Small Business Resources
Although these are unprecedented times for small businesses, there are preemptive steps that can help to mitigate the economic impact of the Coronavirus as you continue to do business. Consider these resources for preparation and prevention strategies:
Financial Resources | Employer Support | Employee Support
Business Continuity | Upcoming Webinars | Small Business Resources Hub
COVID Recovery Iowa
Free Counseling and Support
You're not alone. Find support for coping with the effects of the pandemic. COVID Recovery Iowa provides free virtual counseling, virtual activities, referrals and help finding resources to any Iowan seeking assistance or a listening ear. Counselors are available 24/7. For more information, visit COVID Recovery Iowa.
Small Business Development Center (SBDC) Counseling
SBDC offers one-on-one counseling that can be done virtually, including help with loan application processes or other business issues that this crisis is causing, such as distribution, sales, buying, marketing, HR issues and more. Find a counselor on the SBDC website.
U.S. Small Business Administration (SBA) now has two programs available to provide small businesses with emergency working capital needs:
Paycheck Protection Program (PPP)
This program is an SBA loan that will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months.
You can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.
See a list of local lenders eligible to issue a loan under the Paycheck Protection Program.
NEW: Paycheck Protection Program (PPP) Loan Forgiveness Application
The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly PPP loan forgiveness application and a new EZ version of the forgiveness application that applies to borrows who:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25% and did not reduce the number of hours of their employees; OR
- Experienced reduction in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Both applications give borrowers the option of using the original eight-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.
Additional Guidance on Loan Forgiveness
Did your business participate in the Paycheck Protection Program? If yes, see the PPP Loan Forgiveness Application for important instructions on what you need to know to apply for forgiveness of PPP loans. For more information about the Paycheck Protection Program, visit the SBA Portal.
Find information on PPP Loan Forgiveness Best Practices from LWBJ during the recent DSM Forward webinar with PPP experts.
See the U.S. Chamber PPP Guide here.
Low Interest, Longterm Economic Injury Disaster Loans
This loan is for up to $2 million. The first payment is deferred for 12 months. The application has been simplified and can be completed 100% online through the improved SBA web portal.
Economic Injury Disaster Loan Advance
This loan is for up to $10,000. The form to apply is part of the Economic Injury Disaster Loan application. If approved, these funds can be used for payroll and other operating expenses and will be forgiven.
Note: Unfortunately, businesses who had an electronic application in process with the previous Economic Injury Disaster Loan Portal will not be able to log in and complete their previous application.
If you have already submitted an application (electronic, e-mail or paper) prior to the launch of the Economic Injury Disaster Loan Advance program, you will need to submit a new application for the Advance. However, you will not lose your place in the approval queue.
For more information for job seekers and employers on workforce opportunities, visit the Employment Resources page.
View the recent topics listing below for more information and resources on business planning and preparedness.
DSM Forward: Ask the PPP Expert
Wednesday, May 20, 2020 | 2 – 3:30 p.m. | Register Now
DSM Forward: Ask the HR Experts
Thursday, May 21, 2020 | 2 – 3 p.m. | Register Now
Mitigating COVID-19 in Iowa Restaurants
Presented by Iowa Department of Inspections and Appeals Food and Consumer Safety Bureau
Thursday, May 21, 2020 | 3:30 – 4:30 p.m. | Register Now
Salesforce — Tips During COVID-19 on How to Increase Productivity + Boost Engagement
Friday, May 22, 2020 | 11 a.m. – Noon | Register Now
DSM Forward: Ask the Child Care Experts
Friday, May 22, 2020 | Noon – 1 p.m. | Register Now
How to Use Marketing to Get Your Business to the Other Side
Tuesday, May 26, 2020 | 10 – 11 a.m. | Register Now
Legal Considerations for Getting Back to the Workplace
Tuesday, May 26, 2020 | 1 – 2 p.m. | Register Now
IEDA Iowa Trade Talk Series: Europe
Wednesday, May 27, 2020 | 9 – 9:45 a.m. | Email to Register
Top Five For Small Business: Navigating HR Complexities of the New Workplace
Wednesday, May 27, 2020 | 9 – 10 a.m. | Register Now
COVID-19 Impact on International Supply Chains
Wednesday, May 27, 2020 | 2 – 3 p.m. | Register Now