Small businesses in Iowa can apply for grants up to $25,000 to assist during the coronavirus pandemic. The money comes from approximately $4 million in disaster money before the legislature postponed its session earlier this month and monies already available through the Iowa Department of Economic Development.
Eligible businesses include those with between 2 and 25 employees prior to March 17, 2020. Those businesses who receive the grant will automatically be granted a sales and withholding tax extension; businesses that don’t receive the grant can also apply for that. Businesses with 50 or fewer employees can also ask for a delay in their unemployment tax payment until July 31.
“This money is simply a stopgap,” Iowa Economic Development Authority Director Debi Durham said. “It is a stopgap basically to keep the doors open because the first thing we’re dealing with is keeping as many people employed as possible.”
Businesses can apply for the grant or tax assistance starting Tuesday morning at iowabusinessrecovery.com. For the grants, businesses must be seeing pandemic-related disruption, and the amount dispersed will depend on factors including loss of sales and employees, according to the governor’s office. The deadline to apply for assistance is noon on March 31, 2020.