The $2 trillion dollar Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), provides economic relief to businesses, states and municipalities and individuals affected by COVID-19. While the scope of the CARES Act is wide-ranging, this limited summary provides a high-level overview of unemployment benefits and the relief available for qualifying business concerns.
Resources for non-profits: https://visitfayettecountyiowa.com/wp-content/uploads/2020/04/SBA-Loans_CARES-ACT-for-Nonprofits.pdf
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Notice: PPP Resumed April 27, 2020
Details can be found at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
The SBA issued a disaster declaration for the state of Iowa as of March 21, 2020. The declaration allows pandemic-impacted small businesses to apply for low-interest support loans. These loans are intended to assist through the disaster recovery period.
Notice: New Eligibility At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
Details can be found at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.
A helpful checklist is available to help prepare prior to making an application: CHECKLIST
Small Business Funding Application Help Line
Trained experts from the organizations will help guide businesses, nonprofit leaders and self-proprietors seeking assistance through the programs including the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress on March 27, 2020, which is intended to assist business owners with their needs during the COVID-19 emergency.
Business owners may call (563) 588-3350 between 8:30 a.m. – 4 p.m., Monday through Friday, or email at email@example.com.
Main Street Lending Program: Main Street New Loan Facility (MSNLF) and Main Street Expanded Loan Facility (MSELF)
The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in good financial standing before the onset of the COVID-19 pandemic. The Program will operate through two facilities: the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF).
Information about the program can be found here: https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm