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COVID-19 Funding Programs

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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Federal CARES Act  |  Paycheck Protection Program  |  IEDA Small Business Relief Grants  |  Iowa Business Tax Deferral  |  TSB Sole Operator Fund  |  SBA Programs  |  Other Financial Assistance
  

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.
 

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 has extended the deadline and will take applications until August 8, 2020. More information is available here.

PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT
On June 5, 2020, the Paycheck Protection Program Flexibility Act was signed into law. The act provides borrowers more flexibility in loan forgiveness, repayment and rehire requirements. Learn more 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

The Paycheck Protection Program provides small businesses with funds to pay up to 24 weeks of payroll costs including benefits. The program is administered by the U.S. Small Business Administration (SBA). 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 June 30, 2020) [PDF]
 

IEDA SMALL BUSINESS RELIEF GRANTS

Additional funding has been allocated to the Small Business Relief Grant program through the federal CARES Act. Grant award notifications will be sent via email beginning April 23 and will continue until all funds are exhausted. Additional awards will be made from the current pool of eligible applicants. A new application round will not be opened. 

Click here to view more information 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

All funds available through the Targeted Small Business Sole Operator program have been 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 award through the program were notified. All award decisions are final agency action. The full listing of awards is available here.
 

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.

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

Learn more about the SBA funding programs available here.
 

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

Project Better Together
Grants for BIPOC and Immigrant Owned Businesses in Johnson County

Program Contact(s)

Questions?
businessrecovery@iowaeda.com

COVID-19 English Language
Learner (ELL) Help Line
1.877.558.2609

Get Iowa Back on Track with Statewide COVID-19 Testing

 
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