Guidance from the U.S. Small Business Administration
Here is the latest information we have regarding disaster assistance from the U.S. Small Business Administration (SBA).
We’re waiting on Iowa to be designated as eligible for small businesses in the state to apply for assistance in the form of Economic Injury Disaster Loans (EIDL). Because these are Economic Injury loans, the rules require each state to demonstrate economic losses to SBA before we can declare the counties within a state as eligible to apply for the loans. The Governor’s Office has been working with SBA’s Office of Disaster Assistance to get the appropriate statistics for the application. Unfortunately, we don’t have a timetable as to when a decision will be made, but hopefully it will be soon.
Small businesses who have been impacted and want to pass their information on to the state are encouraged to reach out to their County Emergency Management office (see attached list). They will then provide statistics on the number of affected businesses to the state as part of Iowa’s application to SBA.
Eligible businesses would apply directly to SBA for assistance as EIDL is a direct loan program.
As soon a declaration is made in Iowa, we will be getting the word out from our office through every means we have. You can also go to www.sba.gov/disaster, click on the “Apply for Assistance” button and then click on “Eligible Disaster Areas” and search “Iowa” to see what’s available. The most recent declaration will be at the top and that’s where you’ll find information on the COVID 19 EIDL Loans as soon as Iowa is declared eligible. This website is also where businesses will apply for these loans once Iowa is declared eligible.
We also have a website that encompasses ALL the information we have available for Small Business related to COVID-19. We encourage you to check it out.