LOAN FORGIVENESS INSTRUCTIONS:
Please note, the SBA has rolled out additional program guidance, including revised and simplified loan forgiveness instructions, which is now available on their website.
LOAN FORGIVENESS FOR LOANS UNDER $50,000:
The SBA released a simpler loan forgiveness application for PPP loans of $50,000 or less (released October 9, 2020). View the simpler loan forgiveness application and instructions here.
FORGIVENESS OF NONPAYROLL COSTS:
An updated FAQ document has also been provided (as of August 4, 2020) and PPP Interim Final Rule – Treatment of Owners & Forgiveness of Certain Nonpayroll Costs has been published (as of August 24, 2020).
SBA General Forgiveness Presentation: https://iowasbdc.org/wp-content/uploads/2020/12/SBA-Iowa-District-Office-PPP-General-Forgiveness-Presentation.pdf
SBA Frequently Asked Questions on PPP Loan Forgiveness: https://www.sba.gov/document/support-frequently-asked-questions-ppp-loan-forgiveness
The SBA works with a number of local partners to counsel, mentor, and train small businesses: https://www.sba.gov/local-assistance?utm_medium=email&utm_source=govdelivery
SBA Economic Injury Disaster Loan
Eligible small businesses, private non-profits and agricultural businesses may apply for the Economic Injury Disaster Loan here.
In response to the Coronavirus (COVID-19) pandemic, small businesses, including agricultural businesses, and non-profit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan (EIDL). The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.
On June 15, SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and non-profit organizations.
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 protected].
Due to the economic impact of the COVID-19 pandemic, the Iowa Economic Development Authority is gathering resources and information that may be of use to partners across Iowa.
Is your business right for Shop Iowa?
- You are either a small brick & mortar retail business in Iowa OR you are a small business that has Iowa Made/ Iowa Manufactured products
- You must have products that can be easily shipped
- You’re ready to receive online orders through the Shop Iowa
Information about the Iowa Small Business Tax Deferral program can be found at tax.iowa.gov/COVID-19. The page contains details about eligibility, important dates, frequently asked questions and the application for sales tax deferral and/or withholding tax deferral.
Fayette County Resources
Fayette County COVID-19 Disaster Response Fund
In response to the COVID-19 pandemic, the Fayette County Community Foundation has established a fund called the Fayette County COVID-19 Disaster Response Fund. The intent of the fund is to be responsive to nonprofits serving Fayette County that are providing basic needs services and organizations working with individuals and families who have been disproportionately impacted by the public health and economic consequences of the coronavirus pandemic. This fund provides an opportunity for the public to give with the reassurance their donations will be used to quickly move resources to where they are most needed and to adapt to evolving needs.
Gifts can be made to the fund by going to cfneia.org/fayettecovidfund and clicking on the “Give Today” button.