DEADLINE FOR APPLICATION: March 31st at 12 p.m.
The Iowa Economic Development Authority has announced the launch of its Iowa Small Business Relief Program to provide financial assistance to small businesses economically impacted by the COVID-19 pandemic. Grants range from $5,000-$25,000 with additional deferral of sales and use or withholding taxes due and a waiver of penalty and interest for eligible businesses. Eligibility Standards include:
Business disruption due to the COVID-19 pandemic;
The business employing between 2-25 people prior to March 17, 2020; and
The business having a physical location in Iowa.
Of note, the funds are intended to assist businesses in maintaining operations or reopening the business in the wake of COVID-19 related hardships. The funds may not be used for debts incurred prior to March 17, 2020. Additional eligibility requirements and links to the application may be found at:
https://www.iowaeconomicdevelopment.com/programDetails?pid=136&ppid=26.
Owing to a very short application period, and an unprecedented number of likely applicants, please review the foregoing link in detail and collect necessary governance documents for submission prior to beginning the application.
As always, should our attorneys be able to assist with undertaking this, or any other business matter related to the COVID-19 pandemic, we’d be pleased to do so.