W&D Coronavirus Resource Center
The coronavirus (COVID-19) is causing challenges for businesses across the U.S. We have compiled a list of resources to help business owners, management and individuals navigate this unprecedented situation.
This list will be updated regularly as the situation evolves and new relief initiatives are announced. Last Updated January 9, 2021 at 12:00 p.m.
Consolidated Appropriations Act of 2021 (CAA 2021) – “Economic Aid Act”
The nearly 5,600-page Consolidated Appropriations Act of 2021, which is now law, expands and extends several critical provisions of the CARES Act enacted in the spring of 2020 to deal with the emerging financial and health care crisis. It also includes welcomed additions, clarifications, and changes to the PPP.
- CAA 2021 Key provisions for INDIVIDUALS
- CAA 2021 Key provisions for BUSINESSES
- Important PPP Changes and PPP2
- PPP Loan Program Reopens January 11, 2021
Federal Coronavirus Relief
PPP Forgiveness Forms and Instructions
Revised PPP Application Forms
- REVISED First Draw Borrowers PPP application form and Top Line Overview for First Draw Borrowers
- NEW SBA Second Draw Borrower Application and Top Line Overview for Second Draw Borrowers
PPP Loan Forgiveness Forms
- SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application
- SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application
- SBA Form 3508S Paycheck Protection Program Forgiveness Application
Loan Programs
- Reopening of the PPP Forgivable Loan Program 1.9.2021
- Important PPP Changes and PPP2 1.8.2021
- Congress to Vote on New Stimulus Deal – Provisions and PPP Highlights 12.21.2020
- Necessity Questionnaire for PPP Loans over $2 million. 11.23.2020
- Ready to File for PPP Loan Forgiveness? 10.2.2020
- Who’s Subject to PPP Owner-Employee Forgiveness Limits? 8.25.2020
- PPP Loan Forgiveness? Don’t Rush in 8.25.2020
- NEW: Treasury Issues New FAQs on PPP Loan Forgiveness 8.7.2020
- NEW: Don’t Rush PPP Forgiveness: More Changes are Coming 7.28.2020
- Will Your PPP Loan be Automatically Forgiven? 7.27.2020
- AICPA Gives 5 Good Reasons Not to Rush Your PPP Forgiveness Application 7.15.2020
- Borrower-Friendly PPP Loan Forgiveness Applications and Guidance 6.17.2020
- Good News for PPP Borrowers: The Paycheck Protection Flexibility Act 6.11.2020
- PPP Loan Forgiveness Just Became Easier 6.4.2020
- New PPP Loan Forgiveness Guidance and Possible Congressional Changes 5.26.2020
- Treasury & SBA Release PPP Loan Forgiveness Application and Instructions. 5.18.2020
- Treasury & SBA Release Favorable Guidance for Economic Need Certification Requirement. 5.13.2020
- IRS Issues Guidance on the Ability to Deduct PPP Forgiven Expenses
- PPP Loan Forgiveness Frequently Asked Questions. 4.25.2020
- Interim Stimulus Plan Provides Round Two of PPP and EIDL Funding. 4.25.2020
- PPP Loan Forgiveness. 4.20.2020
- PPP and EIDL Loans On Hold. What’s Next? 4.20.2020
- PPP Program for Self-Employed and Independent Contractors Updated 4.20.2020
- SBA Issues PPP Frequently Asked Questions; Gives Favorable Answers. 4.7.2020
- SBA & US Treasury Frequently Asked Questions. Released late evening 4.6.2020
- SBA Answers More Key PPP Questions UPDATED; 4.4.2020 with Additional SBA Guidance
- Answers to More CARES Act Emergency Loan Questions 4.2.2020
- Q&A for CARES Act Emergency Loans – Round 1
COVID-19 Webinars
Upcoming Live Events
- Wednesday, January 20th at 3 p.m. CDT – REGISTER. Business & Individual Tax Highlights of the Consolidated Appropriations Act of 2021.
- Thursday, January 21st at 3 p.m. CDT – REGISTER. PPP2: Changes & Opportunities for 1st & 2nd Time PPP Borrowers
On-Demand
- Navigating the PPP Loan Forgiveness Process. December 10, 2020. ON-DEMAND – VIEW LIVE RECORDING
- How to Achieve PPP Loan Forgiveness & Updates. ON-DEMAND – VIEW LIVE RECORDING
- The Paycheck Protection Flexibility Act and New Loan Forgiveness Applications and Guidance. 6.24.2020. VIEW SLIDES
- The SBA Paycheck Protection Program Loan Forgiveness Application and New Guidance. 5.27.2020 VIEW LIVE RECORDING.
- PPP Loan Forgiveness Updates and Best Practices. 5.6.2020. VIEW LIVE RECORDING
- COVID-19 Stimulus and Other Options for Not-for-Profits. 4.23.2020. VIEW LIVE RECORDING
- COVID-19 STIMULUS – WHAT’S AVAILABLE FOR YOU?> CARES Act Individual Provisions for You and Your Employees. 4.9.2020 VIEW LIVE RECORDING
- COVID-19 Business Loans & Disaster Relief – New CARES Act Paycheck Protection Info and How to Apply. 4.1.2020 VIEW LIVE RECORDING
Executive Orders
What’s in the Recent Executive Orders? 8.11.2020
The Coronavirus Aid, Relief and Economic Security Act (CARES)
- What’s in the CARES Act for Individuals?
- What’s in the CARES Act for You and Your Business?
- What’s in the CARES Act for Nonprofits?
- CARES Act Makes Favorable Changes to Qualified Improvement Property
The Families First Coronavirus Response Act (FFCRA)
FFCRA was signed into law on March 18, 2020 and responds to the growing health and economic crises with provisions for paid sick leave, free testing, expanded unemployment benefits and more.
