On March 11, the COVID-19 outbreak was characterized as a pandemic by the World Health Organization. This is the first pandemic known to be caused by the emergence of a new coronavirus.
When the outbreak occurred, Monona County Economic Development (A Non-Profit Organization) switched gears from Business retention and development to business retention and recovery. MCEDP is a great local level resource for your business to keep operating during these unprecedented times. We have gathered resources from local banks, accountants, state organizations, the office of the governor, and the United States Federal Government to help keep you informed of your options during this outbreak. If you have any questions about your options, please contact Jess Carrier – Monona County Economic Development Executive Director via Phone or Email. She will do her best to respond as quickly as possible.
712-433-4493 | email@example.com
Funding Resources For Businesses:
FEDERAL CARES ACT & The Payroll Protection Program (PPP)
The $2 trillion dollar Coronavirus Aid, Relief und Economic Security Act (the “CARES Act”), provides economic relief to businesses, states and municipalities and individuals affected by COVID-19. While the scope of the CARES Act is wide-ranging, this limited summary provides a high-level overview of unemployment benefits and the relief available for qualifying business concerns. Contact a nearby SBA lender to inquire about the Payroll Protection Program.
IOWA BUSINESS TAX DEFERRAL
The application for deferral of the eligible taxes and waiver of penalty and interest remains open. To be eligible, businesses must be experiencing business disruption due to the COVID-19 pandemic. Read the FAQs from the Iowa Department of Revenue and apply for tax deferral here. Due to the anticipated volume of applications, staff will work diligently to review and respond to requests. A complete application is not a guarantee of tax deferral.
TARGETED SMALL BUSINESS SOLE OPERATOR FUND
A fund has been created to support Targeted Small Businesses (TSB) with zero employees that have been economically impacted by the COVID-19 pandemic. The program will process applications in order of receipt of application and submission of all required documents until funds are exhausted. Please review the requirements and eligibility guidelines here before starting an application. Click here to learn more and apply.
SBA DISASTER ASSISTANCE LOANS
The SBA issued a disaster declaration for the state of Iowa as of March 21, 2020. The declaration allows pandemic-impacted small businesses to apply for low-interest support loans. The declaration comes after Iowa Governor Kim Reynolds submitted a federal funding request via the SBA’s Economic Injury Disaster Loan program. Click here for application links and more information.
UNEMPLOYMENT FOR SELF-EMPLOYED
The CARES Act increased the availability of unemployment insurance benefits to those that are self-employed, contract workers, those ineligible for state unemployment benefits or have exhausted benefits. Learn more and apply here.
Business Document Checklist:
As funding become available from different sources, it is important to have the following documents in order and available to use for your relief, grant, and loan applications.
- 2017, 2018, 2019 Business Tax Return Documents
- Personal Financial Statement
- 2019 & 2020 Payroll Reports
- Gross Wages
- Paid Time Off
- Paid Vacation
- Pay for Family Medical Leave
- Proof of Payments for any group healthcare benefits including premiums paid in 2019 to 2020 year to date.
- Payment of any retirement benefit s paid in 2019 and 2020 year to date.
- Federal & State Taxes (Forms 940, 941, or 944)
- State Unemployment insurance amounts
- Workers Compensation Insurance Premiums
- 1099’s For Independent Contractors
- 2020 Balance Sheet to Date
- 2019 & 2020 Profit & Loss Statement
- Monthly Comparisons of Sales for 2019 & 2020
Other Business Resources:
Internal Revenue Service
Tax Payment Deadline Extended to July 15, 2020
CIRAS at Iowa State University
How to deal with COVID-19
Cybersecurity Scans from ProCircular
Iowa Company Offers Free Cybersecurity Scans to Critical Infrastructure
Iowa Business Information on COVID-19
Iowa Small Business Development Center
How to Prepare Your Small Business for Coronavirus
U.S. Department of Homeland Security
Guidance on Essential Critical Infrastructure Workers [PDF]
U.S. Treasury TTB
Guidance for the Manufacture of Hand Sanitizer
Alcoholic Beverages Division, Iowa
Updated Rules and Regulations for Bars & Restaurants
Childcare & Daycare Availability Map, Iowa
Providers and Availability
Economic Development Authority, Iowa
Summary of Programs & Initiatives
Finance Authority, Iowa
Summary of Programs & Initiatives
Housing Recovery, Iowa
Foreclosure, Rental and Iowa Title Guaranty Information
Inspections & Appeals, Iowa Department of
FAQ for Food & Lodging Businesses
Legal Aid, Iowa
Resources for Civil Legal Issues
Public Health, Iowa Department of
Guidelines for Donating Personal Protective Equipment (PPE)
Restaurant Association, Iowa
Restaurant Resources & Restaurant Employee Relief Fund Donations
Revenue, Iowa Department of
Tax Implications for Iowans
Transportation, Iowa Department of
DOT Facility Closures & Safety
Tourism Office, Iowa
Resources for Tourism Partners
Utilities Board, Iowa
Order Extending Winter Moratorium for Electric and Natural Gas Customers
COVID-19 Volunteer Opportunities
Workforce Development, Iowa
Unemployment Insurance Resources & Guidance
Join the discussion & stay informed:
This is a private facebook group, led by The Executive Director of Monona County Economic Development. You or your spouse must be a self employed in Monona County to join.