[Updated May 6, 2020] [NOTE: Effective May 14, SBA further extended the safe-harbor payment deadline to Monday, May 18th] “To repay or not to repay” seems to be the question of the day. When the SBA posted FAQ #31 on April 28, it raised a whole lot more questions than it answered. As most of […]
What types of loans are available? The “Paycheck Protection Program” implemented under the CARES Act allows small businesses and non-profits to apply for loans in the amount of 2.5 times average monthly payroll costs, which can then be forgiven to the extent that the loan proceeds are used for payroll, rent, mortgage interest, and utilities […]
No fooling. If you are a private employer with fewer than 500 employees, you may be required to offer the new sick time and emergency family medical leave benefits available under the Families First Coronavirus Response Act (and to obtain the payroll tax credits available to recoup the costs of these benefits). This is true […]
It still isn’t law yet. The “Coronavirus Aid, Relief, and Economic Security Act” or “CARES Act” passed in the U.S. Senate last night. It still needs to be passed by the House, which is expected to convene Friday morning for a vote. President Trump has indicated he will sign it into law immediately once it […]
The bill isn’t law yet. The Senate has announced it has struck a deal on a $2 trillion coronavirus stimulus bill, which it expects to pass this afternoon. However, the bill will also need to be passed in the House, which is unlikely to vote on it today, and which has not yet indicated it […]
On March 24, 2020, the Department of Labor issued an Employer Fact Sheet and Questions and Answers related to the Families First Coronavirus Response Act (FFCRA). Most of this guidance is consistent with the information we previously shared with you. However, there are a few important clarifications provided in this guidance that we want you […]
Gov. Evers’ Safer at Home Order was released today. Effective 8:00 a.m. Wednesday, March 25, 2020, until April 24, 2020, individuals present in the state of Wisconsin are ordered to stay at home and non-essential business and operations must cease, with a long list of exceptions (discussed more below). Public and private gatherings of any […]
In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act became effective on January 1, 2020, and makes significant changes to retirement accounts, including Individual Retirement Accounts (IRAs), 401(k), 403(b) and 457 plans (“Retirement Plans”). The following is a brief summary of the key changes: The beginning […]