COVID-19 Funding Programs

Iowa Business Recovery

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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IEDA Relief Programs  |  Federal Relief Programs  |  Other Assistance
 

Iowa Economic Development Authority Relief Programs
 

IOWA MOVIE THEATRE RELIEF FUND

The Iowa Movie Theatre Relief Grant is an extension of the Iowa Small Business Relief Grant Program and will provide short-term relief to eligible movie theatres for the purpose of continuing or resuming business operations in the context of a public health emergency.
STATUS: This program has closed.
MORE INFORMATION:  Click here for more information.
 

IOWA COUNTY FAIRS RELIEF FUND

The Iowa Economic Development Authority's Iowa County Fairs Relief Fund is an extension of the Iowa Small Business Relief Grant Program and will provide short-term relief to eligible county and district fairs for the purpose of continuing or resuming business operations in the context of the current COVID-19 public health emergency.
STATUS: This program has closed.
MORE INFORMATION:  Click here for more information.
 

IOWA RESIDENTIAL UTILITY DISRUPTION PREVENTION PROGRAM

The Iowa Economic Development Authority's Residential Utility Disruption Prevention Program will provide short-term relief to eligible residential electric, natural gas and water utility customers that face significant hardship in the payment of utility bills for service provided between March 17, 2020, and October 8, 2020.
STATUS: The application deadline is December 4, 2020.
MORE INFORMATION:
To apply, please visit iowahousingrecovery.com.
 

IOWA SMALL BUSINESS UTILITY DISRUPTION PREVENTION PROGRAM

The 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. 
STATUS: This program has closed.
MORE INFORMATION: 
Click here to learn more.
 

COVID-19 BUSINESS DISRUPTION RELIEF PROGRAM

Governor Reynolds allocated federal CARES Act funds to assist bars, taverns and other establishments impacted by the Aug. 27, 2020, COVID-19 disaster proclamation that closed bars in six counties.
STATUS: This program has closed.
MORE INFORMATION: Click here to learn more.
 

IOWA AGRICULTURE RELIEF PROGRAMS

Governor Reynolds allocated federal CARES Act Funds to assist Iowa farmers, producers and biofuel producers impacted by COVID-19. The Iowa Beginning Farmer Debt Relief Fund and the Iowa Livestock Producer Relief Fund will provide short-term relief to eligible Iowa farmers. The Iowa Biofuels Relief Program provides relief funding to eligible biofuel producers located in Iowa.
STATUS: These programs have closed.
MORE INFORMATION: Click here to learn more.
 

IOWA NONPROFIT RECOVERY FUND

Governor Reynolds has allocated federal CARES Act funds to assist nonprofits economically impacted by COVID-19. The Volunteer Iowa and Iowa Economic Development Authority’s (IEDA) Nonprofit Recovery Fund will provide short-term relief to nonprofit organizations that have seen reduced revenue and increased costs as a result of the COVID-19 pandemic.
STATUS: This program has closed.
MORE INFORMATION: Click here to learn more.
 

IEDA SMALL BUSINESS RELIEF GRANTS

Governor Reynolds launched the Iowa Small Business Relief Program to provide financial assistance to small businesses economically impacted by the COVID-19 pandemic. The program offered 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. 
STATUS: Funds have been exhausted, a new application round will not be opened. 
MORE INFORMATION: Click here to learn more and a current list of grantees.
 

IOWA BUSINESS TAX DEFERRAL

Information about the Iowa Small Business Tax Deferral program can be found at tax.iowa.gov/COVID-19. 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

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 offers eligible small businesses grants from $1,000-$10,000 to businesses that are single owners with no employees that are also TSB certified.
STATUS: All funds available through the Targeted Small Business Sole Operator program have been expended as of May 1, 2020.
MORE INFORMATION: 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.
 

Federal Relief Programs
 

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's deadline was August 8, 2020. More information is available here.

LOAN FORGIVENESS INSTRUCTIONS:
Please note, the SBA has rolled out additional program guidance, including revised and simplified loan forgiveness instructions, which is now available on their website

LOAN FORGIVENESS FOR LOANS UNDER $50,000
The SBA released a simpler loan forgiveness application for PPP loans of $50,000 or less (released October 9, 2020). View the simpler loan forgiveness application and instructions here.

FORGIVENESS OF NONPAYROLL COSTS:
An updated FAQ document has also been provided (as of August 4, 2020) and PPP Interim Final Rule - Treatment of Owners & Forgiveness of Certain Nonpayroll Costs has been published (as of August 24, 2020).

CHANGES OF OWNERSHIP:
On October 2, the SBA released information about the required procedures for changes of ownership of an entity that has received Paycheck Protection Program funds. Read about the new procedures.

REPORTING REQUIREMENTS ON FEDERAL TAXES:
On October 2, the IRS provided information regarding the reporting requirements for PPP loans forgiven. When all or a portion of the stated principal amount of a covered loan is forgiven because the eligible recipient satisfies the forgiveness requirements under section 1106 of the CARES Act, an applicable entity is not required to, for federal income tax purposes only, and should not, file a Form 1099-C information return with the IRS or provide a payee statement to the eligible recipient under section 6050P of the Code as a result of the qualifying forgiveness. The filing of such information returns with the IRS could result in the issuance of underreporter notices (IRS Letter CP2000) to eligible recipients, and the furnishing of such payee statements to eligible recipients could cause confusion. This announcement is intended to prevent any such confusion.

IOWA BUSINESS REPORTING:
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, 2020). In total, Iowa businesses have received 55,461 loans for a total of more than $5 billion (as of June 7, 2020).

Paycheck Protection Program Report (through August 8, 2020)
 

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.
 

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. Learn more about the SBA funding programs available here.

EIDL Loan Program Report (though June 27, 2020) [PDF]
EIDL Advance Report (through June 27, 2020) [PDF]
 

Additional Financial Assistance
 

CDBG Grant Funds
Funds to Support Infectious Disease Response [PDF]
CDBG COVID-19 Awards List

Delta Dental Relief Programs
Reopening Support Payment Program for Dentists

Iowa Revolving Loan Funds
$13.1 Million From Federal CARES Act Available for Iowa Small Businesses

Iowa Workforce Development
Assistance for employees and employers affected by COVID-19 related layoffs

Wells Fargo Open for Business Fund
Funds for Minority-Owned Businesses

For more information, contact:

 

COVID-19 English Language Learner (ELL) Help Line

877.558.2609

Get Iowa Back on Track with Statewide COVID-19 Testing

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