Impact Mitigation and Recovery
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
U.S. Small Business Administration (SBA) now has two programs available to provide small businesses with emergency working capital needs:
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.
Paycheck Protection Program
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.
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.
COVID-19 & Supply Chain Disruptions with Mike O'Donnell — Iowa State CIRAS (VIRTUAL EVENT)
Friday, April 3, 2020 | 9 – 10 a.m. | Join Webinar
Remote Selling (VIRTUAL EVENT)
Friday, April 3, 2020 | 10 – 11 a.m. | Register Now
SBA Relief: What Do These Efforts Mean for You? (VIRTUAL EVENT)
Friday, April 3, 2020 | 10 – 11 a.m. | Register Now
Rethinking Stress: A Paradigm Shift During a Pandemic (PART ONE)
Friday, April 3, 2020 | 11 a.m. – Noon | Register Now
Leadership & Strategic Planning in Uncertain Times (VIRTUAL EVENT)
Monday, April 6, 2020 | 11:30 a.m. – 12:30 p.m. | Register Now
Communicating with Customers During COVID-19 (VIRUTAL EVENT)
Tuesday, April 7, 2020 | 10:30 – 11:30 a.m. | Register Now
Nuevos Programas de SBA para Negocios Afectados ante el COVID-19 (FREE WEBINAR)
Tuesday, April 7, 2020 | Noon – 1 p.m. | Join Webinar
Rethinking Stress: Making Stress Work for You (PART TW0)
Friday, April 10, 2020 | 11 a.m. – Noon | Register Now