Wisconsin businesses say industry-specific funding, extending the PPP loan forgiveness period important if PPP continues

ASHWAUBENON - Once booked with a packed schedule of concerts and events, the Resch Center remains unused since March 13 — the last day of the State High School Girls Basketball Championships.

Now, as the 2020 pandemic barrels on, half of the staff at the center`s management company, PMI Entertainment, is laid off. 

PMI notified the Wisconsin Department of Workforce Development it would have to lay off 31 employees as of July 1. It could have been worse, PMI`s chief operating officer, Brendan Bruss, said. PMI received a Paycheck Protection Program (PPP) loan of more than $1.2 million that helped it keep employees on the payroll for months and postpone layoffs...

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Ken Notes: Very difficult decisions here. I really think we needed to call an economic time out rather than try to fund the continuation as normal. What happens if this continues for several more months and businesses default on their PPP commitments. Yet of some companies this seems very likely while for other the loans may not have been necessary at all. The Resch Center is a perfect example here...