Iowa Small Business Relief Award Notifications
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 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. The application window closed March 31. IEDA will not open a new round of applications.
$24 million was appropriated and disbursed for the Small Business Relief program April 7-10. On April 23, Governor Reynolds announced additional funding through the federal CARES Act to assist more eligible businesses that applied during the March application period.
Applicants receiving an email award notification should review the GRANT ACCEPTANCE INSTRUCTIONS [PDF].
SMALL BUSINESS RELIEF PROGRAM GRANT RECIPIENTS:
CARES Act Iowa Small Business Relief Grant Payments | data.iowa.gov
Due to the volume of applications, IEDA is unable to respond to individual status update requests. Please note that all award decisions are final agency action.
The Iowa Department of Revenue's (IDR) application for deferral of the eligible taxes and waiver of penalty and interest closed April 30.Expanded federal benefits, including small business loans, grant and expanded unemployment benefits are now available to small businesses, cooperatives, ESOPs, Tribal businesses, nonprofits, sole proprietors and independent contractors. An overview of these benefits is available here.
Every application received was triaged for complete information, eligibility and economic need. The screening process included an assessment of each applicant’s projected revenue loss for the period of March 15 to April 15 as supported by the applicant’s financial documentation. Priority was given to businesses demonstrating the greatest projected revenue losses.
Businesses offering adult entertainment are considered ineligible for assistance.
Beginning April 29, 2020, every business that met the initial Small Business Relief Grant (SBRG) program eligibility threshold is required to complete an additional certification. The mandatory certification asks if the business has permanently closed and if they have received a federal Payment Protection Program (PPP) loan. Businesses that have permanently closed will be declined a SBRG award without further review.
In the subsequent review of businesses that have received a PPP loan, the loan amount will be added as replacement revenue to the estimated revenue loss for March 15-April 15, 2020, as submitted on the application. Businesses with a remaining revenue loss after the PPP loan amount is applied will be eligible to receive a SBRG. Please note that the review team may consider other factors in making the final award decision. Factors considered may include but are not limited to significant changes to the submitted documentation, inaccurate or incomplete information or the extent and length of industry business closure.
Small Business Relief Grant award decisions are final agency action.
IOWA SMALL BUSINESS RELIEF GRANT RECIPIENTS – BEWARE OF IRS SCAMS
Unfortunately, criminals are taking the unprecedented COVID-19 pandemic as an opportunity to exploit the public. It is critical now more than ever to remain vigilant for scams that are attempting to steal your personal information or money. The IRS will not call and ask you to verify your personal information. Do not give out your social security number, bank account, debit account or PayPal account information.
If you receive a call from an individual claiming to be employees of the IRS, hang up. The IRS will not call you. Do not engage with scammers. If you receive calls, texts or emails claiming that you can get your money faster by sending personal information or clicking on links, delete them. Do not click on any links in those emails.
You may report scams to the Attorney General of Iowa Consumer Protection Division by email at firstname.lastname@example.org or by calling 515.281.5926 or toll-free at 888.777.4590.