Over the past eight weeks, serving your legal needs while working remotely to maintain the health and safety of our clients and employees has been our firm’s main focus during COVID-19. As of June 1st, Dickinson Law will begin a phased approach to reopening our offices, with a portion of our attorneys and administrative staff resuming work at our headquarters in downtown Des Moines. This approach is consistent with current governmental recommendations and allows us…
The COVID-19 pandemic has caused severe financial losses for agricultural producers and commercial businesses, and lenders are left with uncertainty on how to respond. Our COVID-19 – Dealing with Agricultural and Commercial Loans Webinar that first aired on April 23, 2020 is now available as an on demand resource. It addresses the impact that the novel coronavirus has created for lenders, including recent state and federal regulatory changes and guidance to commercial and ag foreclosures, as well…
The COVID-19 pandemic was a shock to many corporate systems and has changed the reality under which many deals where negotiated and executed. A merger agreement or financing agreement may include a material adverse change (“MAC”) provision defining a substantial change in the target or the occurrence of an intervening event, either triggering a party’s right to terminate the agreement, releasing a party from certain obligations under the agreement or qualifying certain representations and warranties.…
The COVID-19 pandemic has caused severe financial losses for agricultural producers and commercial businesses, and lenders are left with uncertainty on how to respond. Join Dickinson Law on Thursday, April 23rd at 10:00 a.m. for a webinar as we address the COVID-19 impact for lenders. We’ll cover: Recent state and federal regulatory changes and guidance to commercial and ag foreclosures; Analysis of recent government stimulus programs and opportunities for lenders; and Any additional topics you’ve…
On April 2, 2020, the U.S. Small Business Administration (SBA), released its final rules (Rules) applicable to the Payroll Protection Program (PPP), which is the $349 Billion Small Business forgivable loan program created in the Coronavirus, Aid, Relief and Economic Security Act (CARES Act). Under the PPP, Borrowers will seek loans from third party lenders (Lenders) who have been approved by the SBA to issue SBA 7(a) loans. Lenders may begin making application for these…
By now, all financial institutions should be aware that state and federal agencies are urging cooperation and flexibility with borrowers (residential and commercial) affected in some way by COVID-19. For instance, see the March 22nd Proclamation and the March 22nd Federal Guidance. A new law, enacted on March 12, 2020, makes it even easier for financial institutions to record modifications to loans secured by mortgages on real estate. Historically, in order to record a…
Currently, Iowa clerks of court have been directed to reject filings of actions for foreclosure. In her March 22, 2020 Proclamation, Governor Reynolds “suspend[ed] the regulatory provisions of Iowa Code chapters 646, 654, 655A, and 656 allowing for the commencement of foreclosure proceedings, or the prosecution of ongoing foreclosure proceedings, on residential, commercial, and agricultural real property located in the state of Iowa.” Governor Reynolds further directed the Iowa Division of Banking and the…
Business owners are in a tough position during the COVID-19 pandemic. They must look to their bottom line at a time when little revenue is being generated, while at the same time take into consideration what’s best for the health and safety of their employees and customers alike. Join Dickinson Law Business & Real Estate Attorney Jeff Baxter and Labor & Employment Attorney Melissa Schilling on Wednesday, April 8th at 10:00 a.m. for a webinar. They’ll…
In the midst of the COVID-19 pandemic, the Iowa Supreme Court’s opinion released on March 27, 2020 in Blue Grass Savings Bank v. Community Bank & Trust Company has the potential to disrupt the lending industry for years. In what started as a simple foreclosure of a mortgage by a lender, where the borrower took a default judgment, the Iowa Supreme Court ultimately provided a ruling on Iowa Code § 654.12A that should make senior…
Under the recently Coronavirus Relief Bill that was passed by the Senate, and is expected to pass the House and be signed by the President, a new Paycheck Protection Program has been introduced which will provide small businesses (500 or less employees), and includes sole proprietorships, non-profits and charities, the ability to obtain loans to cover eligible expenses during the Coronavirus epidemic. For multi-location and franchisees, the employee limit is per location, and franchise restrictions…