Reminder On Upcoming Deadlines For Filing Income Tax Returns And Paying Income Tax

By: Christopher Nuss | 07.02.2020

Because of the ongoing pandemic, several due dates for filing tax returns and paying tax related thereto have been extended. Click here for details. This is a reminder of certain upcoming filing and payment deadlines for both the Internal Revenue Service (IRS) and the Iowa Department of Revenue (IDOR). Please see the following table and Read…

130B Unallocated Loan Funds, Senate Passes Unanimous Consent to Extend PPP

By: BrownWinick | 07.01.2020

  Just before the deadline passed at midnight on Tuesday, June 30, the U.S. Senate passed by unanimous consent an extension to the Paycheck Protection Program (PPP) that would allow small businesses until August 8, 2020 to apply for a loan. More than 4.8 million small business owners have received over $520 billion in relief Read…

M&A During COVID-19

By: BrownWinick | 06.26.2020

  If you’re wondering what impact the COVID-19 crisis has had on the M&A world, you’re asking the right question. There is no doubt this pandemic caused turbulence in the financial market, but it may not all be bad news. While some companies are treading carefully during this uncertain economic state, others are moving quickly Read…

Main Street Lending Program

By: BrownWinick | 06.25.2020

  The Federal Reserve released further information concerning the Main Street Lending Program on June 20th. Three facilities are used to distribute loans: Main Street New Loan Facility (MSNLF), the Main Street Expanded Loan Facility (MSELF) and the Main Street Priority Loan Facility (MSPLF). The eligibility criteria remain the same across all three facilities. For Read…

Long-term Impact of COVID-19 on Contracting

By: BrownWinick | 06.23.2020

  The coronavirus pandemic has permanently transformed the default structure of contractual relationships between business entities. In the past few months, the use of force majeure clauses and the doctrines of impracticability/impossibility and frustration of purpose have skyrocketed as businesses attempt to terminate unfavorable agreements. This recent uptick can be attributed to the unprecedented challenges Read…

Insurer Response to COVID Claims by Businesses

By: BrownWinick | 06.22.2020

  Nearly three months after COVID made its first appearance in the U.S., many businesses remain closed or operating on a limited basis, resulting in disastrous financial implications. One potential strategy to mediate the financial impact for many is business interruption insurance. However, insurance companies are weary of paying out business interruption claims and are Read…

Invoking or Defending Against Force Majeure: How Long Will COVID Excuse Non-performance?

By: BrownWinick | 06.18.2020

  Though COVID-19 remains an active threat across the nation, many communities have confronted the delicate task of reopening amidst the health crisis. As the nation emerges from hibernation, businesses have asked—how much longer can parties to a contract invoke force majeure as a result of the pandemic to excuse its performance of the contract? Read…

SBA Reopens Economic Injury Disaster Loan Program to All Eligible Small Businesses and Non-Profits Impacted by COVID-19

By: BrownWinick | 06.17.2020

  The U.S. Small Business Administration (SBA) has reopened its Economic Injury Disaster Loan Program (EIDL) to eligible small businesses and non-profits in all U.S. states and territories. This program provides loans at low interest rates and other forms of assistance to eligible organizations navigating the economic impact of COVID. EIDL loans may be used Read…

IRS Expands Relief for Qualified Opportunity Zones Due to COVID-19

By: Maggie Simonson | 06.16.2020

  Qualified Opportunity Funds (“QOF”) were created in 2018 as a new investment vehicle to provide preferential income tax treatment for private investment in certain distressed communities designated as Qualified Opportunity Zones (“QOZ”). Provided the requirements are met, reinvesting proceeds from certain capital gains into QOFs and QOZ businesses offers taxpayers the following tax incentives: Read…

COVID-19 Back-to-Business Limited Liability Act Awaits Governor’s Signature

By: Tess Pocock |

  Last week, the Iowa General Assembly passed Senate File 2338. The legislation includes the COVID-19 Response and Back-to-Business Limited Liability Act. The Act, which applies retroactively to January 1, 2020, provides liability protection from civil actions relating to COVID-19 exposure to certain “premises,” including real property serving a commercial, residential, educational, religious, governmental, cultural, Read…