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 | 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.
Small Business Association (SBA) Funding Options
SBA is currently offering the following options:
- Paycheck Protection Program (PPP): The Paycheck Protection Program is a forgiveable loan designed to provide direct incentive for small businesses to keep their workers on payroll. This program has recently reopened to any small business concern that meets the SBA's size standards including sole proprietors, independent contractors, self-employed individuals, 501(c)3, 501(c)6, 501(c)19, tribal businesses and any business with an NAICS code that begins with 72 (Accommodations and Food Service) that has more than one physical location and employs less than 500 per location.
- Lender Match can help connect you with a lender. You can also view all lenders near you on a map.
Shuttered Venue Operator Grants - NOW CLOSED
The Shuttered Venue Operators (SVO) Grant program will be opening soon. It was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Eligible entities include:
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators
- Talent representatives
- Each business entity owned by an eligible entity that also meets the eligibility requirements
Additional Requirements
- Must have been in operation as of Feb. 29, 2020
- Venue or promoter must not have received a PPP loan on or after Dec. 27, 2020
- Those looking to apply for the Shuttered Venue Operators Grant will need to be registered in the U.S. government's System for Award Management, SAM.gov. SBA has created a video tutorial that guides you through the process, and you can find it on the SVOG's website at sba.gov/svogrant.
- COVID-19 Economic Injury Disaster Loans (EIDL); Deadline: Dec. 31, 2021 (NOTE: EIDL Advance is no longer available, but there is Targeted EIDL Advance options with limited eligibility)
- Express Bridge Loans
- SBA Debt Relief (For Existing Borrowers)
If you are a business and have applied through SBA for grants or loans, be aware that there have been several phishing attempts. Any email from SBA will come from accounts ending in sba.gov. Learn more. Report potential fraud at (800) 767-0385 or online.
There have been instances of fraudulent contact tracing calls, attempting to obtain personal information. If the caller asks for money and/or requires your bank account, credit card or social security number or immigration statues, this is a sign that the caller is not a state or local official.
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.