COVID-19 Resources

Covid-19 Resource Center

The Economic Alliance is committed to providing guidance and resources as businesses navigate challenges faced due to the pandemic.

We're here to help.

Determining how and when businesses can reopen and recovery can begin is being determined based on the guidance from public health officials. As businesses look at opening their doors again in the soon, we’ll continue to update this Resource Center with information on how to return to business operations and how to adjust to the “new normal.”

Looking for information on financial assistance programs? Reach out to Local Business Project Specialist Mike Lukan and Research and Analytics Specialist Laura Thomas to find out where to start. Other questions can be answered at 319-398-5317 or economicalliance@cedarrapids.org.


Local business project specialist, Mike Lukan Research and analytics specialist, Laura Thomas
Mike Lukan
Local Business Project Specialist
(319) 730-1403
Laura Thomas
Research and Analytics Specialist
(319) 730-1406


Reopening Your Business


Financial Relief

Local

  • COVID-19 Disaster Response Fund - Local fund led by the Greater Cedar Rapids Community Foundation. Rapid response grants to partners where resources are most needed. Grant applications for nonprofits closed April 15. View grant recipients HERE.

State

Federal

  • Paycheck Protection Program (PPP) - Created in the CARES Act, $350 billion help small businesses. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses. CLICK HERE for the application form. Find lenders eligible to issue a PPP loan HERE.
    • UPDATE 6/29: Guide to PPP Loan Forgiveness including:
      • UPDATE 6/17: EZ Streamlined Forgiveness Application
      • Extending the time to spend PPP funds from 8 weeks to 24 weeks
      • Lowering the amount that must be spent on payroll from 75% to 60%
      • Extending the deadline to restore FTEs and payroll from June 30, 2020 to Dec. 31, 2020
      • Setting the repayment term for loans made after June 4, 2020 at five years
    • Up-to-the-minute PPP FAQ (under Tools) from the U.S. Treasury
  • Main Street Lending Program - This is a lending program separate from the PPP that is designed to assist small and medium-sized businesses with up to 15,000 employees through government-backed loans.
  • Employee Retention Tax Credit Program - The CARES Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. Employers who receive a PPP loan are not eligible for this tax credit.
  • Economic Injury Disaster Loans (EIDL) - Low interest loans for small businesses and nonprofit entities suffering economic harm due to COVID-19 are eligible for an SBA Economic Injury Disaster Loan. DETAILS

Businesses should work with their current lenders to determine exactly what offering is the best fit for them.

All businesses who have received or applied for assistance through the state and/or federal financial relief programs should properly document their finances related to the assistance in the case their business is audited over the following year.

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