COVID-19 and Coronavirus Information

SBA TO BEGIN ACCEPTING PPP LOAN FORGIVENESS APPLICATIONS AUGUST 10, 2020
The Small Business Administration (SBA) has announced that it will begin accepting Paycheck Protection Program (PPP) loan forgiveness applications on August 10, 2020 through a targeted loan portal. The portal is available only to lenders, not borrowers. READ MORE

PPP LOAN PROGRAM DEADLINE EXPANDED
In good news for businesses, President Trump on Saturday signed legislation extending the deadline to apply for Paycheck Protection Program (PPP) loans to August 8, 2020. Approximately $130 billion remains available for PPP loans. READ MORE

IRS EXPANDS ELIGIBILITY FOR COVID-RELATED USE OF RETIREMENT PLAN FUNDS
To help individuals withstand the financial challenges of the COVID-19 pandemic, the CARES Act allows individuals impacted by the pandemic to take up to $100,000 of coronavirus-related distributions from qualified retirement plans and IRA’s without being subject to the taxes and penalties which would otherwise be due.  READ MORE

PPP LOAN GOVERNMENT FRAUD INVESTIGATIONS: COULD YOUR COMPANY BECOME A TARGET?
As of June 16, 2020, potentially forgivable loans of over $512 billion have been issued under the loan program known as the Paycheck Protection Program (“PPP”) created under the CARES Act. These loans are intended to aid small businesses adversely affected by COVID-19. READ MORE

NEW SBA RULE CONFIRMS INCREASED PPP FORGIVENESS PAYROLL CAPS FOR EMPLOYEES AND OWNERS
Recent revisions to the CARES Act allow borrowers to elect to expand the covered period during which Paycheck Protection Program (PPP) loan proceeds must be used from 8 to 24 weeks to qualify for full PPP loan forgiveness. READ MORE

SBA ISSUES NEW LOAN FORGIVENESS APPLICATION FORMS
The SBA and Treasury Department today announced the release of two Paycheck Protection Program (PPP) loan forgiveness applications—one revised and one new—which are intended to streamline the loan forgiveness process. Both application forms are intended to be consistent with the recent changes made to PPP by Congress, as signed by President Trump on June 5, 2020, and described here. READ MORE

CONGRESS MAKES CHANGES TO PPP LOAN PROGRAM
On June 3, 2020, the Senate passed the House version of the Paycheck Protection Program Flexibility Act of 2020 (the “Act”). The Act makes important changes to the Paycheck Protection Program (“PPP”) regarding how borrowers can use PPP loan funds and maximize potential loan forgiveness. President Trump is expected to sign the Act into law shortly. READ MORE

SBA ISSUES NEW GUIDANCE ON PPP LOAN FORGIVENESS AND LENDER REVIEW PROCEDURES
On May 22, 2020, the SBA issued two new Interim Final Rules relating to Paycheck Protection Program (“PPP”) loan forgiveness, one rule with guidance for borrowers regarding requirements for loan forgiveness, which can be found here, and the other rule with guidance for lenders regarding PPP loan review procedure and lender responsibilities, which can be found here. READ MORE

SBA RELEASES PPP LOAN FORGIVENESS APPLICATION A critical aspect of the PPP Loan program is the promised tax-free forgiveness of loans used for specific payroll and operating expenses. On Friday, May 15, 2020, the SBA released the loan forgiveness application and detailed instructions for applicants seeking forgiveness of their PPP Loan. READ MORE

AVOID UNINTENDED CONSEQUENCES WHEN REOPENING BUSINESSES On May 13, 2020, the Wisconsin Supreme Court struck down theE state-wide “Safer at Home” order. Many local municipalities and counties have since issued their own orders restricting activities as a result of the COVID-19 pandemic. READ MORE

WISCONSIN SUPREME COURT STRIKES DOWN STATEWIDE “SAFER AT HOME” ORDER
Safer at Home Order Invalidated. Yesterday, May 13, 2020, the Wisconsin Supreme Court, in a 4-3 decision (the “Decision”), struck down Wisconsin’s current “Safer at Home” Order. READ MORE

SBA ANNOUNCES $2MM SAFE HARBOR TO MEET GOOD FAITH CERTIFICATION REQUIREMENT
With a drip, drip, drip of guidance from the federal government, there has been significant confusion regarding the PPP Loan program and the requirement that borrowers make a good-faith certification that their loan request was “necessary.” READ MORE

SBA EXTENDS SAFE HARBOR PPP LOAN PAYBACK UNTIL MAY 14, 2020
Section 2 of FOS’s FURTHER GUIDANCE ON PAYCHECK PROTECTION PROGRAM describes the recent guidance provided by the Small Business Administration (“SBA”) regarding, among other things, the certifications required to be made by companies obtaining loans (“PPP Loans”) under the Paycheck Protection Program (“PPP”). READ MORE

