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Forms of aid continue to be made available for various Iowa businesses which suffered during the COVID-19 pandemic. Please review these opportunities:
Governor Reynolds allocated $40 million in federal CARES Act funds to provide financial relief for eligible restaurants and bars impacted during the COVID-19 pandemic. The program may assist eligible businesses that experienced a decrease in gross sales of at least 15 percent during the second and third quarters of 2020, compared to the same time the previous year, as evidenced by the Iowa Sales/Retailer’s Use Tax and Surcharge Return.
Grant award amounts will be determined using a tiered system based on the percent of gross sales loss. Award tiers will be used with a maximum award amount of $25,000.
Eligible businesses include:
The online application will be available online beginning Monday, Feb. 1 at Noon and will close on Monday, Feb. 15 at 5 p.m. All applications submitted within that period will be considered for an award. The program is not first come, first served.
The Shuttered Venue Operators (SVO) Grant program will be opening soon. It was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, signed into law on Dec. 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 percent 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.
Eligible entities include:
The program is set to open soon. See more details.
The Paycheck Protection Program (PPP) loan portal opened on Tuesday, Jan. 19 to all participating PPP lenders to submit First and Second Draw loan applications to SBA. Updated PPP Lender forms, guidance and resources are available now.