Gov. Reynolds announces program for small business relief

On March 23, Iowa Gov. Kim Reynolds announced the launch of a new Iowa Small Business Relief Program that will provide financial assistance to small businesses economically impacted by the COVID-19 pandemic.

The program offers eligible small business grants ranging from $5,000-$25,000, in addition to offering Iowa businesses a deferral of sales and use or withholding taxes due and waiver of penalty and interest. The deadline for applications is March 31 at noon and applications are available at www.iowabusinessrecovery.com.

“Small businesses are the source of thriving main streets and community pride across Iowa,” Gov. Reynolds said. “The Small Business Relief Grant Program is another way we can support our small businesses during this unprecedented time.”

Eligible businesses must be experiencing business disruption due to the COVID-19 pandemic and have employed 2-25 people prior to March 17, 2020. The funds may not be used to pay debts incurred prior to March 17, 2020.

The Iowa Economic Development Authority will review grant applications for eligibility and will determine the grant amount by the level of impact including loss in sales revenue and employees.