WILMIC News & Risk Management Articles

COVID-19 Business & Legal Updates

Deadline for State Bar Dues and New Bar Membership Cards Extended

The State Bar of Wisconsin is extending the deadline for lawyers to pay their Bar dues and assessments past the usual July 1 deadline, and in connection with that, asked the State Supreme Court to grant their request to also extend the expiration date on State Bar membership cards for lawyers. The Court granted the request, so the deadline for newly valid membership cards is September 30, 2020. That is also the new deadline for paying your Bar dues and assessments.

Paycheck Protection Program (PPP)
Finally Gets Funding Boost

Law firms interested in getting some help from the Federal Government’s Small Business Loan program will get a second crack at funding. After exhausting all of its original $349 billion funding last Thursday, Congress has approved a $484 billion program that will replenish the Paycheck Protection Program (PPP). The program was overrun by demand and will now get an infusion of approximately $310 billion.

$60 Billion For Small Lenders And Community Banks

The new deal sets aside $30 billion of the additional Paycheck Protection Program funds for loans made by federal insured lenders with assets between $10 billion and $50 billion. And it reserves another $30 billion for loans made by community financial institutions, and small federally insured banks and credit unions with assets under $10 billion.
$60 Billion For Economic Injury Disaster Loan Grants

The deal increases funding by $60 billion for Economic Injury Disaster Loan grants. Like the Paycheck Protection Program loans, the initial funding for these grants ran out quickly.

The Economic Injury Disaster Loan money does not have to be paid back if it is used to maintain payroll, cover paid sick leave and service other debt obligations. But if a small business owner gets both a grant and a forgivable Paycheck Protection Program loan, the forgiveness of the latter loan would be reduced by the amount of the grant.

The focus of this new legislation was renewing the Paycheck Protection Program. The CARES Act created the forgivable-loan program, which was set up to incentivize small businesses to keep workers on the payroll.

REMINDER! WI Supreme Court Order On Remote Hearings Extended Beyond Original April 30 date

The Wisconsin Supreme Court recently extended its order suspending all in-person proceedings (with some exceptions) in appellate and circuit courts. The original March 22 order was to be in effect until April 30 and required hearings to be conducted remotely. It also allowed judges to waive in-person requirements otherwise required in juvenile matters. The order is now in effect until further notice.

The suspension of in-person proceedings is still subject to a list of exceptions if remote technology is not practicable or adequate to address certain matters, including the constitutional rights of criminal defendants and juveniles.