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…

Paycheck Protection Program Flexibility Act of 2020 Becomes Law, Easing Restrictions on Loan Forgiveness

By: Tess Pocock | 06.05.2020

  Today, President Trump signed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”). The new law amends provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) specifically related to forgiveness of the loans under the Paycheck Protection Program (“PPP”). The legislation saw overwhelming bipartisan support, passing by a vote Read…

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…