Category Business Transactions

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

  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... Read More

Paycheck Protection Program Flexibility Act

  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 More

Guidance Regarding PPP Forgiveness

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... Read More

Iowa Tax Update for COVID-19

  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),... Read More

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

  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 for payroll... Read More

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

  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... Read More

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

  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... Read More

Main Street Lending Program

  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 small... Read More

COVID-19 – Additional Employer Funding Sources

  Many businesses are asking questions about new SBA loans available under the Paycheck Protection Program (PPP). Oftentimes businesses are not aware of other new resources available in the form of refundable advance tax credits — reimbursing the cost of employee wages paid in connection with COVID-19. In many cases, the credits available can... Read More