As we all are well aware, Iowa’s economy has been devastated by business shutdowns due to the COVID pandemic. Everyone has suffered, but small businesses have been especially hard-hit.
The Iowa Economic Development Authority (IEDA) is implementing a Small Business Utility Disruption Prevention Program to provide short-term relief to Iowa's eligible small businesses and nonprofits. The funding will help companies pay overdue utility bills during this time of business disruption.
The $14.5 million funding for the program comes through the CARES Act and will cover all or a portion of the actual utility debt incurred by businesses between March 17 and June 30, 2020. Businesses may request assistance of $400 to $7,500. Applications opened on July 17 and can be submitted until August 21, unless funding is depleted before that date.
Eligible Applicants and Applying
In broad strokes, businesses and non-profit organizations with fewer than 50 employees are eligible, with some exceptions. Find a listing of the eligible and ineligible businesses on the IEDA site. Other requirements include operating from a commercial location (not a residence), a maximum average electric usage less than 25,000 kWh and average natural gas usage of less than 2,500 therms, and no previous IEDA-issued grants for pandemic relief. See all requirements and restrictions on the site.
To apply, applicants will fill out a pre-application form online. If the requirements are met, the applicant will then move on to the application form. If the application is approved, the financial assistance will be a one-time payment applied to the applicant’s utility bill.
For more information, including an FAQ, and to apply, visit iowabusinessrecovery.com. Additional questions? Call IEDA at 1-855-300-2342.