SBA Emergency Economic Impact Disaster Loan (EIDL) Grant
EIDL funding is now closed for all businesses except those in the agricultural sector. The CARES Act streamlined EIDL application requirements and also allows a business that has applied for an EIDL loan due to COVID-19 to request an immediate advance of up to $10,000. This assistance is available to businesses, cooperatives, ESOPs, Tribal businesses, nonprofits, sole proprietors, and independent contractors with fewer than 500 employees. Business owners should apply directly through the SBA.
SBA Disaster Assistance Loans
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The program offers a 3.75% interest rate for small businesses and 2.75% for non-profits. Business owners should apply directly through the SBA.
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.
Debt Relief for Existing and New SBA Borrowers
The bill includes $17 billion in funding to provide immediate relief to small businesses with standard SBA 7(a), 504, or microloans. The SBA will cover all loan payments for existing SBA borrowers, including principal, interest, and fees, for six months.
Business Tax Relief
The business tax relief changes included in the Act are federal and will not necessarily automatically apply to Iowa taxes. The Department of Revenue will put out guidance regarding Iowa’s conformity with these changes as soon as possible.
There are several tax relief measures in the CARES Act that benefit businesses, including:
- A refundable payroll tax credit for 50% of wages paid to employees during the COVID-19 crisis
- Deferral of certain payroll taxes through the end of 2020
- Modification of Net Operating Loss carrybacks and carryforwards
- Allows corporations to claim 100% of AMT credits in 2019 as fully refundable.
- Increased interest expense that businesses may deduct from 30% of ATI to 50% of ATI
- Temporary suspension of alcohol taxes on spirits used in production of hand sanitizer in compliance with FDA guidance. Contact the Iowa Alcoholic Beverages Division with questions.
IOWA BUSINESS TAX DEFERRAL
The application for deferral of the eligible taxes and waiver of penalty and interest remains open. 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.
EAST POLK COMMUNITY RELIEF FUND
This grant will provide up to $3,000.00 of economic relief to businesses that are currently experiencing temporary disruption in business due to Coronavirus (COVID-19). Only small businesses & nonprofits located in Altoona, Bondurant, Mitchellville, Pleasant Hill and Runnells are eligible to apply. Any business, 501(c)(3) & 501(c)(6) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C). Application deadline is June 1, 2020.
DSM SMALL BUSINESS RECOVERY GRANT
Grant awards will be $1,000 – $5,000, with up to $10,000 for businesses in the City of Des Moines. Preference will be given to businesses that have not received assistance from the Iowa Small Business Relief Grant, the Targeted Small Business Sole Operator Fund or other grants.
- Sole-proprietors or businesses with 0 – 30 employees that have had restrictions placed on their operations due to the COVID-19 pandemic. Examples of businesses include, but are not limited to, retail stores, personal care services and restaurants.
- Must have a physical commercial location within the cities of Carlisle, Clive, Des Moines, Indianola, Johnston, Norwalk, Urbandale, West Des Moines or Windsor Heights, unincorporated Polk County or cities/unincorporated areas of Warren County.
- Must have been in operation since July 1, 2019 or prior.
- Must be a for-profit business of any legal structure (non-profit organizations are not eligible).
TARGETED SMALL BUSINESS SOLE OPERATOR FUND
A fund has been created to support Targeted Small Businesses (TSB) with zero employees that have been economically impacted by the COVID-19 pandemic. The program will process applications in order of receipt of application and submission of all required documents until funds are exhausted. Please review the requirements and eligibility guidelines here before starting an application. Click here to learn more and apply.
DELTA DENTAL RELIEF PROGRAMS
Advance Claims Payment Program (ACPP) | Apply for Support
To support Iowa dentists during the COVID-19 situation, Delta Dental of Iowa is introducing the Advance Claims Payment Program (ACPP). This program will allow dentists to receive up to 50% of their average weekly claims payment in advance for four weeks. These advance payments are interest-free and will be recovered over a 20-week period beginning in July.
Nonprofit Emergency Relief Grant | Apply for Grant
Delta Dental of Iowa Foundation has committed $500,000 for a COVID-19 Nonprofit Emergency Operating Relief Fund. Through this fund the Foundation is offering operating grants of up to $10,000 to Iowa nonprofit organizations focused on providing health and wellness services during this crisis, or addressing food insecurity needs. The Foundation will begin accepting grant requests starting March 23rd until the funds are all allocated.
FACEBOOK SMALL BUSINESS GRANT 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 whose business may be experiencing disruptions resulting from the global outbreak of COVID-19.
COMMUNITY DEVELOPMENT BLOCK GRANT | VIEW PDF
- $2,400,000 available, no matching required
- Available 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
- Available for Non-profits
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
IOWA BANKERS ASSOCIATION
Read frequently asked questions for financial institutions affected by COVID-19. If you are a bank customer affected by the disease, helpful information is available to you.
CDBG GRANT FUNDS TO SUPPORT INFECTIOUS DISEASE RESPONSE
As public health professionals, you work within communities and can assist in identifying the infectious disease response necessary to support citizens. Please use this guide to determine if a federally funded Community Development Block Grant (CDBG) administered by the Iowa Economic Development Authority (IEDA) can be of assistance.