Below are our latest posts regarding the coronavirus pandemic.
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Business Minute
01.18.21
On December 22, 2020, the Department of Labor (DOL) issued a final rule revising the FLSA’s tip regulations. In theory, the new rule will go into effect on March 01, 2021. However, it is anticipated that either the Democratic-controlled Congress or incoming Biden administration may eliminate or make substantial revisions to the rule before it can take effect. Employers are encouraged to consult with legal counsel prior to making changes to their tip pooling practices.
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Business Minute
11.20.20
On November 18, 2020, the IRS released Revenue Ruling 2020-27 and Revenue Procedure 2020-51, both of which provide guidance on the treatment of expenses paid with PPP loan proceeds. While this guidance is consistent with the IRS’s previous guidance prohibiting the deduction of expenses paid using Payroll Protection Program (“PPP”) loan proceeds that are subsequently forgiven, it does provide taxpayers with clarification on the treatment of PPP-funded expenses incurred in the tax year prior to the year in which the SBA confirms whether their loan will be forgiven.
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Business Minute
On September 14th, Public Health Madison & Dane County sent a letter to all licensed establishments in Madison (with a copy to all licensed food and drink establishments in Dane County) to remind them of the provisions of PHMDC’s Emergency Order #9 and inform them of the possibility of increased fines if they do not comply with public health order
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Business Minute
08.11.20
On August 8, 2020, President Trump executed an Executive Order (the “Order”) providing employees with the opportunity to defer their portion of Social Security taxes.
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Business Minute
COVID-19 has created uncertainty and disruption for many businesses across market segments and industries. Accordingly, it should come as no surprise that many business owners are hunkering down for the next year or so, and postponing what would have otherwise been near-term sales of their businesses. COVID-19 should not, however, cause business owners to automatically conclude that a business sale is not feasible at this time. In fact, for some business owners, this may be a time to expect healthy competition among buyers for the purchase of their businesses.
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Business Minute
Businesses that were considering applying for a Paycheck Protection Program (PPP) Loan but missed the June 30, 2020, deadline now have a few additional weeks to apply
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Business Minute
Effective at 8:00am on July 2, 2020, Public Health Madison & Dane County is issuing order #7, which limits gatherings and prohibits indoor dining and service at bars, because the contact tracing team has found that gatherings and visits to bars and restaurants continue to be implicated in interviews with cases.
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Business Minute
06.05.20
On June 3, 2020, Congress passed the Paycheck Protection Program Flexibility Act, which substantially amends the requirements of the PPP to give borrowers more time and flexibility to spend PPP loans and qualify for loan forgiveness. President Trump is expected to sign the Act June 4, 2020.
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Business Minute
On May 13, 2020, the U.S. Treasury Department released a new FAQ that addresses how the Small Business Administration ("SBA") will review the good faith certification that requires borrowers to certify that the current economic uncertainty makes the loan request necessary to support the borrower's ongoing operations.
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Business Minute
The U.S. Treasury Department released a new FAQ that addresses the PPP loan application certification that requires borrowers to certify that the current economic uncertainty makes the loan request necessary to support the borrower’s ongoing operations.
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