On July 30, 2020, Governor Evers signed Emergency Order #1 (the “Order”). The Order is effective August 1, 2020 and expires September 28, 2020, unless superseded by a subsequent emergency order. The Order requires every individual in Wisconsin over the age of five to wear a face covering (e.g. bandana, cloth face mask, neck gaiter).
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. The announcement appeared in recent SBA guidance for lenders regarding the loan forgiveness process. The August 10, 2020.
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. The initial deadline, enacted under the CARES Act, expired on June 30, 2020. In addition to this extension, various proposals have.
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. Taxes on the distribution can be paid over.
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. Given this unprecedented level of federal aid, government investigators will be scrutinizing.