COVID-19: Financial Resources

The spread of COVID-19 has had a significant impact on the economy and business operations. The Center for Industrial Research and Service (CIRAS) at Iowa State University is helping companies understand the financial resources and tools available to Iowa companies to help them better manage their businesses during the coronavirus pandemic.

The list of COVID-19 financial resources below includes detailed information and videos describing a variety of financial assistance programs and relief funds created in response to the COVID-19 outbreak. The list includes federal government assistance such as the Paycheck Protection Program and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as well as links to other programs designed to help small businesses affected by COVID-19.

Be sure to visit this page regularly for the latest information.

Notice: Paycheck Protection Program has Reopened

The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program’s extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.

Under new guidelines recently enacted by SBA and Treasury, borrowers now have 24 weeks to use PPP funds as opposed 8 weeks, and the amount that must be used for payroll in order to qualify the loan for forgiveness has been reduced from 75% to 60%. For any funds not fully forgiven on loans made after June 5, 2020, borrowers now have a 5 year time-frame to pay off the PPP loan (1% interest rate) as opposed to the original two year time frame.

If you have already applied through a lender and it has not been processed yet, follow up on it immediately to make sure they are still processing the application. Please do not wait until the last minute if you want to access this critical funding.

Here are a few resources to assist you in understanding some of the COVID-19 financial tools and resources available:

State of Iowa Resources & Information

Iowa Economic Development Agency’s COVID-19: Iowa Business Recovery Assistance
Iowa Economic Development Agency’s COVID-19: Small Business Utility Disruption Prevention
Iowa Small Business Development Centers COVID-19 Resources

Federal Assistance Programs

The Coronavirus Aid, Relief, and Economic Security (CARES) Act
US Small Business Administration Coronavirus Relief Options

General Resources

U.S. Small Business Administration (SBA) COVID-19 Resources
Internal Revenue Service (IRS) Coronavirus Tax Relief
Iowa Department of Revenue COVID-19
U.S. Chamber of Commerce Foundation’s Save Small Business Fund

 

If your business is impacted by COVID-19, CIRAS can provide no-cost assistance to help you understand your next steps. CIRAS has an emergency response team in place to help guide you through the recovery process. Send an email to ciras.info@iastate.edu and we’ll be in touch within 24 hours.