Iowa Coronavirus Covid 19 Business Resources

Iowa small businesses are officially eligible for disaster assistance from the U.S. Small Business Administration. Businesses impacted by the COVID-19 pandemic may apply for up to $2 million in federal assistance to help overcome the temporary loss of revenue.

Below are helpful links regarding loan parameters and the application process.

SBA Disaster Assistance Application
SBA Disaster Assistance Application Guide

If there is any way the Payteva team can serve your business during these uncertain times or if you need access to additional resources, please don’t hesitate to reach out.

IOWA SMALL BUSINESS RELIEF FUND

On Monday, March 23, Governor Reynolds announced a new Iowa Small Business Relief Program that will provide financial assistance to small businesses and tax deferrals to any Iowa businesses that have been economically impacted by the COVID-19 pandemic. Applications will be available on the Iowa Economic Development’s website on Tuesday, March 24, at 8 a.m. Application deadline is Tuesday, March 31, at 12 p.m.

SBA ISSUES DISASTER DECLARATION

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.

APPLY: Applications are available through the SBA’s website.

Download the SBA Disaster Assistance in Response fact sheet for additional information or visit their website.

On March 17, 2020, the U.S. Small Business Administration (SBA) updated criteria on states for requesting disaster assistance loans for small businesses impacted by Coronavirus (COVID-19). The relaxed criteria allows for faster, easier qualification process for states seeking SBA disaster assistance and creates exapnded, statewide access to SBA Disaster Assistance loans.

On March 23, 2020, the SBA announced automatic deferments through December 31, 2020 for borrowers still paying back SBA loans from previous disasters.

COVID-19 IMPACT SURVEY

The Iowa Economic Development Authority (IEDA) needs to assess the impact of the pandemic in Iowa. To assist in these efforts, please complete this survey, developed by University of Northern Iowa – Institute for Decision Making, to tell us what your business is experiencing and how your business is handling the current crisis.

Please forward this link to businesses/attractions/organizations within your membership or communities. Utilize this guide to completing the survey for more information.

IEDA will use the information collected in this survey to inform its public policy in response to the crisis, as well as potential assistance to businesses. The deadline to complete this survey is Monday, March 23 at 5 p.m.

SURVEY TRACKING: Has your area been counted? Responses by county as of March 23, 2020 at 9 a.m. [PDF] and tracking map.