April 13, 2020 – The Paycheck Protection Program (PPP) is part of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES) that provides loan programs for small businesses, including law firms, on a first come, first serve basis.
Tom Watson of Wisconsin Lawyer’s Mutual Insurance Company (WILMIC), in an article last week, noted that CARES Act provides “forgivable loans to pay for up to eight weeks of payroll costs, including benefits and other costs. In addition to payroll, recipients also can use PPP funds to pay interest on mortgages, rent, and utilities.”
In “CARES Act Resources & Practical Advice for Small Businesses and Nonprofits,” noted in the State Bar of Wisconsin’s Coronavirus & the Law Blog last week, Shawn Govern of Dewitt LLP in Milwaukee gives quick tips on eligibility and provides helpful links to PPP and other loan programs, including Economic Injury Disaster Loans.
In Ruder Ware’s COVID-19 blog, Amy Ebeling noted that PPP loans are first come, first serve, and small businesses should be using a revised application form. She also advises small businesses “to contact your preferred SBA lender as soon as possible.”
Ebeling and Mary Ellen Schill also noted that the Small Business Administration (SBA) released an interim final rule that has the details.
Virtual Town Hall: COVID-19 Financial Relief for Law Firms
There’s a lot more to unpack with these loan programs, including tax implications. The State Bar hosted a free virtual town hall meeting on April 9, and the recording is now available.
Use this link to access this recording and recordings of other virtual town hall meetings.
Panelists were on hand to help lawyers and law firms understand more about the loans, whether they qualify for the loans and how to apply for the loans.
Webcast Programming Continues
Although the State Bar has indefinitely suspended in-person PINNACLE® programming and meetings, we’ve ramped up the use of technology to keep our members informed and connected. Meanwhile, PINNACLE webcast replays and OnDemand seminars continue as scheduled.
Find a listing of coronavirus-related CLE programming on the WisBar Marketplace. This programming includes topics on telecommuting, the Families First Coronavirus Response Act, business continuity and disaster planning, ethical and logistical considerations, public health and due process, counseling employers, small business economic relief, issues of employee benefits raised by the COVID-19 pandemic, and more.