The CARES Act and Iowa Targeted Small Business Program
In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into federal law.
The CARES Act is a suite of measures adopted in response to the effects of the COVID-19 pandemic on the U.S. financial markets. The Act funds over $349M in forgivable loans to small businesses impacted by COVID-19.
The State of Iowa has launched the Targeted Small Business Program (TSB) through the Iowa Department of Economic Development to assist eligible individuals and growing businesses impacted by COVID-19.
To become eligible, TSBs must complete an online application, be located in the state of Iowa, operate for profit, have $4M or less income annually in past three (3) years, and be majority owned (51% or more), operated and managed by a female, individual with minority status, service disabled veteran or individual with a disability.
Contact Melvin to quickly and efficiently convert from a sole proprietorship, form your LLC, S-Corp, or other business entity, and to review the management structure of your company at (319) 337-7429 or law@melvinshaw.com
Learn more about these business funding resources:
The CARES Act https://www.npr.org/2020/03/26/821457551/whats-inside-the-senate-s-2-trillion-coronavirus-aid-package
Targeted Small Business Program by Iowa Department of Economic Development https://www.iowaeconomicdevelopment.com/Entrepreneurial/TSB
Iowa Center for Economic Success https://theiowacenter.org/microloans/
