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 RESTAURANT AND BAR RELIEF GRANT PROGRAM
THIS PROGRAM IS NOW CLOSED. 

Governor Reynolds allocated federal CARES Act funds to provide relief for eligible restaurants and bars impacted during the COVID-19 pandemic. The Iowa Restaurant and Bar Relief Program may assist eligible businesses that experienced a decrease in gross sales of at least 15% during the second and third quarters of 2020, compared to the same time the previous year. Grant award amounts will be determined using a tiered system based on the percent of gross sales loss. 

STATUS: The application period has closed. Click here for more information and a list of awards.


IOWA MOVIE THEATRE RELIEF FUND

The Iowa Movie Theatre Relief Grant provides short-term relief to eligible movie theatres for the purpose of continuing or resuming business operations in the context of a public health emergency. Click here for more information.
STATUS: This program has closed.

 

IOWA COUNTY FAIRS RELIEF FUND

The IEDA's Iowa County Fairs Relief Fund provides 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. Click here for more information.
STATUS: This program has closed.

 

IOWA RESIDENTIAL UTILITY DISRUPTION PREVENTION PROGRAM

The IEDA's Residential Utility Disruption Prevention Program provides short-term relief to eligible residential electric, natural gas and water utility customers facing significant hardship in the payment of utility bills for service provided between March 17, 2020, and October 8, 2020. Visit iowahousingrecovery.com to learn more.
STATUS: The application deadline was December 4, 2020.

 

IOWA SMALL BUSINESS UTILITY DISRUPTION PREVENTION PROGRAM

The Small Business Utility Disruption Prevention Program provides short-term relief to eligible small businesses and nonprofits facing significant hardship in the payment of utility bills for service provided during the months of disruption to their business. Click here to learn more.
STATUS: This program has closed.

 

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

 

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 provides short-term relief to eligible Iowa farmers. The Iowa Biofuels Relief Program provides relief funding to eligible biofuel producers located in Iowa. Click here to learn more.
STATUS: These programs have closed.

 

IOWA NONPROFIT RECOVERY FUND

Governor Reynolds allocated federal CARES Act funds to assist nonprofits economically impacted by COVID-19. Volunteer Iowa and IEDA's Nonprofit Recovery Fund provides short-term relief to nonprofit organizations with reduced revenue and increased costs as a result of the COVID-19 pandemic. Click here to learn more.
STATUS: This program has closed.


IEDA 2020 SMALL BUSINESS RELIEF GRANTS

Governor Reynolds launched the Iowa Small Business Relief Program in 2020 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. Click here to learn more and a current list of grantees. 
UPDATE JANUARY 20, 2021: The Iowa Department of Revenue issued guidance for Iowa Small Business Relief Grant recipients on tax exemption of these funds.
STATUS: Funds have been exhausted, a new application round will not be opened. 
 

IOWA BUSINESS TAX DEFERRAL

Information about the Iowa Small Business Tax Deferral program is available at tax.iowa.gov/COVID-19. The page contains details about eligibility, important dates, frequently asked questions and the sales tax deferral and/or withholding tax deferral.
 

TARGETED SMALL BUSINESS SOLE OPERATOR FUND

A fund was created to support Targeted Small Businesses (TSB) with zero employees that were economically impacted by the COVID-19 pandemic. The program offered eligible small businesses grants from $1,000-$10,000 to single-owner businesses with no employees that were also TSB certified. All funds available through the Targeted Small Business Sole Operator program were expended as of May 1, 2020. The program assisted 364 targeted small businesses through a total of $600,000 in awards. All businesses that received a grant through the program were notified. All award decisions are final agency action. The full listing of awards is available here.

 

Federal Relief Programs | U.S. Small Business Administration (SBA) Programs

All major documents related to Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) have been translated into 17 languages. The translated resources are available at https://www.sba.gov/page/covid-19-recovery-information-other-languages and is accessible via www.sba.gov/relief and www.sba.gov/asistencia.

PAYCHECK PROTECTION PROGRAM 

The U.S. SBA's PPP provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Thank you to Iowa's financial institutions for their assistance in helping Iowa small businesses through the Federal Paycheck Protection Program. 
Status: The SBA reopened the PPP for First Draw PPP Loans the week of January 11, 2021, for those who have not received a prior PPP loan. For those that previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan.  The SBA began accepting applications for Second Draw PPP Loans January 13, 2021. 
Click here to learn more. Eligible businesses can apply for a First Draw PPP Loan or a Second Draw PPP Loan until May 31, 2021.

LOAN FORGIVENESS:
The SBA loan forgiveness guidelines, forms and application instructions are available on the SBA website

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 these 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)

 

NEW Restaurant Revitalization Fund

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Learn more about the SBA program here.


Shuttered Venue Operators Grant

The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. learn more here.

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

NEW Private funding options to help small businesses
Browse options available nationally, or input a zip code to explore location-specific funding.
https://www.sba.gov/covid-19-funding-sources/index.html?

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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