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COVID-19 Update

posted on Monday, June 22, 2020 in Grow Cedar Valley

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Grow Cedar Valley COVID-19 Resources

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Recent Updates

  • Iowa Chamber Alliance (ICA) Back to Business Limited Liability Act Information & Presentation
  • SBA Released EZ Forgiveness Application
    • Allowed to apply if you meet one of the following requirements:
      • You are self-employed and have no employees
      • You Did not reduce the salaries or wages of your employees by more than 25%, and did not reduce the number or hours of your employees
      • You experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of your employees by more than 25%.

      • Note: Businesses that don't meet one of these requirements will still need to complete the Full Forgiveness Application

  • SBA Updated PPP guidance
    • Updates reflect changes enacted by the Paycheck Protection Program Flexibility Act.
    • Businesses now can use PPP funds over a 24-week period, and the covered period for the loan was extended until Dec. 31, 2020.
  • SBA Reopened Application form for Economic Injury Disaster Loan
    • This program provides flexible working capital loans at a rate of 3.75% (2.75% for nonprofits) with a term of up to 30 years. Applicants also are eligible for an advance amount of up to $10,000 ($1,000 per employee). If you have already applied for EIDL and have not received a decision, do not reapply. The SBA is still working on processing EIDL applications it has already received.   
  • City of Waterloo Allocates $589,782 from Community Development Grant for COVID19 Recovery
    • funds for eligible activities meeting the national objective to prevent and respond to COVID19
  • Coronavirus Customizable Flyer

    •  Customize and post this flyer to inform your employees and customers about the steps you are taking to protect against the spread of COVID-19. These are common steps recommended by the CDC, states, and local jurisdictions, as of May 18, 2020. This is not a substitute for guidance from your state or local health departments, so please consult those resources as well.

State of Iowa

Business Guidance & Financial Assistance

Categories

Tips

  • Review your supply chain and analyze the potential impact and alternatives for supplies.

  • Review finances, work on contingencies of how to manage finances should a business begin to slow, talk with your banker about options that you can tap into should the need arise.

  • Talk with your business insurance provider as well.

  • If the business does slow, document your losses. 

Economic Impact Disaster Loans

IRS Tax Relief

Families First Coronavirus Response Act (FFCRA)

The FFCRA legislation took effect on April 1, 2020, and includes expansions of FMLA and Paid Sick Leave. Mandates apply to all employers with less than 500 employees (with some exemptions).

Coronavirus Aid, Relief, and Economic Security (CARES) Act

Iowa Economic Development Authority (IEDA)

  • Business Recovery Guidance
  • TSB Sole Operator Fund
    • The program offers eligible small businesses grants ranging from $5,000-$10,000 to businesses that are single owners with no employees that are also TSB certified, or have an application submitted by April 10, 2020 to become TSB certified. The targeted small business can be sole proprietors that are 51% women or minority owned, disabled or veteran disabled businesses only. 
  • Iowa Business Tax Deferral
    • Delays state withholding and sales tax payment until July.

Unemployment

Small Business Development Center

Black Hawk County Grant (nonprofits)

  • Grant applications now available for Black Hawk County COVID-19 Cooperative Disaster Response Fund
    • Nonprofits may now apply for grants from the Black Hawk County COVID-19 Cooperative Disaster Response Fund with the Community Foundation of Northeast Iowa. Nonprofits serving Black Hawk County that are providing basic needs services and/or working with individuals and families who have been disproportionately impacted by the public health and economic consequences of the coronavirus pandemic are encouraged to apply.

Other Possible Funding Sources for Business

Cedar Valley Resources

Other Resources

Information for Employers (Reopening, Returning to the Workplace, Health & Safety Guidelines)

Grow Cedar Valley

We realize that the uptick in cancellations may feel alarming. Remember that these are all strategies to stop the spread. In light of that, we at Grow Cedar Valley will be implementing the following procedures to help reduce the spread of the coronavirus:

  • All staff will telecommute when possible.
  • Non-essential events and meetings have been or will be canceled, postponed or adjusted to take place as a virtual meeting.
  • The Grow Cedar Valley Office will be open by appointment only and critical organizational operations.  Walk in’s and access from the general public will be restricted until further notice.

As our community continues to contend with this health crisis, we want to thank our critical service workers, businesses, non-profits, and governments that have and will be on the front lines. We recognize that this is a fluid situation with changes occurring hourly around our community and the country. Rest assured, we will continue to monitor the situation and provide any updates regarding our operations.

Additionally, these resources built and shared are based on the work by the Greater Des Moines Partnership.

If there are any questions or concerns, please contact Grow Cedar Valley staff. We welcome your feedback, if there a resource that you are looking for or are in need of please let us know!