Attention small business owners: There are a number of state and federal programs available if your business is experiencing a hardship as a result of the COVID-19 virus.
If you are a current Peoples Bank customer who has not already contacted their lender, and are interested in apply for these programs, please contact them at 515-962-1400 or email us.
Federal Programs
Paycheck Protection Program: Forgivable loans for payroll relief
Who can apply:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Sole proprietors, independent contractors, and self-employed persons
Economic Injury Disaster Loan Emergency Advance: Forgivable loan of $10,000
Who can apply:
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
SBA Express Bridge Loans
Who can apply:
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Terms
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
Iowa Programs
Iowa Business Tax Deferral
Who can apply:
The application for deferral of the eligible taxes and waiver of penalty and interest remains open. To be eligible, businesses must be experiencing business disruption due to the COVID-19 pandemic. Read the FAQs from the Iowa Department of Revenue. Due to the anticipated volume of applications, staff will work diligently to review and respond to requests. A complete application is not a guarantee of tax deferral.
Targeted Small Business Sole Operator Fund
A fund has been created to support Targeted Small Businesses (TSB) with zero employees that have been economically impacted by the COVID-19 pandemic. The program will process applications in order of receipt of application and submission of all required documents until funds are exhausted. Please review the requirements and eligibility guidelines here before starting an application.
