SBA Opens PPP Forgiveness Portal, But Banks Put on the Brakes

By: BrownWinick | 08.12.2020

  The Small Business Administration (SBA) officially opened its Paycheck Protection Program Forgiveness Portal to lenders starting on Monday, August 10, 2020. This means that banks who provided loans to small businesses through the Paycheck Protection Program (PPP) may start processing applications from borrowers to have their loans entirely forgiven. As of July 31, 2020, Read…

Eviction and Foreclosure Prevention Program

By: Kelli Orton |

  In an effort to reduce the number of evictions and foreclosures in the State of Iowa due to the pandemic, Governor Reynolds created the COVID-19 Eviction and Foreclosure Prevention Program. This program provides rental assistance or mortgage assistance for up to four months for a household who has had a reduction in income due Read…

The DOL Fiduciary Rule and NAIC Showdown:  Fiduciary or Not? 

By: Maureen Henderson | 08.11.2020

  Despite the apparent harmonization between the SEC Regulation BI (Section 240.151-1, eff. 6/5/19) https://www.sec.gov/rules/final/2019 and the NAIC’s Revised Model on Suitability https://www.naic.org/store/free/MDL-275., the Department of Labor proposed a new fiduciary rule which contradicts the Model’s explicit language…the Care Obligation DOES NOT create a fiduciary obligation or relationship.  The DOL’s new fiduciary rule issued on Read…

A Second Wave of Stimulus Relief Proposed by Congress

By: BrownWinick | 07.28.2020

  Congress is negotiating a new $1 trillion economic stimulus package to help millions of Americans and businesses keep afloat during the continued COVID-19 crisis. Among a host of other benefits, Congress has unveiled the following proposed benefits to help businesses hit hardest by the pandemic: A second round of Paycheck Protection Program loans aimed Read…

Proposed Legislation Could Provide Additional Relief to Small Farmers

By: BrownWinick | 07.27.2020

  Last week, U.S. Representatives Abby Finkenauer (D-IA) and Dan Bishop (R-NC) introduced bipartisan legislation that would permit farmers to use money from loans acquired through the Paycheck Protection Program (PPP) to pay for rentals of equipment, land, and buildings. The proposed bill is titled the Expanding Assistance to Farmers Act of 2020 (H.R. 7619) Read…

Iowa and Arizona Adopt Best-Interest Standard for Annuity Sales Effective January 1, 2021

By: Maureen Henderson | 07.24.2020

  Iowa (Iowa Code section 507B.4A) and Arizona (Arizona Code SB 1557) passed the revised Suitability in Annuity Transactions Model Regulation effective January 1, 2021.   The National Association of Insurance Commissioners, (“NAIC”) successfully modeled the SEC Regulation BI (Section 240.151-1, eff. 6/5/19) https://www.sec.gov/rules/final/2019 and https://www.naic.org/store/free/MDL-275. to harmonize federal and state best interest standards.  The “Best Read…

Federal Reserve Expands Main Street Lending Program to Nonprofit Organizations

By: BrownWinick | 07.21.2020

On July 17th, 2020, the Federal Reserve Board modified the Main Street Lending Program (Program) to provide greater credit opportunities to nonprofit organizations. The Program offers loans to businesses that were in sound financial condition before the Covid-19 pandemic hit. The new regulations allow a wider range of nonprofit entities such as educational institutions, hospitals, Read…

IRS Updates Guidelines to Allow Deferral of Employer Social Security Tax

By: BrownWinick | 07.15.2020

  Following the passage of the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the Internal Revenue Service (IRS) has updated their FAQ regarding an employer’s ability to defer Social Security taxes. Now, even employers that have received partial or full forgiveness of their PPP loan may defer the payment of Social Security taxes due Read…

FAA Ramps Up Surveillance: Time to Confirm Compliance of Your Aircraft Operation

By: Brennan Block |

Despite all that is going on in the world, we have noticed in the past few months an uptick in the Federal Aviation Administration (the “FAA”)’s scrutiny of aircraft operations, specifically those operations that cross the border from legal Part 91 operations into “sham” dry lease or illegal charter territory. Because of the FAA’s noticeably Read…

BrownWinick Adds Insurance Regulatory and Compliance Practice

By: BrownWinick | 07.09.2020

  BrownWinick is pleased to announce the addition of attorney Maureen Henderson to our Des Moines, Iowa, office. Maureen has more than 25 years of experience in the financial services industry. She most recently served as Senior Vice President and Chief Compliance Officer of Traditional Life at Global Atlantic Financial Group Limited. At BrownWinick, Maureen’s Read…