COVID-19 Update

posted on Monday, April 6, 2020 in Grow Cedar Valley

Recent Updates:

State of Iowa

Business Guidance & Financial Assistance  Tips  Economic Impact Disaster Loans  IRS Tax Relief  Family First Coronavirus Response Act (FFCRA) CARES Act Iowa Economic Development Authority Unemployment Small Business Development Center Black Hawk County Other Funding Sources for Businesses

Cedar Valley Resources Other Resources

COVID-19 Events & Webinars COVID-19 Information

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State of Iowa

• 4/8/2020: Governor Kim Reynolds and IEDA Director, Debi Durham, announced the Small Business Relief Grants program will expand from the initial $4 million to $24 million.
• 4/2/2020: Governor Kim Reynolds Extends close of schools, and some businesses to April 30
• 3/23/2020: Governor Kim Reynolds Announces Unemployment Insurance Tax Extension to Assist Small Businesses.

Business Guidance & Financial Assistance

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. 

Loans

• 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).
  • Apply Now
  • FAQ (SBA)
  • U.S. Chamber of Commerce - Guide to SBA’s Economic Injury Disaster Loans

• 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.

  • U.S. Treasury Information

  • Fact Sheet

  • Sample Application

  • FAQ

• SBA Loan Deferrals: 7a Loans have a 6-month deferral. Deferrals may also be offered on 504 loans.

IRS Tax Relief

• COVID-19 Tax Relief
• Employee Retention Credit
  • U.S. Chamber - Guide to Employee Retention Tax Credit

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).

• Department of Labor

  • The Department of Labor issued the model for notice of employee FFCRA rights that must be posted in places of employment subject to FFCRA (see attached).  Due to the number of employees working remotely, the DOL will also allow employers to satisfy this requirement by emailing or posting this notice electronically.

  • Additional information from the Department of Labor on the FFCRA

• Dickinson Law Firm - Employer Impact
• HR Dive - Small Business Exemption
• U.S. Chamber of Commerce - Guide for Employers: Coronavirus Paid Leave Programs
• Society for Human Resource Management (SHRM) Summary
• MRA Resources (FAQ, Requirements, Sample Policies, Forms & Checklists)

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

• Small Business Owners Guide to CARES
• MRA Resources for The Cares Act (Summary and HR related resources)

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

• Iowa Workforce Development (IWD) COVID-19 Resources
  • IWD Updates Leave Policy for Employees Impacted by COVID-19 Layoffs

    • The CARES act has been signed into law.  IWD is awaiting more information from U.S. Department of Labor. IWD is now accepting applications. Employees who are or will be laid off, or are unable to work for reasons related to COVID-19, will no longer be required to use all paid leave prior to being eligible for unemployment insurance benefits. Change is not retroactive prior to the week of March 29, 2020, for new or existing claims.

Small Business Development Center

• COVID-19 Resource Center
• Request counseling from any center. Phone, email and video assistance available

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

• Facebook: Grant program (cash and ad credits) Details not yet available.
• Google: AdWords Credits for existing advertisers
• Kiva: Individual to individual lending. Has existed a long time for supporting microenterprises across the world but also does loans in the USA.
• Delta Dental: Advance on payments to dental practices and a grant program for NPO’s.
• Iowa Credit Union Association: $500 Grants for Individuals or businesses
• Thryve Foundation Business Grant
• Professional Beauty Association Relief Fund
• For Students/Educators
• Female Entrepreneurs: Applications open April 6.

COVID-19 Webinars & Events

Cedar Valley Resources

• 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

• Visit the Center for Industrial Research and Service (CIRAS) website for information on how to learn more about protecting your business, managing operations, and planning for supply chain disruptions.
• Resources for supporting Mental Health. Mental health is more important as more employees are working remotely 
• Iowa Childcare Availability Map: Interactive Map of Providers and Availability
• Utilities
  • MidAmerican COVID-19 Safety Precautions
  • Cedar Falls Utilities
• MRA's Toolkit contains business owners and HR staff with timely resources on the latest Coronavirus (COVID-19) developments, such as sample policies, guidance on communicating and preparing your workplaces, and layoff/closing information.
• Economic Impact Payments: What you need to Know

COVID-19 Information

• The Endangered Languages project is compiling COVID-19 public health information in as many languages as possible.
• Steps to take before COVID-19 Employee Testing
• Frequent and deeper cleaning of the office and home. Most Clorox, Lysol, and Purell produces should fit the bill. View a full list of products that can be used during coronavirus outbreak.
• SHRM's (Society for Human Resource Management) Coronavirus and COVID-19 Toolkit informs your employees about best practices to help stop the spread of illnesses.
• Black Hawk County Health Department
• Center for Disease Control
• Iowa Department of Public Health

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!