I know this is a hard time for everyone, and I want to help keep you as informed as possible. There are reliable links to very informative websites from experts at both state and federal levels. Please go to these websites for facts…don’t rely on rumors and opinions. Thank you for what you are doing to care for and serve our communities in so many ways.
The following is a synopsis of the actions, support or resources the Iowa Economic Development/Iowa Finance Authority (IEDA/IFA) has undertaken or made available in response to the COVID-19 crisis. Information on all resources can be found at iowabusinessrecovery.com unless otherwise noted.
From March 17-20, 2020, IEDA/IFA conducted telephonic outreach to economic development groups, chambers of commerce, tourism industry partners, Main Street directors, financial services entities and business membership organizations.
IOWA ECONOMIC DEVELOPMENT AUTHORITY:
U.S. Small Business Administration Economic Injury Disaster Loans (EIDL) collaborated with HSEMD to secure Economic Injury Worksheets required to obtain disaster declaration from SBA. EIDLs of up to $2 million are now available to help meet financial obligations and operating expenses. Iowa applications are currently being accepted at https://disasterloan.sba.gov/
CDBG Grant Funds
Community Development Block Grant funds now available to support infectious disease response necessary for citizens in Iowa.
- $2.4 million available
- No match funds required
- All 99 counties
- All cities, EXCEPT Ames, Cedar Falls, Cedar Rapids, Council Bluffs, Davenport, Des Moines, Dubuque, Iowa City, Sioux City, Waterloo and West Des Moines
- Job training to expand health care worker pool
- 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 or replace congregate meals site- MUST be a NEW or EXPANDED service. Can’t use federal funds to supplant funds or services that already exist.
Business Survey- IEDA is collaborating with the University of Northern Iowa- Institute for Decision Making (IDM) Survey and Strategic Marketing Services on a statewide census of how micro to major businesses are being impacted by COVID-19. As of the deadline (March 23, 2020), IDM has received 13,501 completed surveys from all 99 Iowa counties (see Interactive map on iowabusinessrecoverycovery.com
Iowa Small Business Relief Grants/Tax Deferral
IEDA and the Iowa Department of Revenue (IDR) are providing a joint application for Small Business Relief Grants and Tax Deferral for businesses with a location in Iowa. Applications being accepted now until noon on March 31, 2020.
- Assist small businesses in maintaining or reopening business operations
- Range from $5,000-$25,000. Funds can be used to assist eligible businesses in maintaining operations or reopening business, but not used to pay debts incurred prior to March 17, 2020
- Must have employed between 2-25 people prior to March 17, 2020
- IDR reviewing applications to determine if appropriate to grant a deferral for sales and use or withholding tax
Targeted Small Business Sole Operator Relief Fund
This program is jointly administered by IEDA and the Iowa Center for Economic Success. The program will provide grants of between $5,000-$10,000 to sole proprietorship or single member LLC businesses that are also certified as Targeted Small Businesses (TSB) by the State of Iowa. Businesses who are not currently certified TSBs may submit a certification application and be considered for assistance through the program. Applications will be available beginning March 25 and will remain open until funds have been exhausted.
- Must be Certified Targeted Small Business or have submitted a certification application by April 10
- Business must be able to demonstrate COVID-19 impact
- Business must be primary source of income for business owner applying
- Business must be in existence for 12 months prior to April 10
IOWA FINANCE AUTHORITY:
Eviction Suspension (March 20 Proclamation)
Temporarily suspends some evictions under the Iowa Uniform Residential Landlord and Tenant Act and the Manufactured Home Communities or Mobile Home Parks Residential Landlord and Tenant Act in certain circumstances.
Foreclosure Suspension (March 22 Proclamation)
Temporarily suspends the foreclosure proceedings, or the prosecution of ongoing foreclosure proceedings, on residential, commercial, and agricultural real property located in the State of Iowa.
Real Estate Industry
Importance of Keeping the Iowa Real Estate Industry Open for Business.
“It is critical to Iowa’s economy that county auditors, recorders, treasurers, and courthouses remain accessible and maintain minimal operations throughout the unprecedented COVID-19 pandemic. Given the central role county officials play to our real estate industry and larger economy, a discontinuation of these services could have a devastating impact on Iowa.”
– Kim Reynolds
Governor of Iowa
If you have a small – medium size business in Iowa, this information is a great resource for what is currently available to assist in this distressing time.
Of all the numerous websites with information about the coronavirus, I am still recommending using Coronavirus.gov. It has up-to-date information about how to prepare and protect yourself as well as what to do if you think you are sick.
As President Trump has mentioned, we have 15 critical days to slow the spread of the virus. Click to view the latest guidelines from the President and CDC.
I would once again like to thank all of my constituents here at home who have allowed me the privilege and honor to serve as their voice in the Iowa House. Continue to be safe by practicing social distancing, proper hand-washing, covering your cough/sneezes, and disinfecting surfaces frequently.
Continue to contact me by email at email@example.com or by phone at 641-357-8807.