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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.


Iowa Small Business Relief Fund | Apply for Funding

On Monday, March 23, Governor Reynolds announced the launch of a new Iowa Small Business Relief Program that 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. Application deadline is Tuesday, March 31, at 12 p.m. 


SBA Disaster Assistance Loans | Apply for Funding 

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.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

Feel free to check out their press release regarding Coronavirus disaster relief lending. Follow their guide for business and employers to plan and respond to the virus and the lending process. 


Small Business Grant Program | Sign Up For Updates

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. Keep checking back for updates and details as they become available.

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


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 Operating 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.


Internal Revenue Service (IRS)

The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals - regardless of filing status - and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020.

 

 
 



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.