Financial Information & Updates
Provided below is a list of financial resources and information for Johnson County Area businesses during the COVID-19 (Coronavirus) outbreak. We will continue to update this page as more resources become available.
Making the Most of SBA Funding
PPP loans have the possibility to be a business-saving resource for your company, and many businesses have already started to become approved for these loans. Every business is unique, and the terms and conditions of the PPP loan may not work for all. Many options are available for how to use the funds, and created several points that can act as guidelines for how your business will continue with the loan process.
SBA Disaster Loan Program
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.
Learn More about the Historic $2 Trillion Stimulus Package
The White House and Senate leaders have struck a major deal over a $2-trillion stimulus package to provide much needed relief to an economy struggling with the COVID-19 pandemic.
UI Small Business Development Center
The University of Iowa America’s Small Business Development Center (SBDC) serves businesses in Cedar, Iowa, Johnson, Poweshiek, and Washington counties. The center offers many resources to small business owners, as well as services tailored to fit their needs.
Targeted Small Business Sole Operator Fund
A fund has been created to support TSBs with zero employees that have been impacted by the COVID-19 pandemic. The Targeted Small Business (TSB) program is designed to help women, individuals with minority status, service-connected disabled veterans and individuals with disabilities overcome some of the hurdles to start or grow a small business in Iowa.
Iowa Small Business Relief Program
The new Iowa Small Business Relief Program will provide financial assistance to small businesses that have been economically impacted by the COVID-19 pandemic. The program offers eligible small businesses 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 application window ended on Tuesday, March 31, at 12 p.m. Iowa Small Business Relief Grant award notifications were made beginning April 7. Applicants receiving a grant award in the first round of funding received notification and instructions via email between April 7-10. On Wednesday, April 8th, the Governor announced an additional $20 million to the Small Business Relief Grant. The total for the program is now $24 million. There will not be another round of applications. IEDA will be looking at the current pool of applicants who did not receive awards the first time.
Community Foundation of Johnson County Emergency Response Fund
The Community Foundation of Johnson County has activated our emergency response fund for the community’s response to the coronavirus pandemic. This fund was established with a commitment of $25,000 from the Community Foundation of Johnson County.
The Emergency Response Fund will provide flexible resources to nonprofit organizations in Johnson County working with communities who are disproportionately impacted by coronavirus and the economic consequences of this outbreak.
Additional Information Resources for Business
- Association of Chamber of Commerce Executives (ACCE)
- US Chamber of Commerce
- US Department of Labor
- US Small Business Administration
- CDC Guidance for Businesses
Additional Financial Tips
- Renegotiate Rent Payments – Talk to your landlord today about a temporary reduced or free rent period for the duration that your business is affected.
- Renegotiate Debt Repayment – Call your lender(s) today to discuss options. If economic conditions worsen, they will be increasingly willing to negotiate and may have government resources to revise repayment terms. This could involve deferred payments or reduced payments for a period.
- Discuss terms with suppliers – Talk with your suppliers to see if you can secure price reductions, extended credit terms, return unused product, or achieve other terms to reduce the cash you have to spend right now to operate your business.
- Reduce work hours and/or add furlough days – Times like these can be stressful for everyone, especially the insecurity that employees may feel about their jobs. Involve them in decisions to reduce the hours worked and voluntary furlough days (unpaid days off) to find a solution that can ensure the survivability of the business and their employment through the crisis.
- Cut costs – Make your best estimates for revenue this quarter and this year. Prioritize your spending to support this revenue and cut lower priority spending. You know best what is needed.
COVID-19 Related News & Events
Coronavirus Stimulus Plan Phase lll (March 30, 2020). President Trump signed the historic $2.2...
HOUSE PASSES CARES ACT The House passed the largest peacetime fiscal relief measure in U.S....
The SBA issued a disaster declaration for the state of Iowa as of March 21, 2020. The declaration...
Governor Reynolds announces assistance for employees and employers affected by COVID-19 related layoffs
DES MOINES – Governor Reynolds today announced assistance for workers and employers impacted by...