Due to the economic impact of the COVID-19 pandemic, the Iowa Economic Development Authority (IEDA) is gathering resources and information that may be of use to partners across Iowa. The following is an outline of funding assistance available to a variety of businesses.
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Federal CARES Act | Paycheck Protection Program | IEDA Small Business Relief Grants | Iowa Business Tax Deferral | TSB Sole Operator Fund | SBA Programs | Other Financial Assistance
FEDERAL CARES ACT
The $2 trillion dollar Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), provides economic relief to businesses, states and municipalities and individuals affected by COVID-19. While the scope of the CARES Act is wide-ranging, this limited summary provides a high-level overview of unemployment benefits and the relief available for qualifying business concerns.
PAYCHECK PROTECTION PROGRAM
Thank you to the Iowa's financial institutions for their assistance in helping Iowa small businesses through the Federal Paycheck Protection Program. The program has reopened for applications, as of Monday, April 27.
LOAN FORGIVENESS INSTRUCTIONS:
Please note, the SBA has rolled out additional program guidance, including loan forgiveness instructions, .
The Paycheck Protection Program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. The program is administered by the U.S. Small Business Administration (SBA). In the first phase, 29,424 Iowa businesses received loans totaling more than $4.3 billion. In phase two, 19,997 loans were approved for a total of more than $781 million (as of May 4, 米兜彩票官网). In total, Iowa businesses received 49,421 loans for a total of more than $5 billion (as of May 4, 米兜彩票官网).
Paycheck Protection Program Report (through May 16, 米兜彩票官网) [PDF]
EIDL Loan Program Report (though May 18, 米兜彩票官网) [PDF]
IEDA SMALL BUSINESS RELIEF GRANTS
Additional funding has been allocated to the Small Business Relief Grant program through the federal CARES Act. Grant award notifications will be sent via email beginning April 23 and will continue until all funds are exhausted. Additional awards will be made from the current pool of eligible applicants. A new application round will not be opened.
Click here to view more information and a current list of grantees.
IOWA BUSINESS TAX DEFERRAL
Information about the Iowa Small Business Tax Deferral program can be found at . The page contains details about eligibility, important dates, frequently asked questions and the application for sales tax deferral and/or withholding tax deferral.
TARGETED SMALL BUSINESS SOLE OPERATOR FUND
All funds available through the Targeted Small Business Sole Operator program have been expended as of May 1, 米兜彩票官网.
The program assisted 364 targeted small businesses through a total of $600,000 in awards. All businesses that received a grant award through the program were notified. All award decisions are final agency action. The full listing of awards is available here.
SMALL BUSINESS ADMINISTRATION PROGRAMS
In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak, including an Economic Injury Disaster Loan (EIDL) advance of up to $10,000, SBA Express Bridge Loans and SBA Debt Relief.
ADDITIONAL FINANCIAL ASSISTANCE
CDBG Grant Funds
Funds to Support Infectious Disease Response [PDF]
CDBG COVID-19 Awards List
Delta Dental Relief Programs
Iowa Workforce Development