At Meissner Tierney Fisher & Nichols S.C., we’ve been closely monitoring the rapid legislative, executive, and agency responses by Washington, D.C. and Madison, Wisconsin to the coronavirus pandemic and how those responses might impact your business. Below are a series of guides prepared by our team, as well as additional resources that you might find helpful during these uncertain times.
- Understanding the Key Provisions made in the New Sick Pay Legislation
- Paycheck Protection Program – § 7(a)(36) of the Small Business Act (15 U.S.C. 636(a))
Additional Resources:
Families First Coronavirus Response Act
- Text of FFCRA https://www.congress.gov/116/bills/hr6201/BILLS-116hr6201enr.pdf
- https://www.kushnerco.com/irs-listens-to-small-employer-concerns-on-covid-19-emergency-paid-leave (in an e-mail to SBCA on 3/23/2020)
- Department of Labor Employee Guide https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave
- Department of Labor Employer Guide https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
- Department of Labor Q&A https://www.dol.gov/agencies/whd/pandemic/ffcra-questions
- Department of Labor Poster https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf
- DOL Poster Questions https://www.dol.gov/agencies/whd/pandemic/ffcra-poster-questions
- IRS Notice 2020-22 re relief to employers entitled the new refundable tax credits under FFCRA https://www.irs.gov/pub/irs-drop/n-20-22.pdf
- IRS Draft Form 7200 re advances of employer credits for qualified sick and family leave wages and the employee retention credit https://www.irs.gov/pub/irs-dft/f7200–dft.pdf
- IRS Draft Form 7200 Instructions https://www.irs.gov/pub/irs-dft/i7200–dft.pdf
CARES Act
- Text of CARES Act https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
- New SBA 7(a)(36) PPP Loan application https://www.sba.gov/document/sba-form–paycheck-protection-program-ppp-sample-application-form
- Senate Section-by-Section Summary https://www.help.senate.gov/imo/media/doc/CARES%20Section-by-Section%20FINAL.PDF
- Committee on Finance Summary on Certain Provisions https://www.finance.senate.gov/imo/media/doc/CARES%20Act%20Section-by-Section%20(Tax,%20Unemployment%20Insurance).pdf
- House Minority Leader’s summary https://mcusercontent.com/301a28247b80ab82279e92afb/files/b499f5d0-bc69-4674-90a6-cb3c789a8904/Phase_3_FAQ_Volume_1.pdf?utm_source=2019+House+GOP+Staff+List&utm_campaign=6f8d8aa4da-EMAIL_CAMPAIGN_2019_01_31_08_56_COPY_01&utm_medium=email&utm_term=0_a8407dc016-6f8d8aa4da-147386805
- Small Business and COVID-19 Webinar from the SBCA on 3/24/2020 (password protected)
- Economic Stabilization Provisions (e-mail to TJN on 3/30/2020) https://www.winston.com/en/thought-leadership/economic-stabilization-and-assistance.html?utm_source=vuture&utm_medium=email&utm_campaign=private%20equity_covid-19%3a%20economic%20stabilization%20and%20assistance_second%20version_mar2020
- SBA Disaster Loan Application (note, this is NOT the new SBA loan from the CARES Act) https://www.sba.gov/funding-programs/disaster-assistance
- IRS FAQ re Employee Retention Credit https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act
- Committee on Finance FAQ re Employee Retention Credit https://www.finance.senate.gov/chairmans-news/cares-act-employee-retention-credit-faq
- IRS Guidance in IR-2020-62 re Employee Retention Credit https://www.irs.gov/newsroom/irs-employee-retention-credit-available-for-many-businesses-financially-impacted-by-covid-19
- IRS Draft Form 7200 re advances of employer credits for qualified sick and family leave wages and the employee retention credit https://www.irs.gov/pub/irs-dft/f7200–dft.pdf
- IRS Draft Form 7200 Instructions https://www.irs.gov/pub/irs-dft/i7200–dft.pdf
- Treasury 1-Page Review of PPP: https://home.treasury.gov/system/files/136/PPP%20–%20Overview.pdf
- Treasury PPP Info Sheet for Lenders https://home.treasury.gov/system/files/136/PPP%20Lender%20Information%20Fact%20Sheet.pdf
- Treasury PPP Infor Sheet for Borrowers https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf
- SBA Coronavirus Small Business Guidance and Resources https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
- General SBA Guidance on Size Standards https://www.sba.gov/federal-contracting/contracting-guide/size-standards
Governor’s Order
- Text of Safer at Home Order https://evers.wi.gov/Documents/COVID19/EMO12-SaferAtHome.pdf
- Wisconsin COVID-19 information: https://govstatus.egov.com/wi-covid-19
- Wisconsin COVID-19 Press Releases: https://govstatus.egov.com/wi-covid-19-press-releases
- Wisconsin COVID-19 Emergency Orders: https://govstatus.egov.com/wi-covid-19-emergency-orders
Other
- WEDC accepting applications for grants of up to $20,000 for businesses with no more than 20 employees. https://wedc.org/blog/wedc-announces-targeted-grants-to-small-businesses-suffering-losses-due-to-coronavirus-emergency/
- Coronavirus Hubs (Taxes)
IRS: https://www.irs.gov/coronavirus
Wisconsin: https://www.revenue.wi.gov/Pages/News/2020/wi-covid-19.aspx
- Centers for Disease Control and Prevention: https://www.cdc.gov/coronavirus/2019-ncov/index.html
- Wisconsin Department of Health Services: https://www.dhs.wisconsin.gov/covid-19/index.htm
- American Red Cross: https://www.redcrossblood.org/
