The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage…
Here is a helpful list of resources all on one page: https://wisconsinsbdc.org/services/covid-19/ Reopening guidelines for a variety of industries: https://wedc.org/reopen-guidelines/
“We’re All In” Small Business Grants (Wisconsin) Application period will open in early June – register for alerts for program here $2,500 per small business Small businesses with 20 or fewer employees qualify Business must agree to implement best practices Funds can be used for health and safety improvements, wages, rent, mortgages, and inventory Click Here…
Important changes have been made to the Paycheck Protection Program (PPP) and are awaiting the signature of the President: On May 28, 2020, the House of Representatives passed the following important changes to the Paycheck Protection Program: The covered period of the loan is changed from 8 weeks to the earlier of: 24 weeks following…
Below you will find two important updates regarding PPP Loans. Please contact us if you have any questions. Q: Will SBA review individual PPP loan files? A: Yes. SBA reminded all borrowers of an important certification required to obtain a PPP loan. To further ensure PPP loans are limited to eligible borrowers in need, the…
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an…
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December…
Net operating loss liberalizations: The 2017 Tax Cuts and Jobs Act (the 2017 Tax Law) limited NOLs arising after 2017 to 80% of taxable income and eliminated the ability to carry NOLs back to prior tax years. For NOLs arising in tax years beginning before 2021, the CARES Act allows taxpayers to carryback 100% of…
Delay of payment of employer payroll taxes: Taxpayers (including self-employed) will be able to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. Taxes that can be…
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