Coronavirus (Covid 19) Support

We know that you are worried about your business and employees in this time. We are here to help. We will be constantly updating this page with resources for you as we receive them.

DCDC:
Phone Calls and Text Messages: 641-442-6511
Email: serb@dcdciowa.org
Zoom/Facebook Live Q&A (4/3/2020): https://www.facebook.com/dcdciowa/videos/541591320108192/
Facebook Live Information (3/20/2020): https://www.facebook.com/dcdciowa/videos/2489773714621451/

Iowa Small Business Relief Fund

If you have 1-7 employees, and did not qualify for or received state or federal funding for COVID-19 relief, you may qualify for this new program. Click here to read more and apply.

To be eligible, businesses are required to:

have 1-7 employees prior to March 17, 2020
be based in Iowa
complete the online application
provide a 3 month P & L statement/bank statements
provide 2019 and 2020 Q1 revenue

Local Initiatives Support Corporation (LISC)

Who is eligible? We will support small businesses and enterprises affected the Covid-19 across the country, especially those in underserved communities, including entrepreneurs of color, women- and veteran-owned businesses that often lack access to flexible, affordable capital.

Applications will be reviewed based on criteria designed to prioritize particularly challenged businesses, and the final grantees will be randomly selected from the top scoring applicants.

Learn more and apply: https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/

Paycheck Protection Program Loans, aka “PPP” (This is separate from the EIDL program.) – Currently on hold as of 4/15/2020, waiting on allocation of more funds from the government. We hope this will take place by April 27. | As of April 27, 2020, the program has reopened. Contact your local lender to apply for funding.

Click here to learn how to calculate your PPP eligibility.

On April 3rd: Existing SBA Lenders* may choose to start processing loan applications for Small Businesses and Sole Proprietors.
On April 10th: Existing SBA Lenders* may choose to start processing applications for Independent Contractors and Self-Employed Individuals.
Loan Amount: Applicants may apply for loan funds of up to 2.5x the borrowers’ average monthly** payroll costs, not exceeding $10 million.
Terms (Recent Change): 1% interest, 2yr maturity, loan payments will be deferred for six months, 100% guarantee by SBA, no collateral, no personal guarantee, no borrower or lender fees payable to SBA.
Loan Forgiveness: Loan amounts will be forgiven if the loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and employee and compensation levels are maintained.
PPP vs EIDL: “If you received an SBA EIDL loan prior to April 3, 2020, you can apply for a PPP loan. If your EIDL loan was not used for payroll costs, it does not affect your eligibility for a PPP loan. If your EIDL loan was used for payroll costs, your PPP loan must be used to refinance your EIDL loan. Proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the loan forgiveness amount on the PPP loan.”
Where do you apply?: At an SBA Approved lender* (not online like the Disaster Loans)
What you’ll need to apply: Payroll Documentation (such as tax documents or payroll processor records) and a completed Paycheck Protection Program Loan Application.
Non-profits: Most are eligible to apply.
Sources: https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf and https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp#section-header-2

*Applicants will need to consult with their local lender to see if they are participating in the PPP. Lenders must be approved and enrolled in the SBA program to participate.
**Monthly average from past 12 months

NEW (as of 5/5/2020): SBA is now accepting Covid-19 Economic Injury Disaster Loan and Advance applications for agricultural small businesses on a limited basis. 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. Use the links in the original post to learn more and apply.

For agricultural businesses that submitted an EIDL loan application through the streamlined application portal prior to the legislative change, SBA will move forward and process these applications without the need for re-applying. All other EIDL loan applications that were submitted before the portal stopped accepting new applications on April 15 will be processed on a first-in, first-out basis.

▶️ More details: https://www.sba.gov/…/sba-make-economic-injury-disaster-loa…
▶️ Apply here: https://www.sba.gov/disaster

SBA Economic Injury Disaster Loans (EIDL Program) – Currently on hold as of 4/15/2020, waiting on allocation of more funds from the government. We hope this will take place by April 27.

Low interest, long term Economic Injury Disaster Loans for up to $25k unsecured, up to $2 million secured: The first payment is deferred for 12 months. The application has been simplified and can be completed online through the improved web portal at www.sba.gov/disaster. This is an updated application process, you do not need to upload any documents through the new system.
Applicants may now request an advance (grant) of up to $10,000 through the application portal.
- The advance may be available even if an application was denied or is still pending. The advance will be forgiven.
- New Applicants: Submit one application to apply for the grant funds and the loan. Click the checkbox towards the end of the application titled, “I would like to be considered for an advance of up to $10,000”.
- If applicants have already completed an application prior to the addition of the grant component: they need to submit a new application through the new online portal. This will not interfere with their “spot in line” or their original application, but it will make them eligible for the $10K advance.
The SBA Office of Disaster Assistance continues to urge people to apply, even if they aren’t sure they’re going to take the loan once approved (say, for example, a better solution becomes available to them).
By applying, businesses essentially “get in line” to see what they are eligible for. If approved, they’ll know the amount of the loan, and then they may decide to take it or not.
Not all applicants will receive loan approval or receive the grant/advance.
Apply Here: https://www.sba.gov/page/disaster-loan-applications

Iowa Workforce Unemployment COVID-19 Benefits

If employees are laid off due to COVID-19 or have to stay home to self-isolate, care for family members or due to illness related to COVID-19, they can receive unemployment benefits, provided several eligibility requirements are met.
Claims that are filed and identified as a direct or indirect result of COVID-19, will not be charged to employers.
https://www.iowaworkforcedevelopment.gov/updates-and-resources-about-covid-19
Unemployment claims by Self-employed workers, Independent contractors, Non-profit employees, Gig economy workers, Part-time workers who do not have enough work history to be eligible for an Iowa claim: https://www.iowaworkforcedevelopment.gov/pua-information

DCDC Emergency Microloan Program: https://www.dcdciowa.org/decatur-county-development-corporation-revolving-loan-fund-reallocated-for-emergency-microloans-for-small-businesses/

Small Business Administration: https://www.sba.gov/coronavirus

SBDC: https://americassbdc.org/coronavirus-information/

Employer Health Resources: https://hwc.public-health.uiowa.edu/covid-19/?fbclid=IwAR0qrrr_9RFWmE52s77QgU605-46GftkzKPqqEVr7HepZD8lYfw3mPkpxnk

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