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Financial Assistance For Iowa Businesses During COVID-19


There are quite a few opportunities for you and your business to maintain financial stability during this crisis. We have searched through our resources, and beyond, to pull together some opportunities for our site visitors during the COVID-19 outbreak. For general business resources and best practices, navigate to our Business Guidance page. For a collection of helpful articles, blogs, webinars, and support groups - navigate to this media page.

$100 MILLION FOR IOWA AGRICULTURE

08/25/2020 - Gov. Kim Reynolds announced today that she has allocated approximately $100 million of federal CARES Act relief funds for a range of agricultural programs to offset the impact of COVID-19 on farmers, producers and agricultural industries. The allocations are as follows:

  • $60 million -- Iowa Livestock Producer Relief Fund -- Using the Iowa Economic Development Authority’s (IEDA) existing small business relief program infrastructure, this program will provide grants of up to $10,000 to eligible producers of pork, beef, chicken, turkeys, dairy, fish or sheep to serve as working capital to stabilize livestock producers. (Administered by IEDA)
  • $15.5 million -- State Biofuel Grant Program -- Biofuels producers were excluded from receiving aid under other parts of the CARES Act; this program will provide relief to those Iowa ethanol and biodiesel producers based on gallons produced. Grants will also be awarded through IEDA’s existing small business relief program and are capped at a maximum grant of $750,000 per producer. (Administered by IEDA)
  • $7 million -- Renewable Fuel Retail Recovery Program -- Announced previously, this funding supports a program that helps expand retail fueling infrastructure for higher blend renewable fuels, including E15 or higher & B11 or higher. (Administered by IDALS)
  • $6 million -- Iowa Beginning Farmer Debt Relief Fund-- COVID-19 has negatively and disproportionately impacted a large number of beginning farmers in Iowa, creating the potential for longer-term generational damage to Iowa agriculture. This program will provide eligible beginning farmers with a long-term debt service payment of up to $10,000, to be paid directly to their lender. (Administered by IEDA)
  • $2 million -- Meat Processing Development and Expansion Program -- Designed to aid small meat processors, this program is focused on expanding processing capacity across the state to meet protein demand. (Administered by IDALS)
  • $500,000 -- Farm Produce and Protein Program -- This innovative program is designed to help specialty ag producers in Iowa as well as the schools that purchase them. In addition to supporting local growers of fruits and vegetables to expand their capacity, it provides grants to schools that buy produce and other local crops and protein sources. (Administered by IDALS)
  • Up to $9 million -- Iowa Disposal Assistance Program -- The disruption to the meat supply chain due to COVID-19 forced producers to euthanize and dispose of livestock due to lack of market access. This program, announced initially in May, provided direct payments to producers to recoup those expenses. (Administered by IDALS)

COMMUNITY DEVELOPMENT BLOCK GRANT

As of June 25, 2020, ~$200k remains of the $2.4 Million originally available
 
Available for non-profits in all 99 counties and cities except: Council Bluffs, Sioux City, Ames, Des Moines, Waterloo, Cedar Rapids, Cedar Falls, Iowa City, Dubuque, Davenport and West Des Moines.  

Services provided for grant:

  • Job training to expand the pool of health care workers
  • 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

SMALL BUSINESS UTILITY DISRUPTION PREVENTION

Governor Reynolds has allocated federal CARES Act funds to assist small businesses and nonprofits who have been economically impacted by COVID-19. The Iowa Economic Development Authority’s Small Business Utility Disruption Prevention Program will provide short-term relief to eligible small businesses and nonprofits that face significant hardship in the payment of utility bills for service provided during the months of disruption to their business.

Available Utility Bill Assistance:

  • Electric and natural gas utility bill assistance for four months of electric or natural gas service provided between March 17, 2020 and October 15, 2020. Request for assistance must be for a minimum of $400 for natural gas and electric service charges combined, but may not exceed $7,500.
  • Financial assistance can only be applied to an applicant’s utility bills.  The applicant’s utility service provider will receive a payment from IEDA, which will be credited to the applicant’s utility account.
  • Applicants can only apply once prior to August 21st, and once after August 21st, but the total request for both applications may not exceed four months of utility charges, or $7,500, whichever is less.

FEDERAL CARES ACT:

SBA Economic Injury Disaster Loan

On June 15, SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and non-profit organizations. 

In response to the Coronavirus (COVID-19) pandemic, small businesses, including agricultural businesses, and non-profit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan (EIDL). The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments. 


FEDERAL CARES ACT:

Paycheck Protection Program

Applications have expired. Loan forgiveness is still available, learn more. Check back for updates. 

The Paycheck Protection Program (PPP) ends on June 30th. Almost $130 billion in funding still remains. If you have not accessed the PPP funding and are still interested,  please contact a local lender NOW. It may take you a couple days to find a lender and they need to have time to process the application before submitting it to the SBA. You DO NOT want to wait until June 30th. Under new guidelines recently enacted by SBA and Treasury, borrowers now have 24 weeks to use PPP funds as opposed 8 weeks, and the amount that must be used for payroll in order to qualify the loan for forgiveness has been reduced from 75% to 60 %. For any funds not fully forgiven on loans made after June 5, 2020, borrowers now have a 5 year time-frame to pay off the PPP loan (1% interest rate) as opposed to the original two year time frame. If you have already applied through a lender and it has not been processed yet, follow up on it immediately to make sure they are still processing the application. Please do not wait until the last minute if you want to access this critical funding.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. The US Chamber has created a helpful guide and checklist with information on this program and others.

Descargue una presentación informativa de PPP en español.

The SBA is providing Paycheck Protection Program and related materials in 17 languages other than English to help small business owners recover due to the unprecedented economic disruption caused by the Coronavirus (COVID-19) outbreak. Additional information will be translated and posted periodically, and all documents are being provided for informational purposes only.


FEDERAL CARES ACT:

Debt Relief for Existing and New SBA Borrowers

As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. It will be automatically provided as follows:

  • For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
  • For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
  • For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.


FEDERAL CARES ACT:

SBA Express Bridge Loan

Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. Can be a term loan or be used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan (EIDL). Will be repaid in full or in part by proceeds from the EIDL loan. Business owners can find an Express Bridge Loan Lender via SBA’s Lender Match Tool or by connecting with your local SBA District Office.





If you know of any additional resources that would be beneficial to our Iowa Business Community, please contact our team at info@iasourcelink.com.

All information, when posted, is up-to-date and is subject to change. Please continue to check back regularly for updates.