IOWA -- A new relief program will provide financial assistance to Iowa's small businesses that have been economically impacted by the COVID-19 pandemic.
The program offers eligible small businesses grants ranging form $5,000 to $25,000. It also offers small businesses a deferral of sales and use or withholding taxes due and waiver of penalty and interest.
To be eligible for a small business relief grant, eligible businesses must:
- Be experiencing business disruption due to the COVID-19 pandemic
- Have employed between 2-25 people prior to March 17, 2020
Small Business Relief Grants will assist eligible businesses in maintaining operations or reopening business following the COVID-19 pandemic. The funds may not be used to pay debts incurred prior to March 17, 2020.
The Iowa Economic Development Authority will review grant applications for eligibility and will determine the grant amount by the level of impact including loss in sales revenue and employees.
The Iowa Department of Revenue will review applications for tax assistance to determine if it is appropriate to grant a deferral of the eligible taxes and waiver of penalty and interest.
Applications for grant assistance and tax deferral can be made here: http://iowabusinessrecovery.com/
The deadline for applications is March 31 at noon.