Facebook
TikTok
YouTube
Instagram
With the passage late last week of the Coronavirus Aid, Relief and Economic Security (CARES) Act, and state grant application deadlines approaching very quickly, I wanted to provide a quick update on what should be on your radar today.
What's New
The CARES Act allocated $350 billion in funding for major programs and initiatives to assist small businesses. One program in particular that we believe will be important to our downtown businesses is the Paycheck Protection Program, an initiative that provides 100% federally guaranteed loans to small businesses. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
Here's a simple small business guide and checklist overview of the Coronavirus Emergency Loans:
Have more questions on the CARES act?
Check out this brochure with information on the Emergency Economic Injury Grants, Small Business Debt Relief Program and counseling resources, plus many answers to FAQ's: https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf
Don't Forget
There are two grant programs currently available to small businesses in Iowa. Apply now because the deadline is tomorrow, Tuesday, March 31st at noon!
Iowa Small Business Relief Program:
The deadline to apply is 12 p.m. Tuesday, March 31.
• Businesses with 2-25 employees may apply for grants of $5,000 to $25,000, and distribution will vary based on business model and size.
• Businesses that receive a grant also may defer payment of state sales and payroll taxes – without penalty or interest.
o The state will consider an extension for any business that applies
• Businesses with fewer than 50 employees may delay unemployment tax payments until July 31.
• Applications will be reviewed and approved as they are received, and notifications will be made quickly.
• Apply Here: https://www.iowaeconomicdevelopment.com/reliefgrants
• Please notify the Quad Cities Chamber if you are a recipient of this grant.
Target Small Business Program
Sole proprietors of certified and prospective Targeted Small Businesses (TSBs) in Iowa that have been economically affected by the COVID-19 pandemic are eligible to apply for state grants ranging from $5,000 to $10,000.
• TSBs are those owned, operated and managed by a female, an individual with minority status, a service-disabled veteran or an individual with a disability
• Certified TSBs may apply for assistance immediately.
• Prospective TSBs must apply to become certified by April 10 before they can apply for the grant.
• Apply Here: https://www.iowaeconomicdevelopment.com/Entrepreneurial/TSB
• Please notify the Quad Cities Chamber if you are a recipient of this grant.
Income Tax Filing & Payment Extension
The 2019 income tax filing and payment deadlines for all taxpayers has been extended until July 31, 2020. You will automatically avoid interest and penalties on the taxes paid by July 31, 2020. https://tax.iowa.gov/iowa-extend-filing-and-payment-deadline-income-tax-and-other-tax-types
More Resources
Follow the U.S. Small Business Administration for loan resources located here: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-0
And check out the Chamber’s COVID-19 blog for current information, which is updated several times a day.
If you have other questions about financial programs, advocacy, events, or anything else DDP/Chamber related – please don’t hesitate to reach out to the DDP team!