Posted: March 26, 2020
The State of Iowa has released a program called the Targeted Small Business Sole Operator Fund. The program offers eligible small businesses grants ranging from $5,000-$10,000 to businesses that are sole proprietors or single-member LLCs that are also TSB certified, or have an application submitted to the Iowa Economic Development Authority (IEDA) by April 10, 2020 to become TSB certified. The Targeted Small Business Program is designed to help Iowa for-profit small businesses that are majority-owned (51 percent or more), operated and managed by a female, individual with minority status, service disabled veteran or individual with a disability. The program grants TSB Certified businesses access to business support, low-interest loans, and the ability to sell to state agencies without going through a competitive bidding process. If you are not a Targeted Small Business and would like to explore this opportunity, you can apply for both the program and the grant funds at the same time. Learn more here: https://www.iowaeconomicdevelopment.com/programDetails?pid=137&ppid=26
The State of Iowa Small Business Relief Grant Program and Tax Deferral is up and running. The online application was very busy yesterday, but I have checked 3 times today and had no problems accessing it. The program offers grants ranging from $5,000-$25,000, in addition to offering a deferral of sales and use or withholding taxes due and waiver of penalty and interest to eligible businesses. To be eligible, businesses must have employed between 2-25 people prior to March 17, 2020 and be experiencing disruptions due to COVID-19. The program is not first-come, first-serve, so you don’t need to worry if it takes you some time to complete the application. However, all applications are due by Tuessday, March 31st at noon. The state recommends having all necessary information collected before beginning the application process. Necessary information includes:
- 3-month income statement
* Standard business ownership information, including primary address, contact information, FEIN, withholding permit number, sales tax permit number, etc. as applicable.
- Revenues – March 2019
- Revenues – March 2020 to date
- Balance Sheet (as of application date)
- Payroll prior to March 17, 2020
- Completed Business W-9 form
- Additional fields may include:
◦ Date of business establishment
◦ Description of Economic Impact Loss (loss of sales or revenue)
◦ Number of employees on March 1
◦ Number of employees working remotely as a result of the disaster
◦ Estimated loss of revenues March 15, 2020 – April 15, 2020
◦ Description of how funds will be utilized to maintain operations or reopen after the disaster
Learn more and apply here: https://www.iowaeconomicdevelopment.com/reliefgrants
The State of Iowa has released a new website providing information on COVID-19. This site includes information on Iowa COVID-19 statistics, information on the COVID-19 virus and how to protect yourself and a State of Iowa Agency Guidance site that has links to various Iowa Agencies and information pertaining to their services. This new website can be found at https://coronavirus.iowa.gov/
The United States Bartenders Guild has an emergency assistance program for COVID-19 relief.
In order to qualify for grant assistance from the Bartender Emergency Assistance Program, the recipient must satisfy all of the following requirements:
1 Be a Bartender or the spouse or child of a Bartender. The Bartender Emergency Assistance Program defines a “Bartender” as an individual employed in serving beverages or otherwise engaged in the production, promotion or distribution of alcoholic beverages. An individual is considered “employed” as a Bartender if, for not less than one year prior to the application, the individual performed services as a Bartender on a regular full- or part-time basis or, if the catastrophic event or emergency hardship giving rise to the application prevents the individual from performing such services, for not less than one year prior to the event or hardship the individual performed services as a Bartender on a regular full- or part-time basis.
- Experience a catastrophic event or emergency hardship that is:
- Identifiable and described in detail in the application;
- Damaging to the person or property (e.g., loss of life, health, or property);
- Sudden and precipitous rather than gradual or progressive;
- Unexpected, unanticipated, unforeseen, unintended, or unplanned; and
- Unusual and not normally occurring in the ordinary course of day-to-day living.
- Lack the necessities of life, including financial, physical, mental, or emotional well being as a result of the catastrophic event or emergency hardship.
- Provide tangible documentation of the catastrophic event or emergency hardship.
Note: You do not need to be a member of the USBG to apply. Find more information and apply here: https://www.usbgfoundation.org/beap
The Senate is expected to vote on the $2 Trillion coronavirus aid package today. The House could vote as early as tomorrow, and President Trump has indicated that he is willing to sign when it lands on his desk. While details could change, the current Senate aid package includes:
—A $500 Billion loan program for businesses
—$600 per week expansion for unemployment insurance
—$150 Billion for hospitals, equipment, and health care worker protections
—$150 Billion in aid for state and local governments
—A one-time $1,200 check to most adults making $75,000 or less annually, plus $500 for every child
—$367 Billion for loans to small businesses
One important note: The House has its own plan for stimulating the economy, but they may choose to agree with the Senate plan in order to get this out to the public as soon as possible. Updates on this will continue in the coming days.
Yesterday, Shep’s Riverside Bar and Grill and a team of fantastic volunteers delivered nearly 350 free hot meals to people across the community! An anonymous donor reached out to Shep’s to pay for 100 meals to distribute to the community to ease COVID-19 worries, and donations kept coming in to cover the cost of even more meals. They didn’t turn anyone down. At the end of the day, they served 80 pounds of beef, 90 pounds of potatoes, 10 gallons of gravy, 100 pounds of corn, 60 pounds of green beans, 33 loaves of bread, and 230 cookies. The local news covered it here: https://wxow.com/2020/03/24/the-lansing-iowa-community-helps-their-locals-with-free-hot-meals/
Andy KelleherExecutive Director, Main Street Lansing563-538-9229P.O. Box 307, Lansing, IA 52151