Financial Resources During COVID-19COVID-19

Financial Resources

Iowa Small Business Relief Program

The new Iowa Small Business Relief Program will provide financial assistance to small businesses that have been economically impacted by the COVID-19 pandemic. The program offers eligible small businesses grants ranging from $5,000-$25,000, in addition to offering Iowa businesses a deferral of sales and use or withholding taxes due and waiver of penalty and interest. The dual application is available on the Iowa Economic Development until Tuesday, March 31, at 12 p.m.

Targeted Small Business Sole Operator Fund

A fund has been created to support TSBs with zero employees that have been impacted by the COVID-19 pandemic. The Targeted Small Business (TSB) program is designed to help women, individuals with minority status, service-connected disabled veterans and individuals with disabilities overcome some of the hurdles to start or grow a small business in Iowa. Learn more and apply here.

CDBG Grant Funds

Community Development Block Grant funds now available to support infectious disease response necessary for citizens in Iowa.

• $2.4 million available
• No match funds required

Eligible applicant

• All 99 counties
• All cities, EXCEPT Ames, Cedar Falls, Cedar Rapids, Council Bluffs, Davenport, Des Moines, Dubuque, Iowa City, Sioux City, Waterloo and West Des Moines

Eligible usage

• Job training to expand health care worker pool
• Provide additional testing, diagnosis or other services at a fixed or mobile location
• Provide additional equipment, supplies, and materials necessary to carry-out a public service
• Create an expanded meal delivery service for quarantined individuals or replace congregate meals site – MUST be a NEW or EXPANDED service.
• Can’t use federal funds to supplant funds or services that already exist.

Economic Injury Disaster Loan Program

The SBA issued a disaster declaration for the state of Iowa as of March 21, 2020. The declaration allows pandemic-impacted small businesses to apply for low-interest support loans. The declaration comes after Iowa Governor Kim Reynolds submitted a federal funding request via the SBA’s Economic Injury Disaster Loan program.

Applications are available through the SBA’s website: https://disasterloan.sba.gov/ela/

Facebook Small Business Grants Program

Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate. More details will be available soon. Learn more HERE.

Community Foundation of Johnson County Emergency Response Fund

The Community Foundation of Johnson County has activated our emergency response fund for the community’s response to the coronavirus pandemic.  This fund was established with a commitment of $25,000 from the Community Foundation of Johnson County.

The Emergency Response Fund will provide flexible resources to nonprofit organizations in Johnson County working with communities who are disproportionately impacted by coronavirus and the economic consequences of this outbreak. Learn more HERE.

 

Tax Relief

Iowa Small Business Relief Grants/Tax Deferral

IEDA and the Iowa Department of Revenue (IDR) are providing a joint application for Small Business Relief Grants and Tax Deferral for businesses with a location in Iowa. Applications being accepted now until noon, March 31, 2020.

Grants

• Assist small businesses in maintaining or reopening business operations
• Range from $5,000-$25,000 – funds can be used to assist eligible businesses in maintaining operations or reopening business
• Funds may not be used to pay debts incurred prior to March 17, 2020
• Must have employed between 2-25 people prior to March 17, 2020

Tax Deferral

• IDR reviewing applications to determine if appropriate to grant a deferral for sales and use or withholding tax