Small business relief is announced

IOWA SMALL BUSINESS RELIEF PROGRAM GRANT RECIPIENTS

April 7, 2020

Benton County

  • Bobby T’s, Inc $25,000
  • Bully’s Angle Inn $25,000
  • Keystone Turners $15,000
  • La Reyna Vinton Inc. $10,000
  • Pearce Holdings Inc. $25,000

Iowa County

  • Nickle Investments $25,000
  • Penny LLC $25,000

Poweshiek

  • Grinnell Hospitality LLC $14,127
  • Grupo Jalisco LLC $25,000

April 8, 2020

Poweshiek

  • K5, Inc. $10,719

Governor Kim Reynolds launched the Iowa Small Business Relief Program to 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 for this program was closed as of noon, March 31.

Every application received was triaged for eligibility and economic need. The triage screening included an assessment of each applicant’s projected revenue loss for the period of March 15 to April 15 as supported by the applicant’s financial documentation. For the first round of funding (April 7-10), priority was given to businesses demonstrating projected revenue losses of 75% or greater and businesses that were among the first to close due to the public health emergency.

Businesses were required to submit a description of economic injury and workforce impact, estimate of revenue loss from March 15 to April 15, 3-month income statement, revenues for March 2019 and March 2020 to date of application and balance sheet and payroll information. Business applicants were also required to answer questions about civil or criminal court history or allegations, bankruptcies, potential violations of public health, safety or environmental laws, and whether the business is in good standing with the Iowa Department of Revenue. Businesses offering adult entertainment are considered ineligible for assistance.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.