Grinnell Chamber

COVID19 Businesses Resources

 

Grinnell Small Business Relief Fund
This has been launched to aid small businesses navigate the COVID-19 public health emergency. Find more information on this page


Small Business Administration (SBA) 
SBA has opened the Economic Injury Disaster Loan (EIDL). The SBA is now making loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

Applications can be made via the SBA’s website: https://disasterloan.sba.gov/ela/

For more information on EIDL loans: https://www.uschamber.com/report/guide-sbas-economic-injury-disaster-loans

  • Please note, the Grinnell Area Chamber of Commerce is not a member of the US Chamber of Commerce but we did find their information quite beneficial in explaining some of the most relevant points of the CARES act for our businesses. 


Employee Retention Tax Credit

  • The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19.
  • Please note, the Grinnell Area Chamber of Commerce is not a member of the US Chamber of Commerce but we did find their information quite beneficial in explaining some of the most relevant points of the CARES act for our businesses. 
  • https://www.uschamber.com/report/guide-the-employee-retention-tax-credit


Iowa Small Business Relief Program
Governor Reynolds has announced the Iowa Small Business Relief Program Grant through the Iowa Economic Development Authority (IEDA) and applications go live at 8AM this morning. This program will provide financial assistance to small businesses that have been economically impacted by the COVID-19 pandemic. More information about the Iowa Small Business Relief Program:

  • 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. 
    • 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.
  • The deadline to apply is 12 p.m. Tuesday, March 31.
  • Applications will be reviewed and approved as they are received, and notifications will be made quickly. 

More information on the Iowa Small Business Relief Program, including further eligibility requirements, can be found here. The application will be live beginning at 8AM Tuesday, March 24th. Please note, the deadline for applications is March 31, 2020 at 12PM (noon) and the program may be restricted due to funding availability. Click HERE for a worksheet of all information you need to collect to apply for this grant. 
 

Iowa Targeted Small Business Sole Operator Fund

  • A fund has been created to support Targeted Small Businesses (TSB) with zero employees that have been economically impacted by the COVID-19 pandemic. The program offers eligible small businesses grants ranging from $5,000-$10,000 to businesses that are sole proprietors or single-member LLCs that are also TSB certified, or have an application submitted to the Iowa Economic Development Authority (IEDA) by April 10, 2020 to become TSB certified.
  • Click HERE for more information and to start an application.


Iowa Workforce Development

  • Information on filing a claim for unemployment can be found HERE.


Unemployment Insurance Tax Extension has been announced by Governor Reynolds. Payments that are due April 30th will be delayed until the end of the 2nd quarter, July 31, 2020. Find more information HERE.


Additional SBA assistance and resources can be found HERE.


UnityPoint Health - Grinnell Regional Medical Center

  • Click HERE for more information and guidance on the COVID-19 Pandemic from UPH-GRMC.
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