Inside the Iowa House: Needed help for Iowans and small businesses
More Iowans are beginning to notice the growing impact of the American Rescue Plan signed into law last month.
Most Iowans have already received their $1,400 stimulus check and, thanks to a big boost in vaccines sent to Iowa from the Biden Administration, all adults will be eligible for the vaccine starting this week. Iowa schools will also start receiving pandemic recovery funds from the plan soon to help more students get back to school and make up for lost time in the classroom.
The goal of the American Rescue Plan is to get the virus under control quickly and jump-start recovery and rebuilding efforts. The plan is ambitious and it will have a dramatic impact on Iowans for years to come. Below is some more information and assistance currently available for small businesses, renters, and homeowners.
Help for Small Businesses
Paycheck Protection Program. Now extended for small business through May 31st. The Paycheck Protection Program is a forgivable loan that provides small businesses a loan to pay for payroll and other overhead expenses. Businesses can apply directly with a lending institution. For more information and to find a participating lender visit, sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
COVID-19 Economic Injury Disaster Loan (EIDL) Program. The Small Business Administration (SBA) is increasing the amount small businesses and non-profit organizations experiencing COVID financial losses can borrow through the COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting April 6, the increase goes from six months with a loan capped at $150,000 to 24 months up to $500,000. For more information on the EIDL program and to apply, visit SBA’s website, sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan.
New Rent, Utility, and Mortgage Assistance Available
Rental Assistance. The Iowa Finance Authority (IFA) has opened applications for rent and utility assistance through the Federal Emergency Rental Assistance Program. Up to three months of payment is available. Eligible renters must have a household income no more than 80 percent of the area median income, have experienced a loss of income due to COVID-19, and can show either an inability to pay rent and or utilities or are at a risk of experiencing homelessness. More information on eligible households and the application can be found on IFA’s website, iowafinance.com/iowa-rent-and-utility-assistance-program/.
Homeowner Foreclosure Prevention. The Iowa Homeowner Foreclosure Prevention Program is now available for homeowners who are at risk of foreclosure. Homeowners can receive up to four months in mortgage assistance. Eligible homeowners must be at imminent risk of foreclosure, have experienced a loss of income due to COVID-19, and must have a household income no more than 80 percent of area median income. More information on eligible households and the application can be found on IFA’s website, iowafinance.com/covid-19-iowa-foreclosure-prevention-program/.
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