State auditor to review fairness of relief grant program
Corridor Business Journal: State Auditor Rob Sand will review a statewide emergency grant program following questions and criticism by some of the economically devastated small business owners it was intended to help. “I am looking into it,” Sand, the state’s watchdog, said of the Small Business Relief Program established by Gov. Kim Reynolds and administered by the Iowa Economic Development Authority in the wake of the coronavirus crisis. “When you hit a certain volume of complaints, it’s a pretty good signal you should start asking questions.” Some business owners who were shut out were left wondering what criteria the state used in determining who would and would not qualify for the urgent funding. Read a Business Record story about the East Village Neighborhood Association sending a letter asking for changes to the program.

IRS reverses itself, allows tax credit for benefits paid to furloughed workers
Wall Street Journal: The Internal Revenue Service, bowing to pressure from lawmakers and business groups, will let companies with furloughed, unpaid employees get a tax credit for paying their health benefits. Companies can now claim a tax credit worth up to $5,000 for each employee who isn’t being paid and isn’t working but is still receiving employer-provided health benefits.

J.C. Penney to file for bankruptcy as soon as next week, sources say
Reuters: J.C. Penney Co. Inc. is preparing to file for bankruptcy protection as soon as next week with plans to permanently close about a quarter of its roughly 850 stores, becoming the latest major retailer to succumb to fallout from the coronavirus outbreak, according to people familiar with the matter.

– Postal Service loss doubles as it warns COVID-19 will hit its finances (Reuters)