COVID-19 Update
posted on Monday, June 1, 2020 in Grow Cedar Valley
Select from the following category options to be guided to information related to that category.
(Reopening, Returning to the Workplace, Health & Safety Guidelines)
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Recent Updates
State of Iowa
Business Guidance & Financial Assistance
Categories
Tips
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Review your supply chain and analyze the potential impact and alternatives for supplies.
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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.
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Talk with your business insurance provider as well.
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If the business does slow, document your losses.
Economic Impact Disaster Loans
- SBA Makes Economic Injury Disaster Loan (EIDL) Available to U.S. Agricultural Businesses
- Starting Monday, April 4, Agricultural Businesses are now eligible for the SBA's EIDL Advance Programs
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Agricultural businesses include businesses engaged in the legal production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)). Eligible agricultural businesses must have 500 or fewer employees.
- VGM Summary of the Six Main Economic Stimulus Programs
- Small Business Administration COVID-19 Small Business Guidance & Loan Resources
- U.S. Chamber of Commerce: Guide to Emergency Loans for Small Businesses
- Economic Injury Disaster Loan (EIDL): A loan through the SBA for small businesses (less than 500 employees). Up to $2 million, 30-year term, 3.75% interest for profit (2.75% nonprofit). A $10,000 cash advance may be applied for (forgivable).
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Paycheck Protection Program (PPP/CARES): Loan through banks that are SBA lenders. 2-year term, 1% interest. A portion of this loan can be forgivable based on payroll figures. Borrowers may request PPP and EIDL, but cannot use the funds for the same purpose.
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SBA Loan Deferrals: 7a Loans have a 6-month deferral. Deferrals may also be offered on 504 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)
Other Possible Funding Sources for Business
Cedar Valley Resources
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EMBARC helplines in 10 different languages for refugee and immigrant community members for help with basic medical questions, essential supplies like food, victim services, and applying for unemployment benefits.
- Local Marketing Match Grant Program
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Waterloo Courier along with Amplified Digital and Lee Enterprise are offering marketing matching grants from $250-$150,000/month per business. The program covers print and digital ads and agency products. Awards will be made for April, May, and June.
- Service and opportunities from Grow Cedar Valley Investors
- Cedar Valley Strong: Local effort to communicate businesses still open, and clearinghouse for support of local business.
- Cedar Falls Downtown Local Business Updates
- #EatLoveWaterloo: Local effort to communicate businesses still open, and clearinghouse for support of local business.
- KWWL Takeout Guide
- Local businesses need your support. Check out our online directory, a great place to start.
- 5 Ways to Help Your Favorite Restaurant Survive COVID-19
- How you can help Cedar Valley Hospitals with COVID-19
- How to sew masks for MercyOne Hospital
- Cedar Falls, Iowa COVID-19 Relief and Information Site
- Waterloo, Iowa COVID-19 Information Hub
Other Resources
Information for Employers (Reopening, Returning to the Workplace, Health & Safety Guidelines)
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Reopening/Returning to the Workplace
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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!