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covid-19 business resources

Federal Economic Relief Package

The US Senate unanimously approved a $2 trillion federal relief package March 25th for workers, businesses, and health organizations. The bill now goes to the House and then with approval there to the president for his signature. The $2 trillion dollar relief package in the bill includes: 

 

Direct Payments to Taxpayers

  • $1,200 to taxpayers with incomes up to $75,000 per year. 
  • Less for those earning up to $99,000. 
  • Families would receive an additional $500 per child.

Additional Unemployment Benefits

  • Extend unemployment jobless insurance by 13 weeks.
  • Include a four-month enhancement of benefits. 
  • Including freelancers, furloughed employees and gig workers.

Small Businesses Emergency Loans 

  • Loans at community banks to small businesses that don’t lay off their workers. 
  • Loans available during an until June 30.
  • Forgiven if the employer continued to pay workers for the duration of the crisis.

Government Bailouts for Distressed Companies

  • Strings attached.
  • Loans would come from a $425 billion Federal Reserve fund.
  • An additional $75 billion available industry-specific — including airlines and hotels.
  • Trump businesses — or those of any senior government officials — cannot receive money from that fund. 

Hospitals would receive aid.

 

  • $100 billion for hospitals and health systems across the nation.
  • Additional billion for to furnish personal protective equipment for health care workers, testing supplies, and new construction to house patients.
  • Medicare payment increases to all hospitals and providers.

 

 

There is a lot of information out there. We know that you are getting information about staying healthy.  And, with more time on your hands as you shelter in place and keep social distances, no doubt you are worrying about finances.  Below are things you should know about and other things you can do right now. And, with the fluidity of this situation, please stay in touch, things can and will change quickly. 

Stay tuned. See below for actions you can take now. . . 

 

There is a lot of information out there. We know that you are getting information about staying healthy.  And, with more time on your hands as you shelter in place and keep social distances, no doubt you are worrying about finances.  Below are things you should know about and other things you can do right now. And, with the fluidity of this situation, please stay in touch, things can and will change quickly. 

 

IRS – Taxes – April 15th Deadline for filing taxes can be delayed for up to 90 days interest-free.  However, if you have a refund coming, by all means get that filing in. The IRS says it will speed refunds.  For more information go online to: www.irs.gov

 

  • Your Local Banker. Contact your bank to ask for help if you are having trouble or expect trouble with paying off loans or need a loan.  Have a plan for working with them. Let them know your plan. Do this sooner rather than later.

 

  • Rent Payments.  Contact your landlord as soon as you feel you will miss a rental payment.  Let them know your situation and your plan. See what can be worked out. 

 

  • Stay in Touch with your Customers/Sell Gift Cards.  We will help you reach out to people for sales of gift cards.  Please let us know how your customers should reach you to purchase those cards/certificates.

 

  • Bills Owed to Suppliers.  Contact your suppliers as soon as you feel you will miss a payment.  Let them know your situation and your plan. See what can be worked out. 

 

  • Unemployment Insurance.  Employees impacted by COVID 19 whether directly or by layoff due to lack of work, are encouraged to file for unemployment benefits.  Also, the Iowa Workforce Development (IWD) department is working to reduce the impact of unemployment claims on employers who have had to temporarily lay off staff due to closures or slowdowns, according to IWD Director Beth Townsend.  Contact the IWD office at 1-866-239-0843 or online at www.IowaWorkforceDevelopment.gov. Keep refreshing your computer as things may change.  
  • Health Approaches.  More information on COVID 19 and staying healthy:  www.CDC.gov 

 

Iowa Small Business Relief Fund

 

On March 23, Governor Reynolds announced a new Iowa Small Business Relief Program to provide financial assistance to small businesses and tax deferrals to Iowa businesses economically impacted by the COVID-19 pandemic. The program is NOT first-come, first-served. All applications received by the deadline, March 31 at 12:00 p.m. (noon), will be reviewed for consideration. Please review the required documents before starting the online application. Click here to learn more and apply:  https://www.iowaeconomicdevelopment.com/businessrecovery

 

Targeted Small Business Sole Operator Fund

 

A fund has been created to support Targeted Small Businesses (TSB) with zero employees that have been economically impacted by the COVID-19 pandemic. The program will process applications in order of receipt of application and submission of all required documents until funds are exhausted. Please review the requirements and eligibility guidelines here before starting an application. Click here to learn more and apply. https://www.iowaeconomicdevelopment.com/programDetails?pid=137&ppid=26



  • Apply for a US Small Business Administration Loan  

This is now available for Iowa businesses.  The general suggestion is to apply now and then decide later — when you see the rates and know more about your situation —  whether you need it or not.   

Click on Loan Information link below. https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf 

TO START the Application: 

 https://disasterloan.sba.gov/ela/

Please let us know if we can help you with any of these points:  

Monica Vernon:  monica@crmainstreet.org

Abby Huff:  abby@crmainstreet.org