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 Read…

Iowa Tax Update for COVID-19

By: Maggie Simonson | 05.07.2020

  Filing and Tax Payment Extensions to July 31, 2020 and Possibly January 31, 2021 The Iowa Department of Revenue has extended the tax return filing and payment deadline to July 31, 2020 for certain individual, composite (nonresident partners), partnership, corporate, S corporation, fiduciary (not including Iowa Form 706 Inheritance Tax returns), franchise, and moneys Read…

PPP Update: How much of your loan will be forgiven, and when you need to start paying off the 1% interest, 2-year loan.

By: Colin Hendricks |

  It’s been a few weeks since the Payroll Protection Program (“PPP”) was passed into law and businesses have been approved (and hopefully have received) loans from the Small Business Administration (“SBA”). Recipients of the loans are eligible to receive full forgiveness for their loans if at least 75% of the loan proceeds are used Read…

DSM Small Business Recovery Grant Application Opens, Accepted through May 20

By: Tess Pocock | 05.06.2020

  In an effort to assist businesses facing hardship from the COVID-19 pandemic, the Greater Des Moines Partnership announced grant awards for businesses with physical locations within the cities of Carlisle, Clive, Des Moines, Indianola, Johnston, Norwalk, Urbandale, West Des Moines, and Windsor Heights. Eligible businesses include for-profit sole-proprietors and businesses with 30 or fewer Read…

Business Considerations for Those Impacted by COVID-19

By: William Brown | 05.05.2020

  While businesses have patiently awaited the lifting of closure orders associated with the pandemic, the uncertainty of business recovery looms as state and local governments begin easing closure restrictions.  What will business look like in the post-closure world?  How long will it take for business to recover?  These are amongst the most pressing questions Read…

PPP Portal Opens to Small Lenders Only for 8 Hours

By: Tess Pocock | 04.29.2020

  On Wednesday, April 29, the U.S. Treasury and Small Business Administration (“SBA”) announced that for eight hours, big banks will be prevented from accessing the Paycheck Protection Program (“PPP”) portal. During this time, small lenders will have exclusive access to submitting applications for PPP loans. A lender with under $1 billion in assets qualifies Read…

Congress Injects an Additional $310B in Funding for the Paycheck Protection Program—Eligible Borrowers Should Act Quickly

By: Tess Pocock | 04.27.2020

  Late last week, Congress passed—and President Trump signed—a new round of small business relief funding, the Paycheck Protection Program and Health Care Enhance Act, which includes an additional $310 billion in funding for the Paycheck Protection Program (“PPP”). In just two short weeks, the first round of funding was exhausted, leaving many business owners 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…

Making a big change to your business? We can help.

By: Ingrid Johnson | 04.21.2020

  COVID-19 has drastically altered market demands and in response, some companies are temporarily changing their business models to manufacture products that are desperately needed.  We have ethanol plants manufacturing hand sanitizer, clothing companies making surgical gowns, and plastic molding companies making face shields. One hurdle to making this pivot with your business is familiarizing Read…