On April 28th, 2021, President Biden revealed a slew of tax proposals. One of these proposals involved curtailing the use of a long-standing planning tool -- the Tax Deferred Like-Kind Exchange. Flowing from Section 1031 of the Internal Revenue Code, Section 1031 exchanges are a key component of the investment real estate market, especially for small to mid-size investors. Section 1031 exchanges...
On May 15, 2020, the SBA and the Treasury Department released the long-awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. They also announced that additional regulations and guidance would soon issue to further assist borrowers as they complete their applications, and to assist lenders with their responsibilities. The SBA explained that the...
By: Kathy L. Nusslock Part I of Our Business Liability Series on Returning to Work On May 13, 2020, the Wisconsin Supreme Court ruled the Secretary-designee of the Department of Health Services (DHS) failed to follow emergency rule procedures and exceeded her authority when she issued Emergency Order #28, ordering everyone to stay home, closing all "non-essential" businesses, prohibiting private...
By: Lawrence J. Glusman Second Round of May 13, 2020 SBA Updates | New PPP FAQ #47 Published 47. Question: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith. Is it possible...
By: Lawrence J. Glusman The SBA just issued a brand new FAQ, #43, which grants an automatic 1-week extension to the PPP loan repayment safe harbor until May 14. Borrowers do not need to formally request the extension. The SBA will implement it through a revision to the Interim Final Rule which created the safe harbor. Most notably, the SBA now intends to provide additional guidance on how they...
By: Sherry D. Coley and Tiffany E. Woelfel The United States Chamber of Commerce Foundation has established the Save Small Business Fund to provide short-term relief to small employers affected by the COVID-19 crisis. The Save Small Business Fund will provide a one-time grant of $5,000 to small businesses to use for business expenses. In order to be eligible for the grant, the small business...
Please scroll to the bottom of the page to view the webinar replay and access the presentation materials. The federal government's $2 trillion economic stimulus bill can help your company survive. But you have to understand NOW what's in it for you and how to apply for funds. This bill is a game changer for many small businesses, but only if you act soon. BizTimes, U.S. Small Business...
On March 23, 2020, the City of Milwaukee Health Department published the Order of the City of Milwaukee Commissioner of Health Imposing A City-Wide “Stay-At-Home” Requirement To Mitigate The Spread of COVID-19 (the “City of Milwaukee Order”)[1]. On March 24, 2020, the State of Wisconsin Department of Health Services published Emergency Order #12 Safer At Home Order (the “State Order”) (the City...
By: Sherry D. Coley and Tiffany E. Woelfel As more tenants, both residential and commercial, face financial difficulties during the COVID-19 crisis, landlords should try to work with tenants and consider creative options since traditional remedies, such as evictions, are unavailable and may remain so for some time. On March 18, 2020, Milwaukee Circuit Court Judge Colón ordered Milwaukee...
By: Sherry D. Coley and Tiffany E. Woelfel On March 18, 2020, the Wisconsin Department of Financial Institutions (“DFI”) issued emergency guidance to licensed lenders and payday lenders cautioning them from increasing customary interest rates, fees, or any costs of borrowing in response to the COVID-19 crisis. DFI explicitly warned that increases will be monitored closely and that any increases...
