COVID-19 Small Business Resources
With the effect COVID-19 has had on individuals, families, and small businesses, there are many resources out to assist those struggling right now. We have compiled a list of the most pertinent programs and websites to our clients. Below you will find links and brief descriptions for each.
PAYCHECK PROTECTION PROGRAM (PPP) – The CARES Act established a new $349 billion Paycheck Protection Program. In short, the Paycheck Protection Program is a load designed to provide a direct incentive for small businesses to keep their workers on the payroll. The U.S. Small Business Association will forgive the loans if ALL employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. To download the Factsheet with information from the Treasury Department, click here.
UP-TO-DATE IRS WEBSITE – The IRS has developed a page with the most up-to-date information regarding COVID-19 and IRS related changes. On this site you will find all their news releases, statements, FAQs, guidance, etc. You can find this here.
IOWA UNEMPLOYMENT – Iowa Workforce Development has developed a step by step video on how to file for unemployment benefits if you are self-employed, an independent contractor, or a gig economy worker here. Iowa Economic Development has developed an Iowa Business Recovery Assistance guide here. The guide reviews the following programs and loans:
- Federal CARES Act
- Iowa Small Business Relief Fund
- Iowa Business Tax Deferral
- Targeted Small Business Sole Operator Fund
- SBA Disaster Assistance Loans
- SBA Economic Injury Disaster Loan (EIDL)
- SBA Paycheck Protection Program (PPP)
- Pandemic Unemployment Assistance Program
- Minnesota Small Business Emergency Loan Program
- Minnesota Small Business Loan Guarantee Program
- Unemployment Insurance Shared Work Program
We realize information is ever-changing and we are committed to keeping the most up-to-date information available to you. Contact us if you have any questions about your situation.