- UPDATE: 3.26.2020 – DOL Issues Emergency Paid Sick Leave Act (EPSLA) and Emergency Family Medical Leave Act (EFMLA) Guidance. DOL guidance provides good news for employers struggling with state ordered closures. It appears based on guidance that employers do NOT have to pay two weeks EPSLA due to lay-offs or state ordered closures either before or after FFCRA effective date (April 1, 2020). Instead, employees may be eligible for expanded unemployment benefits
- UPDATED: Business Owner Q&A – New COVID-19 Employer Requirements
Financial Resources and Loan Assistance
We have compiled a comprehensive, summarized list of COVID-19 emergency business loan assistance and disaster relief assistance at the Federal, State and City level. VIEW HERE.
Loan & Disaster Relief Programs
- NEW: SBA PPP Loan Forgiveness Application & Instructions
- NEW: Federal Reserve’s Main Street Lending Program Update
- NEW: Illinois COVID-19 Relief Programs Update
- SBA Provides PPP Maximum Loan Calculation Formulas by Business Type
- The US Department of the Treasury Issues Guidance on Paycheck Protection Program Including How to Apply
- Q&A for CARES Act Emergency Loans – Apply Now
- CARES Act Small Business Emergency Loans
- Illinois Department of Commerce Emergency Small Business Grants and Loans Assistance
- Disaster Assistance Loans from the Small Business Administration – SBA
- City of Chicago offering small business loan program – Chicago Small Business Resiliency Fund
Lay-offs and Business Continuity Planning
- UPDATED WITH DOL GUIDANCE 3.26.2020: COVID-19 Employee Lay-Off Questions & Answers
- Business Continuity Planning (Provided by AON)
State Level Assistance
Since each state’s plan to assist businesses varies, the best thing business owners can do is check with their local governor’s office for the latest on state specific assistance, resources and updates. You can also check in with local small business organizations and agencies. Here is a list of state- and local-level small business resources to consult:
Tax Resources
- NEW Treasury, IRS Unveil Online Applications to Help With Economic Impact Payments
- NEW 3.25.2020 – Illinois Delays Tax Deadline to July 15th; Important Federal Reminders
- IRS Issues Guidance for COVID-19 Tax Relief and the April 15th Deadline
- IRS Coronavirus Tax Relief Center (IRS)
- AICPA Coronavirus Resource Center (AICPA)
Resources for Employers
Unemployment
- NEW: Are You or Your Employees Eligible for Unemployment Insurance? Here’s What You Need to Know
- Illinois Emergency Unemployment Benefits for workers who unemployment is attributable to COVID-19 – IDES
- How to apply for Illinois unemployment
Responding to Coronavirus
- Guidance for Employers to Plan and Respond to Coronavirus Disease – CDC
- Coronavirus Q&A for Employers – MRA
- Coronavirus Disease (COVID-19): What You Should Know – CDC
- US Chamber of Congress Coronavirus Response Tool Kit – UCC
Preparing Workplaces for Coronavirus (COVID-19)
- Compensation Guidelines During the Cornoavirus Pandemic – MRA
- COVID-19: Wage and Hour Questions and Answers – DOL
- Guidance on Preparing Workplaces for COVID-19 – OSHA
- Plan Now for Coronavirus to Avoid Disruptions and Promote Safe Practices – CCH Wolters Kluwer
- Our People – Resources for Employees (Link to Convergence Coaching Coronavirus Resource Center)
Midwest State Health Resources
- Illinois Department of Public Health
- Iowa Department of Public Health
- Wisconsin Department of Health Services
- Minnesota Department of Health
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Highlights of Consolidated Appropriations Act of 2021
The nearly 5,600-page Consolidated Appropriations Act of 2021, which is now law, expands and extends several critical provisions of the CARES Act enacted in the spring of 2020 to deal with the emerging financial and health care crisis. Key provisions for individuals, businesses and employers Here’s a broad overview of some of the provisions that … Read More »
Important PPP Changes and Guidance
IMPORTANT NOTE: On January 6, 2020 the SBA issued approximately 120 pages of new regulations regarding PPP loans. We have updated the below article on PPP Changes with significant new details, including: New methods to calculate a 25% reduction in gross receipts Clarifications regarding eligibility for second draw PPP loans Denial of loan eligibility for … Read More »
Ready to file for PPP Forgiveness?
There is no question that PPP loan borrowers who wish to apply for forgiveness and release the burden of their PPP loan are eager to move forward. Uncertainty, however, remains. Although there is much talk about automatic forgiveness for PPP loans under a certain dollar amount, several rounds of stimulus legislation containing PPP modifications have … Read More »
Who’s subject to PPP Owner-Employee Forgiveness Limits?
The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule Monday addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. Specifically, the interim final rule establishes that owner-employees with less than a 5% stake in a C or S corporation are exempted from the … Read More »
Are you eligible for unemployment insurance? Here’s what to know
Laid off or furloughed because of COVID-19? We answer your questions about unemployment benefits. Unemployment claims are soaring across the United States due to coronavirus-related layoffs and closures. Americans are increasingly worried about how they are going to pay their bills as coronavirus forces businesses to close and costs millions of people their jobs. To … Read More »
Covid-19 Financial Relief: Families First Coronavirus Response Act
Families First Coronavirus Response Act (FFCRA) The Families First Coronavirus Response Act (FFCRA; “The Act”) was signed into law on March 18, 2020 and responds to the growing health and economic crises with provisions for paid sick leave, free testing, expanded unemployment benefits and more. FFCRA also generally requires employers with less than 500 employees … Read More »