The state and federal government are taking action to assist businesses during the COVID-19 pandemic. Here are some resources that have been announced recently.
The U.S. Small Business Administration (SBA) has issued a disaster declaration for the state of Iowa as of January 31, 2020 and continuing. 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.
SBA Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
You can find details on SBA's Economic Injury Disaster Loan Program and information on how to apply for it here.
For a full list of resources and counseling provided by SBDC, click here.
There’s more support coming for Iowa small business owners facing economic pain from the COVID-19 pandemic, in the form of new relief grants, tax deferrals and low-interest loans. A new Small Business Relief Program that will provide financial assistance to Iowa-based small businesses with two to 25 employees experiencing business disruption. Eligible companies can receive grants ranging from $5,000-$25,000, in addition to the potential deferral of sales and use or withholding taxes due and a waiver of penalties and interest.
The deadline to apply is March 31 at noon.
Remote notarization now in effect
The in-person requirement for notarizing documents is temporarily waived, subject to requirements from last year’s legislation, for the duration of the COVID-19 emergency. You can find the temporary guidelines that apply during the emergency waiver of the in-person requirement on the Secretary of State's website here.