New State Fund Created to Help Iowa Small Business

Date: March 26, 2020

Targeted Fund to Help Small Businesses With No Employees

 

There is now a new fund to support Targeted Small Businesses (TSB) with zero employees that have been economically impacted by the COVID-19 pandemic. The program offers eligible small businesses grants up to $10,000 to businesses that are single owners with no employees. The small business must be TSB certified, or have an application submitted to the Iowa Economic Development Authority (IEDA) by April 10, 2020 to become TSB certified.

This program will continue to process applications on an ongoing basis until all funds are exhausted. Applications are processed in both order of receipt of application and submission of all required documents and Targeted Small Business certification approval. 

Iowa Center for Economic Success will review grant applications for eligibility and determine the grant amount by the level of impact including loss in sales revenue and employees. The Iowa Center for Economic Success will also provide recommendations of award decisions to IEDA. IEDA will verify and/or finalize the applicant’s TSB certification and notify the applicant of the award decision.

Documents Required for Upload in the Online Application
Note: Maximum file size per document is 5MB

  • 3-month income statement 
  • Revenues – March 2019 
  • Revenues – March 2020 to date 
  • Balance Sheet (as of application date)
  • Completed Business W-9 Form  

Additionally, you will be asked to provide:

  • Date of business establishment 
  • Description of Economic Impact Loss (loss of sales or revenue) 
  • Estimated loss of revenues March 15, 2020 – April 15, 2020 
  • Description of how funds will be utilized to maintain operations or reopen after the disaster 
     

Eligibility

To be eligible for a TSB Sole Operator Fund grant, eligible businesses must:  

  • Be experiencing business disruption due to the COVID-19 pandemic; and
  • Be a Targeted Small Business or have an application in process by April 10, 2020 to become certified as a Targeted Small business in accordance with Chapter 52 of Iowa Code.; and
  • Be a single owner business with no employees, or a corporation with only one owner and no employees; and
  • Verify that Targeted Small Business income is the primary source of income for the business owner

To be eligible for TSB Certification, businesses must be:

  • Located in the state of Iowa; and
  • Operating for a profit; and
  • Make less than $4 million in gross income, computed as an average of the preceding three fiscal years; and
  • Majority owned (51% or more), operated and managed by a female, individual with minority status, service disabled veteran or individual with a disability

The funds may not be used to pay debts incurred prior to March 17, 2020.
 

How to Apply

Related Content: News | CoronaVirus State | Iowa

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