Image courtesy of iowa.gov website

Small businesses may now be eligible to receive relief that may have been impacted by COVID-19.

Governor Kim Reynolds has released the new Small Business Relief Program that will provide financial assistance to those small businesses that have been economically impacted by the 2019 novel coronavirus. The grants range from $5,000-$25,000 in addition to offering deferrals of sales and use or withholding taxes, along with waiving of any penalties and interest. The criteria to apply includes showing how a business has had a disruption due to the pandemic and employees 2-25 people prior to March 17th. Businesses must be aware that grant funds can be used to maintain operations or reopen a business following the COVID-19 outbreak and funds cannot be used to pay debts from March 17th on.

Small businesses can also apply for loans through the U.S. Small Business Administration’s disaster declaration. The announcement is as of January 31st. It allows those small businesses that have been impacted by COVID-19 to apply for low-interest loans. The SBA Economic Injury Disaster Loan offers up to $2 million in financial assistance and can provide economic support to help small businesses overcome a temporary loss of revenue. The loans can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid due to the pandemic. 

To apply for the SBA loan, click here.

To apply for the grant program, click here.