Paycheck Protection Program Flexibility Act

By: Amy Johnson | 05.28.2020

  The House passed a bill this afternoon that would provide businesses with greater flexibility with regard to their uses of Paycheck Protection Program (PPP) funds. The legislation — titled the Paycheck Protection Program Flexibility Act — was introduced by Republican Rep. Chip Roy of Texas and Democratic Rep. Dean Phillips of Minnesota. It is Read…

Guidance Regarding PPP Forgiveness

By: Amy Johnson | 05.18.2020

On Friday, the SBA released much-anticipated guidance regarding the forgiveness component of Paycheck Protection Program loans: SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application The guidance includes the forgiveness worksheet that borrowers will be required to fill out as well as information on the types of documentation that borrowers will need to maintain Read…

Paycheck Protection Program Resumes Monday, April 27th

By: Amy Johnson | 04.24.2020

  If you have not already taken advantage of it, the SBA will be accepting PPP applications starting Monday morning.  We recommend reaching out to your banker right away to get the ball rolling as the new appropriation will be given on a first-come first-served basis.  Let us know what we can do to be Read…

Main Street Lending Program

By: Amy Johnson | 04.09.2020

  The U.S. Treasury released information today on its Main Street Lending Program (“MSLP”).  Many at this point are familiar with the Paycheck Protection Program (“PPP”) created by the CARES Act; the MSLP is being billed as the corresponding mid-size business program.  More details are yet to come, however:  The MSLP will enhance support for Read…

What do I do if I am ready to apply for a Paycheck Protection Program loan from the SBA?

By: Amy Johnson | 03.30.2020

  1 – Call your lender: Chances are they are already a Small Business Administration (SBA) lender or will be designated as one soon. If your lender is not an SBA lender, check out sba.gov for a list of lending institutions that are. 2 – Gather the necessary information about your business: Interim 2020 Income Read…

Identification of “Essential Business” Employees

By: Amy Johnson | 03.26.2020

  As more cities and states are moving to require citizens to “shelter in place,” how do “essential business” employees identify themselves?  The “shelter in place” orders that have been issued so far have been issued by city or state governments.  Each order may have specific nuances; however, the general employee identification form will be similar. Read…

Businesses in All 99 Iowa Counties Now Qualify for SBA Disaster Loans

By: Amy Johnson | 03.22.2020

  Effective Saturday, March 21, 2020, businesses in all 99 Iowa counties qualify for Small Business Administration (“SBA”) Economic Injury Distress Loans (the “Loans”).  The Loans are working capital only loans that are meant to help small businesses weather the ongoing Covid-19 crisis.  The credit requirements for the Loans are minimal and include: Credit History: Read…

SBA Offers Low Interest Federal Disaster Loans in Designated States

By: Amy Johnson | 03.20.2020

  UPDATE: On Saturday, March 21st, Governor Kim Reynold announced that the U.S. Small Business Administration (SBA) has issued a disaster declaration for the state of Iowa as of January 31, 2020 and continuing. The declaration allows pandemic-impacted small businesses to apply for low-interest support loans. The declaration comes after Iowa Governor Kim Reynolds submitted Read…

Is Your Business Protected Against Business Interruptions?

By: Amy Johnson | 03.13.2020

  COVID-19 has reminded businesses of the need to have plans for business interruption, contingency processes and procedures, and human resources and staffing preparedness in the event of disaster. Additionally, businesses need to review their contacts and ensure they are protected in the event their ability to perform per contractual obligations is impeded. Extreme events Read…

Agricultural Production Facility Fraud Law Found Unconstitutional

By: Amy Johnson | 01.10.2019

On Wednesday, January 9, 2019, the United States District Court for the Southern District of Iowa Central Division found in favor of a number of anti-ag industry groups; including ICCI and PETA – in a case involving the constitutionality of Iowa’s Agricultural Production Facility Fraud Law (commonly known as the “Ag-Gag Law”).   The Court’s determination Read…