Business leaders, interested in what many are referring to as "free money"?  Davis|Kuelthau is hosting a complimentary webinar for Wisconsin businesses - borrowers and lenders - navigating the emergency loans recently made available through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The Act allocated $350 billion to help the hospitality industry and employers with fewer than 500 employees keep their workers employed during the pandemic and its inevitable aftermath.

Known as the Paycheck Protection Program, these emergency loans provide 100% federally guaranteed loans to small businesses. If borrowers maintain or otherwise restore their payrolls, these loans may be forgiven.

What do you need to do to prepare for use of these loans?  Join D|K's Corporate and Commercial Finance attorneys Lawrence J. Glusman, Mark G. Kmiecik and Michael Van Someren at 11:45 AM on April 2 for a webinar addressing the gamut of questions that need to be considered as you weigh your eligibility, whether to borrow, and how much to borrow.  Topics will include:

• Computing the maximum loan amount

• Forgivable uses of loan proceeds

• Reduction in forgivable amount for reducing employee headcount or payroll

• Re-hiring employees to capture forgiveness

• Basic loan terms

• Taxability of cancellation of debt (COD)

• Interaction with other SBA disaster loan programs

• Interaction the employee retention tax credit and payroll tax deferral in the CARES act

• Interaction with the payroll tax credit to for employee sick leave in the Families First Coronavirus Response Act

Whether you have questions to address or are not sure whether you are asking all the right questions, our goal is to aid your thought process and internal decision needs.  We encourage you to submit your questions in advance via our registration form.  Guests will also have the opportunity to submit written questions during the webinar.  All questions will be kept confidential.