Resources, Grants and Information Relevant to COVID-19

Buchanan County Economic Development strives to provide relevant links to assist businesses and industries with the most relevant information available concerning COVID-19.  Below you will find links to grants and loans available as well as links to relevant information that we hope can answer questions and help to guide you through this unprecedented time.

Information, Legislation and Proclamations From Gov. Reynolds Concerning COVID-19

IEDA COVID-19 Response and Recover Survey.  Click HERE to take this survey! Deadline is 5 pm March 17th.

COVID-19 Specific Grants, Loans and Resources Currently Available

  1. SBA Payroll Protection Program (PPP) Round 3 Available NOW!  Click HERE for more information! Applications close March 31st

          New rules on PPP as of  February 24th and open for 14 days.    This changes is for businesses and non-profits with 20 or fewer employees and sole proprietorshipsClick HERE  for the full explanation and contact your banker for assistance.

Loans have opened for a new round of PPP.  These loans are open to additional companies and organizations that were not eligible before including 504c(6)’s, self employed, small retail businesses, restaurants, hotel/motels, etc.  Contact your local lender/bank for assistance in filing.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

    • PPP loans have an interest rate of 1%.
    • Loans issued prior to June 5 have a maturity of two years. Loans issued after June 5 have a maturity of five years.
    • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
    • No collateral or personal guarantees are required.
    • Neither the government nor lenders will charge small businesses any fees.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

      • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
      • Has no more than 300 employees; and
      • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
  1. Economic Injury Disaster Loan Emergency Advance (EIDLEA) – Applications are open again

  2. Shop Iowa! is available for free for 1 year for Retail Businesses.  Click HERE for details and to sign up.

  3. USDA RD Value Added Producer Grant (VAPG) – Application Deadline March

  4. State of Iowa Grants Website – Grants Available

  5. Iowa Housing Recovery Information and Resources

  6. DHS Grant Funding Opportunities for Child Care ProvidersDHS Child Care Business Survey Results

  7. Additional State Funding Options Still Available – Iowa Business Recovery Assistance Page

  8. Deferring Payroll Tax Obligations Memorandum

Small Business Administration (SBA) Links

Links to relevant resources, sites and articles

Unemployment Information and Links for Employers and Employees

CARES Act Aid Package and Information (National Coronavirus Aid, Relief, and Economic Security)

Links to Iowa Department of Health and COVID-19 update sites