FURTHER GUIDANCE ON PAYCHECK PROTECTION PROGRAM
The Small Business Administration, the Department of Treasury and the Internal Revenue Service continue to offer additional guidance to borrowers regarding loans received under the Paycheck Protection Program. READ MORE

WISCONSIN EXTENDS “SAFER AT HOME” ORDER
Yesterday, Wisconsin’s Department of Health Services issued its 16-page Emergency Order #12 (the “Order”), known as the “Safer at Home” Order, in response to the novel coronavirus (COVID-19) pandemic. READ MORE

COVID-19 AND BUSINESS INTERRUPTION INSURANCE
The 2019 novel coronavirus (COVID-19) is causing significant illness and mounting personal anxiety. It is also causing severe economic damages, with company after company, including restaurants, bars and shops, closing throughout the country to weaken the pandemic’s spread. READ MORE

SBA ISSUES FINAL INTERIM RULE RE: PAYCHECK PROTECTION LOAN PROGRAM
Yesterday, the Small Business Administration issued an Interim Final Rule (the “Rule”) regarding the CARES Act’s Paycheck Protection Loan program. The SBA also released the Paycheck Protection Loan borrower application form that lenders are to use in processing applications. The Rule – which is applicable to all applications for Paycheck Protection Loans – and the application provide critical additional insight for businesses who are considering applying, or have already applied, for a Paycheck Protection Loan. READ MORE

DOL ISSUES ADDITIONAL GUIDANCE ON FFCRA
The Families First Coronavirus Response Act (the “FFCRA”) provisions regarding required Emergency Paid Sick Leave and Emergency Family Medical Leave go into effect tomorrow, April 1, 2020.  Unless they obtain an exemption, all private employers with fewer than 500 employees must follow the FFCRA.  READ MORE

CORONAVIRUS RELIEF PROVISIONS
The IRS and the Wisconsin Department of Revenue have extended the due date for filing 2019 income tax returns from April 15, 2020 to July 15, 2020.  The extension is automatic.  An extension application need not be filed.  READ MORE

PRESIDENT SIGNS CORONAVIRUS STIMULUS LEGISLATION
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Stimulus Act”) into law, providing over two trillion dollars in relief in response to the 2019 novel coronavirus (COVID-19) pandemic. The relief available under the Stimulus Act includes individual cash rebates, expanded unemployment benefits, small business loans, and multiple tax breaks. READ MORE

IRS RELEASES GUIDANCE REGARDING TAX CREDIT AND RELATED ISSUES UNDER THE FAMILIES FIRST CORONAVIRUS RESPONSE ACT
On March 18, 2020, the President signed the Families First Coronavirus Response Act (FFCRA) into law, to provide relief to employees adversely affected by the 2019 novel coronavirus (COVID-19) pandemic. The law, which applies to private employers with fewer than 500 employees and certain public employers, provides, among other things, paid leave for certain employees affected by COVID-19. READ MORE

WISCONSIN ISSUES “SAFER AT HOME” ORDER
Yesterday, Wisconsin’s Department of Health Services issued its 16-page Emergency Order #12 (the “Order”), known as the “Safer at Home” Order, in response to the novel coronavirus (COVID-19) pandemic. The Order is in effect from 8:00 a.m. Wednesday, March 25, 2020 until 8:00 a.m. Friday, April 24, 2020, unless a superseding order is issued. READ MORE

COVID-19 AND CONTRACTUAL PERFORMANCE ISSUES
The novel 2019 coronavirus (COVID-19) pandemic is causing major disruptions to many commercial supply chains resulting in anticipated delays, reduced fulfillments, and even cancellations of contractual orders and requirements. Many of these disruptions may be resolved through negotiations where the contracting parties agree to modify or negate various contract requirements. When negotiations fail, however, the following legal doctrines may apply: READ MORE

THE FAMILIES FIRST CORONAVIRUS RESPONSE ACT (H.R. 6201)
On March 18, 2020, the President signed the Families First Coronavirus Response Act (FFCRA) into law, to provide relief to employees adversely affected by the 2019 novel coronavirus (COVID 19) pandemic. READ MORE

CORONAVIRUS UPDATE – WORKPLACE ISSUES
The 2019 novel coronavirus (COVID-19) is drastically changing the way we socialize, shop, and work. Fox, O’Neill & Shannon, S.C.’s utmost concern is for the health and safety of our clients, staff and their families. READ MORE

CLIENT ALERT – COVID-19
Clients and colleagues: The spreading threat of the 2019 novel coronavirus (COVID-19) throughout Wisconsin, the U.S., and the world has caused heightened anxiety and concerns regarding the public health and potential business disruptions. READ MORE