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…

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…

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…

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

  Update: On Monday July 6 the Main Street Lending Program became fully operational. This program is meant to shore up small and mid-sized American businesses that were in good financial standing prior to the pandemic. However, the program might have difficulty garnering support from the nation’s largest financial institutions—lenders like JP Morgan and Citibank 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…