Small Business COVID-19 Assistance Resources
Due to the economic impact of the COVID-19 pandemic, we are gathering resources and information that may be of use to small business owners in our area. Because the information is changing so quickly, we are providing direct links to the websites managed by the source so you can be assured you are viewing the latest information.
April 16, 2020 – SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Paycheck Protection Program
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program:
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
Click here to learn more.
Economic Injury Disaster Loans and Loan Advance
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
SBA Debt Relief
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.
Under this program:
- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Terms
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
Find an Express Bridge Loan Lender by connecting with your local SBA District Office.
IOWA BUSINESS TAX DEFERRAL
The application for deferral of the eligible taxes and waiver of penalty and interest remains open through April 30. To be eligible, businesses must be experiencing business disruption due to the COVID-19 pandemic. Read the FAQs from the Iowa Department of Revenue and apply for tax deferral here. Due to the anticipated volume of applications, staff will work diligently to review and respond to requests. A complete application is not a guarantee of tax deferral. Click here for more information.
TARGETED SMALL BUSINESS SOLE OPERATOR FUND
The eligibility period for applications for the Targeted Small Business (TSB) Certifications for the Targeted Small Business Sole Operator grant closed at 11:59:59 p.m. Friday, April 10.
No Targeted Small Business Certification applications will be accepted for grant consideration unless the application for certification was in process as of that date and time.
IEDA will continue to award grants until funding has been exhausted. Applicants will be notified of the status of their grants via email. All award decisions are final agency action. More information.
Due to the volume of grant applications, IEDA is unable to respond to individual grant application status update requests.
SBDC counselors are your first stop for navigating through the COVID-19 crisis. SBDC offers one-on-one counseling that can be done through zoom (skype or hangout) meetings or phone conference calls. We can help you through loan application process or other business issues that this crisis is causing including distribution, sales, buying, marketing, HR Issues and more.
North Central Iowa Small Business Development Center – Fort Dodge
Kimberly Tiefenthaler, Regional Director
515-576-6242
Email
CARES ACT UPDATE
The CARES Act increased the availability of unemployment insurance benefits to those that are self-employed, contract workers, those ineligible for state unemployment benefits or have exhausted benefits. LEARN MORE
The CARES Act provides for individual payments of up to $1,200, plus an additional $500 for every qualifying child age 16 or under. These payments are not related to unemployment benefits and will be paid directly by the federal government based on information from the Internal Revenue Service (IRS). You do not need to apply for these payments through IWD.
The IRS will provide additional information on its website as it become available: https://www.irs.gov/coronavirus
FREQUENTLY ASKED QUESTIONS FOR EMPLOYERS AND EMPLOYEES IN IOWA
Employers – COVID-19 and Unemployment Insurance Questions
Employers – Voluntary Shared Work Program
Employers – WARN Notice Information
Workers – COVID-19 and Unemployment Insurance Questions
FILE FOR UNEMPLOYMENT INSURANCE BENEFITS
You can file for unemployment insurance benefits here.
NEED HELP FILING ONLINE?
Watch this video: How to File Your Unemployment Insurance Claim Online (English)
¿Necesita ayuda para presentar en línea? Vea este video: Cómo presentar su reclamo de seguro de desempleo en línea
If you have questions about your claim, please call 1-866-239-0843, or email
Unemployment Insurance Claimant Handbook (English)
Unemployment Insurance Claimant Handbook (Español)
Many businesses will experience disruptions resulting from the global outbreak of COVID-19. Facebook heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.
Ogden Newspapers has established a $1,000,000 grant fund to assist locally owned businesses with marketing during this challenging situation. As a family owned business, we are committed to supporting our local partners and helping them reach customers and relaunch their business.
The Iowa Credit Union Foundation (ICUF) is committed to supporting Iowans in need during this challenging time of financial and health crisis. In partnership with our credit union community, this fund was established to provide support to Iowans impacted by the COVID-19 pandemic.
Eligible individuals of this grant program are those:
Who have experienced economic hardship as a result of the COVID-19 pandemic, AND
Who are current members of an Iowa credit union (see list).
Eligible small business owners of this grant program are those:
Who operate and own a small business that employees less than five people with an annual operating revenue at or below $250,000, AND
Who have experienced economic hardship as a result of the COVID-19 pandemic, AND
Who are current members of an Iowa credit union (see list).
Businesses disrupted by COVID-19 with 1-7 employees that are not recipients of Federal and State Small business relief dollars can apply for the Iowa Small Business Relief Fund.
To be eligible, businesses are required to have 1-7 employees prior to March 17, 2020 and have to based in Iowa.
Grants range from $500 – $3500.
Funds could be used for business expenses including : Rent, Insurance, Utilities, Delivery services, Product packaging and more.
Alcoholic Beverages Division, Iowa
Updated Rules and Regulations for Bars & Restaurants
Childcare & Daycare Availability Map, Iowa
Providers and Availability
Economic Development Authority, Iowa
Summary of Programs & Initiatives
Finance Authority, Iowa
Summary of Programs & Initiatives
Housing Recovery, Iowa
Foreclosure, Rental and Iowa Title Guaranty Information
Inspections & Appeals, Iowa Department of
FAQ for Food & Lodging Businesses
Legal Aid, Iowa
Resources for Civil Legal Issues
Public Health, Iowa Department of
Guidelines for Donating Personal Protective Equipment (PPE)
Restaurant Association, Iowa
Restaurant Resources & Restaurant Employee Relief Fund Donations
Revenue, Iowa Department of
Tax Implications for Iowans
Transportation, Iowa Department of
DOT Facility Closures & Safety
Utilities Board, Iowa
Order Extending Winter Moratorium for Electric and Natural Gas Customers
Volunteer Iowa
COVID-19 Volunteer Opportunities
Workforce Development, Iowa
Unemployment Insurance Resources & Guidance
Internal Revenue Service
Tax Payment Deadline Extended to July 15, 2020
Iowa Bankers Association
Guidance for Financial Institutions
Guidance for Consumers
CIRAS at Iowa State University
How to deal with COVID-19
Cybersecurity Scans from ProCircular
Iowa Company Offers Free Cybersecurity Scans to Critical Infrastructure
IASourceLink
Iowa Business Information on COVID-19
Iowa Small Business Development Center
How to Prepare Your Small Business for Coronavirus
U.S. Department of Homeland Security
Guidance on Essential Critical Infrastructure Workers [PDF]
U.S. Treasury TTB
Guidance for the Manufacture of Hand Sanitizer
North Central Iowa Small Business Development Center
Regional Office – Fort Dodge – 515-576-6242
Kimberly Tiefenthaler, Regional Director – Email
Iowa Small Business Development Centers