A quick look at the resources available for small businesses

We know how overwhelming it can be to navigate all of the different COVID-19 resources. We've put together some quick tips from the most frequently asked questions we've been receiving for you to start from. 

We also are launching a new initiative this week with River Music Experience aimed at connecting Quad Citizens to local businesses and artists. See details below and be well!

Where to start
Start making phone calls and have conversations about when you might be in some financial hardship, and what the options are. Make sure you are tracking how the coronavirus has affected your business on a regular, if not daily, basis. 

It is best to start with the people and businesses you already have an established relationship with. For example, if you fill out a document for a Small Business Administration loan, it could impact existing financing - so start with your current lenders. 

On the short list of calls you might make would include your landlord, banker, accountant, insurance agent and lawyer to find out flexible options and resources are available right now. 

Unemployment Information
If you have already laid off employees or will need to, they should file a claim online for unemployment as a result of COVID-19 layoff. 

The Iowa Workforce Development website has an entire page covering COVID-19 updates and resources. It has a great FAQ section that should answer just about anything you need to know. Here's the link: https://www.iowaworkforcedevelopment.gov/COVID-19 

Self Quarantine & Sick Leave
The new Family First Coronovirus Response Act  includes two provisions that will impact small and mid-size employers. The Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act will require employers to grant paid sick leave in certain situations related to the coronavirus. Both will become effective on April 1, 2020.

Pappas Wright P.C. has a great explanation on their website and they've compiled FAQ's for Employers on their blog here: https://www.pappaswright.com/2020/03/covid-19-frequently-asked-questions-for-employers/ 

Iowa Small Business Relief Fund
On March 23, Governor Reynolds announced a new Iowa Small Business Relief Program to provide financial assistance to small businesses and tax deferrals to Iowa businesses economically impacted by the COVID-19 pandemic. 

The program offers grants ranging from $5,000-$25,000, in addition to offering a deferral of sales and use or withholding taxes due and waiver of penalty and interest to eligible businesses.  

The program is NOT first-come, first-served. All applications received by the deadline, March 31 at 12:00 p.m. (noon), will be reviewed for consideration. Click here to learn more and apply.

Federal Update and More:
Overnight the U.S. Senate reached an agreement to pass a $2 trillion stimulus package to help combat the effects of COVID-19, which includes $367 billion for small business loan guarantees. Companies that employ fewer than 500 people and maintain their payroll can qualify for eight weeks of support.  

The Quad Cities Chamber is in constant contact with our congressional delegation and will continue to provide updates on the impact the legislation will have on our regional economy. 

To follow the Chamber has a daily recap of each day's activities located here: https://quadcitieschamber.com/news/blog/covid-19 

Stay Calm & Shop Local
There's no sugar coating it. Times are tough right now and we need to do everything we can to support one another.

This week DDP is launching a co-promotion with River Music Experience and our regional downtown partners called Solitary Sessions and Local Brews & Bites. 

RME will be broadcasting performances and we will tie in featured bars & restaurants to encourage Quad Citizens to pick up something to eat and hang out at home to watch the show. If your business is interested in participating, email Jason at jgilliland@quadcitieschamber.com

Please know that you have an army of local organizations and people here in the region that want to support you. We are continuing to find ways to collaborate, connect, and spread the message of the importance of shopping local. If you have ANY ideas on how we can help you or have questions - please reach out! We stand ready to serve you.