The following is a synopsis of the actions, support or resources the Iowa Economic Development/Iowa Finance Authority (IEDA/IFA) has undertaken or made available in response to the COVID-19 crisis. Information on all resources can also be found at iowabusinessrecovery.com
IOWA ECONOMIC DEVELOPMENT AUTHORITY
U.S. Small Business Administration Economic Injury Disaster Loans (EIDL) – IEDA collaborated with HSEMD to secure Economic Injury Worksheets required to obtain disaster declaration from SBA. Declaration officially obtained on March 21, 2020. EIDLs of up to $2 million are now available to help meet financial obligations and operating expenses. Iowa applications are currently being accepted at https://disasterloan.sba.gov/ela/
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.
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
IDR reviewing applications to determine if appropriate to grant a deferral for sales and use or withholding tax
Targeted Small Business Sole Operator Relief
Fund – This program is jointly administered by IEDA and the Iowa Center for Economic Success. The program will provide grants of between $5,000-$10,000 to sole proprietorship or single member LLC businesses that are also certified as Targeted Small Businesses (TSB) by the State of Iowa. Businesses who are not currently certified TSBs may submit a certification application and be considered for assistance through the program. Applications will be available beginning Wed., March 25 and will remain open until funds have been exhausted.
Must be a Certified Targeted Small Business or have submitted a certification application by April 10
Business must be able to demonstrate COVID-19 impact
Business must be primary source of income for business owner applying
Business must be in existence for 12 months prior to April 10