Government : More resources available for Iowa small businesses

The COVID-19 pandemic is having a huge impact on our daily lives, our families and Iowa businesses. The State of Iowa and various agencies are working together to maintain the safety, security, and health of Iowans during these times. Below are some of the newest resources available to Iowa businesses.
The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this program:

• Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
• Loan payments will be deferred for six months.
• If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

You can download the Factsheet with more information from the Treasury Department here.How to File for UnemploymentIowa 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. You can find more information here.