation of the Act by clicking here.
Read an editorial on the effect and cost of the new measures.
This is an excellent source for answers to many of your LEGAL questions regarding your responsibilities as an employer.
Quick look at layoffs, shutdowns, sick pay, etc.
Modified from information provided by the WATDA 03/12/2020
Wisconsin unemployment Q&A:
WISCONSIN UNEMPLOYMENT COVID-19 Q&A
Keep in mind the WI FMLA applies to employers with 50+ employees
Find information regarding corporate officer coverage for unemployment.
"Generally, corporate officers are limited to 4 weeks of benefits depending on their percentage of ownership and/or relationship to owners of the business. Should the corporation cease operations due to economic inviability, the officer/owner may be eligible for unreduced benefits."
EMPLOYEE UNEMPLOYMENT RESOURCE
PRINTABLE - EMPLOYEE INFORMATION ON FILING FOR BENEFITS
General COVID-19 information:
WISCONSIN DEPARTMENT OF HEALTH SERVICES (for the most current medical guidance)
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