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Resources for Small Businesses and Workers to Navigate COVID-19

We know our clients are facing many difficult decisions on how to navigate these uncertain times.  Wegner CPAs is working diligently to gather information and resources as they become available. 

Unemployment Benefits

Governor Evers announced today that he will issue an emergency order Wednesday, March 18 to waive work search requirements and modify the availability requirements for unemployment insurance benefits for workers impacted by COVID-19.  The one-week waiting period for benefits as well as the requirement that UI claimants conduct at least four weekly work search actions will be waived during the COVID-19 emergency.  His order will also ensure that claimants who are otherwise eligible but out of work due to COVID-19 are considered available for work and therefore eligible for benefits.  More information on unemployment benefits can be found on the Department of Workforce Development website.  

Additional Resources

Below is a list of additional resources that are currently available to assist small business owners and workers through this time.

3/18/20 UPDATE – President Signs Bill Providing Testing, Employment Relief; 90-Day Waiver of Penalties and Interest on Tax Payments

https://www.irs.gov/pub/irs-drop/n-20-17.pdf

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

https://www.facebook.com/business/boost/grant

https://www.usbgfoundation.org/

Wegner CPAs will continue to provide you with access to resources as they are made available. 

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Close-up of a person organizing stacks of coins while using a calculator, symbolizing financial planning, interest expense allocation, and tax-related decision-making.

Deductibility of Interest

Not all interest that an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities.