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Below are our latest posts regarding the coronavirus pandemic.

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DOL Issues New Tip Regulations, but Rule’s Future Remains Uncertain

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.

Timing Isn’t Everything: PPP-Funded Expenses Remain Non-Deductible Whether or Not Loans are Forgiven by Year-End

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.

Public Health of Madison and Dane County Notifies Licensed Food and Drink Establishments of Increased Enforcement Efforts to Combat COVID-19

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

Scarcity of Business Sales During COVID-19 Pandemic May Present Opportunity for Selected Business Owners

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.

Treasury Provides Safe Harbor for Good Faith Certification on Paycheck Protection Program ("PPP") Loans Under $2 Million

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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