A new fund has been created to support certified Targeted Small Businesses that have been economically impacted by the COVID-19 pandemic.
The fund is specifically aimed at businesses “with zero employees”, businesses that are run by their owner. Targeted Small Businesses are those run by women, members of minority groups and those with disabilities.
To qualify, businesses must either already be considered Targeted Small Businesses or have an application in process by April 10. The applicant must also verify that the business “is the sole source of income for the business owner.” The businesses must make less than $4 million in gross income.
The announcement came just two days after the state announced Small Business Relief Program grants of up to $25,000 for small businesses with between two and 25 employees.
Assistance from the new fund will range from $5,000 to $10,000. It is designed to be an immediate, short-term infusion of cash for the next 30 days.
Money from the fund can only be used to pay debts incurred on or after March 17.
Iowa Launches Small Business Relief Program in Response to COVID-19 -March 24, 2020
SBA Disaster Loans now available to Iowa businesses -March 23, 2020
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