COVID-19 Small Business Resources

By TS Bank
Published: Mar 27, 2020 3:02:55 PM

We’ve gathered up some helpful resources for Iowa small businesses suffering from the effects of the COVID-19 virus.

CARES Act Paycheck Protection Program (PPP)
Applications opened on April 3, 2020 for small businesses and sole proprietors and on April 10, 2020 for independent contractors/self-employed. Applications are open through August 08, 2020. According to the SBA, this includes $349B in forgivable loans at a 1% interest rate. This program covers payroll, benefits, rent, mortgage interest and utility costs for a period of 8 weeks. Applications are processed through banking institutions, to apply for a PPP loan at TS Bank, please call 844-487-3030 to be connected to one of our market presidents.
*updated as of 7/7/2020 

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Iowa Business Relief Fund
This is a grant available through the Iowa Economic Development Authority. The purpose of the Iowa Small Business Relief Grant (currently closed as of 3/31/2020) and Tax Deferral (currently still available) is to provide financial assistance and/or tax deferral to businesses that are experiencing business interruption due to the COVID-19 virus. This grant will provide financial assistance through the Iowa Economic Development Authority (IEDA) in the amounts of $5,000 - $25,000. Learn more at https://www.iowaeconomicdevelopment.com/reliefgrants.
*updated as of 3/31/2020 

SBA 504 Loan Deferment
Businesses with an existing SBA 504 loan that are in good standing qualify for deferment up to 6 months. The deferment may be for partial or full monthly payment amounts. Learn more here: https://www.iowabusinessgrowth.com/wp-content/uploads/2020/03/COVID-19-Handout-Mar-24-2020.pdf

SBA Economic Injury Disaster Loan Program
The SBA’s Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome temporary loss of revenue. These loans are available to sustain the long-term health of your business. In addition to the long-term loan, EIDL has an immediate emergency (forgivable) advance component. The deadline to apply is December 17, 2020. Learn more at https://www.sba.gov/disaster-assistance/coronavirus-covid-19.

Iowa Western Small Business Development Center
The SBDC is offering one-on-one technical assistance to businesses as they navigate this crisis and have been through both the Iowa Small Business Relief Grant and Tax Deferral and the SBA’s Economic Injury Disaster Loans (EIDL) programs and application process. Learn more at www.iowawesternsbdc.com or call them at 712-325-3350.

Advance Southwest Iowa
Advance Southwest Iowa is offering assistance to small businesses during COVID-19. They have a variety of resources listed on their website: https://advancesouthwestiowa.com/covid-19

Southwest Iowa COVID-19 Response
Iowa West Foundation and Pottawattamie County Community Foundation have joined forces to create the Southwest Iowa COVID-19 Response Unmet Needs Fund. The Southwest Iowa COVID-19 Response Fund will support the following areas: Emergency Assistance to Vulnerable Populations, Public Health Expanded Infrastructure, Continuity of Nonprofit Operations and Funding to Support Long Term Recovery Relief. Read the full press release here. To apply, visit https://www.iowawestfoundation.org/.

Targeted Small Business Sole Operator Relief Fund
This is a grant that provides between $5,000 - $10,000 to sole proprietorship or single member LLC businesses that are also certified as Targeted Small Business (TSB) by the State of Iowa. If you are not already certified, you may submit a certification application and be considered for the assistance through the program. Applications are being accepted through April 10, 2020. Learn more here: https://www.iowaeconomicdevelopment.com/tsb

Iowa Workforce Unemployment COVID-19 Benefits
If employees are laid off, have to stay home to self-isolate, care for family members or have an illness related to COVID-19, they can receive unemployment benefits provided eligibility requirements are met. Claims filed as a direct or indirect result of COVID-19 will not be charged to employers. Learn more at: https://www.iowaworkforcedevelopment.gov/updates-and-resources-about-covid-19

TS Bank Small Business Loans and Lines of Credit
Although the way we have served you has changed, our lending team is here to help. TS Bank may be able to provide loans or a line of credit to help your business through this difficult time. Our goal is to host all meetings on the phone or using video conferencing, leveraging our investment in technology and tools like DocuSign to create a great experience during these unprecedented times. Contact a loan officer to apply.

Council Bluffs: Andrew Murray, 712.487.1008 andrew.murray@tsbank.com
Atlantic: Dan Rossell, 712.243.0304 dan.rossell@tsbank.com
Corning: Tysen Christensen, 641.322.3101 tysen.christensen@tsbank.com

TS Bank Cash Management
If your business is distributing payroll through paper checks, now is a great time to switch to ACH origination which allows you to disburse employee payroll through direct deposit. Contact Sally Myers at 712.487.0374 or email her at sally.myers@tsbank.com for this and additional cash management services.

Federal Tax Deadline Extended
The Federal Tax deadline has been delayed until July 15, 2020. This allows all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. Additionally, this allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. If you need assistance with your taxes, please reach out to Collins Consulting at 712.487.3853 or email them at customerservice@collinsconsultingservice.com.

Additional Resources:
Iowa Economic Development
Coronavirus.iowa.gov
Council Bluffs Area Chamber of Commerce
Atlantic Area Chamber of Commerce
Adams County Chamber of Commerce
IRS Coronavirus Tax Relief
Small Business Owner's Guide to the CARES Act
Iowa Workforce Development
Department of Labor

TS Bank believes that a community is only as strong as its small businesses. TS Bank is here to support you and your business during this unprecedented time, please don’t hesitate to reach out.

Updated 7/07/2020.

Written by TS Bank