COVID-19 has ushered in a new normal—likely impacting your personal finances. These strategies can help you take control of your money during this time.
Updated April 24, 2020, at 1:30 p.m. CT
If you’re a small business owner, you’re navigating unprecedented challenges during the COVID-19 pandemic.
How do you keep your employees, customers and business healthy?
More resources and programs continue to emerge to help small business owners like you. We’ll keep you updated here as federal, state and local agencies respond with more assistance.
And, as always, you can contact your credit union for financial guidance on your business.
CARES Act: Paycheck Protection Program
The CARES Act, a $2 trillion economic recovery package, was signed into law March 27. The emergency bill includes funding for small businesses, establishing the Paycheck Protection Program.
The loan program is aimed to help small- and mid-sized businesses with cash flow during the COVID-19 crisis. The loans will be completely backed by the government. Local credit unions, including Dupaco, and banks make and approve the loans.
On Friday, April 24, 2020, President Trump signed a bill that allocates additional funds to the Small Business Association’s (SBA) Paycheck Protection Program (PPP) Loan fund.
Dupaco is still accepting PPP loan applications. Here’s what you need to know:
- If you haven’t applied yet, we encourage you to do so now. Be sure to submit ALL the required materials. Failure to do so will delay your application, and could prevent you from securing a loan before the funds run out (which we expect to happen quickly).
- If you already applied, please remain patient. And be sure to provide any additional information your lender has requested as soon as you can.
We’ll process and submit all eligible applications and supporting documents to the SBA when the new funds are officially available. Please note, submitting an application does not guarantee that you’ll receive a loan.
Small Business Administration Disaster Assistance
The U.S. Small Business Administration is offering a low-interest loan to small business owners suffering substantial economic injury from the pandemic.
The Small Business Administration’s Economic Injury Disaster Loans offer up to $2 million in assistance—and can provide vital economic support to help you overcome the temporary loss of revenue you’re experiencing.
The loans may be used to pay:
- Fixed debts
- Accounts payable
- Other bills that can’t be paid because of the disaster’s impact
Small Business Survival Coaching
Dupaco has partnered with the Creative Adventure Lab’s Innovation Lab to provide free Small Business Survival Coaching to community nonprofits and Dupaco small business members.
The Innovation Lab specializes in helping entrepreneurs and existing businesses use creativity and innovation to be successful.
In response to the pandemic, the Dubuque nonprofit organization’s business coaching team will help you develop an outbreak survival plan through a series of one-on-one sessions. The virtual sessions will be available until June 30.
During the sessions, you will:
- Complete an outbreak cash flow analysis.
- Learn about available disaster relief funding.
- Identify potential opportunities to create alternative income streams.
- Consider whether remote working is a viable option and, if so, identify the best tools to make it work.
- Identify improvement opportunities to tackle during this time.
“We know the COVID-19 slowdown is creating strain for many businesses and not-for-profit organizations in our community,” said Dupaco Chief Marketing Officer David Klavitter. “In addition to ongoing coaching and services to small businesses, Dupaco wants to ensure our not-for-profits can continue their critical service roles.”
To start your coaching sessions, click here.
Interest-only business loan payments
In response to the pandemic, Dupaco is temporarily offering interest-only payments on qualified business member loans.
To learn more about this option, or request it, call the credit union at 800-373-7600.
Dupaco business Visa credit card
Dupaco’s business Visa credit card gives you access to a low, variable interest rate to help you keep your business running smoothly.
You can monitor account activity online to watch out for fraud.
The credit card application is available through Dupaco’s drive-through lanes and by calling 800-373-7600.
NEW: Bridge Loan Program for Dubuque Businesses
Dubuque Initiatives has made $2 million available to small businesses during the COVID-19 crisis.
Bridge financing of up to $10,000 will be available to eligible Dubuque companies with 2-50 employees, according to Greater Dubuque Development Corp.
Businesses can apply for assistance by calling the COVID-19 helpline at (563) 588-3350 beginning at 8:30 a.m. Tuesday, April 14. Qualifying businesses will be referred to East Central Intergovernmental Association, which will walk you through the application process.
Among other eligibility guidelines, your business must:
- Have a physical location or storefront within the city of Dubuque.
- Be qualified for assistance through the Paycheck Protection Program or the Economic Injury Disaster Loan; or had qualified for the Iowa Economic Development Authority’s Iowa Small Business Relief Fund.
No interest or fees will be charged for 60 days. Upon receipt of state or federal assistance, you’ll repay the loan to Dubuque Initiatives. If your business applies but doesn’t receive state or federal assistance, the bridge loan will be converted to a three-year, low-interest loan.
Independent contractors, self-employed individuals, non-profits, franchises and chains are ineligible for this loan.
Iowa Small Business Relief Program
The Iowa Small Business Relief Program will provide financial assistance to small businesses economically impacted by the pandemic. The program offers grants ranging from $5,000 to $25,000, in addition to offering a deferral of sales and use or withholding taxes due and waiver of penalty and interest to eligible businesses.
Funds can be used to:
- Maintain operations
- Reopen business following the COVID-19 pandemic
The application deadline is noon Tuesday, March 31.
ICUF Small Business Emergency Relief Fund Grants
The Iowa Credit Union Foundation is providing $500 grants to eligible credit union members, including both individuals and small business owners, who are experiencing financial hardship due to COVID-19.
Applications for the Emergency Relief Fund grants became available April 1. The funds are available on a first-come, first-serve basis and are subject to availability. The deadline to apply is 5 p.m. CT Friday, April 3, 2020.
You can apply for the grant on the foundation’s website.
Targeted Small Business Sole Operator Fund
The Targeted Small Business Sole Operator Fund offers financial assistance for Targeted Small Businesses impacted by the COVID-19 pandemic, according to Iowa Economic Development.
Targeted Small Businesses include women, individuals with minority status, service-connected disabled veterans and individuals with disabilities who are starting or growing a small business in Iowa.
The program offers eligible small businesses grants up to $10,000.
To be eligible, businesses must have single owners with no employees that are also Targeted Small Business certified or have an application submitted to the Iowa Economic Development Authority by April 10, 2020 to become certified.
Applications will be processed until all funds are exhausted.
Iowa Economic Development
Iowa Economic Development created a COVID-19: Iowa Business Recovery Assistance webpage to provide its partners with resources and information.
You’ll find everything from financial assistance, news about the pandemic’s impact on Iowa businesses and other business resource guides.
Small Business Helpline
The Greater Dubuque Development Corporation, Northeast Iowa Community College and Dubuque Small Business Development Center established a Small Business Helpline.
The resource is available to help you apply for funding assistance for your local small business during the COVID-19 emergency.
Wisconsin Economic Development
Wisconsin Economic Development Corporation created a webpage to help Wisconsin business owners.
The page features resources available to Wisconsin businesses from WEDC and other local, state and federal agencies.
Illinois Department of Commerce & Economic Opportunity
The Illinois Department of Commerce & Economic Opportunity created a webpage to help Illinois small businesses.
The department regularly updates the page with the latest programs available, including a new Illinois Small Business Emergency Loan Fund. The program will offer small businesses low-interest loans of up to $50,000 to support working capital.
Recipients will owe nothing for six months and will then begin making fixed payments at a below-market interest rate for the remainder of the five-year term.
You can express interest in the loan on a form here beginning Friday, March 27. Eligible businesses will be invited to submit a full application beginning April 1.
Downstate Small Business Stabilization Program
The state of Illinois adjusted its Community Development Block Grant allocations to benefit more small businesses impacted by the outbreak.
The $20 million Downstate Small Business Stabilization program will provide working capital funds to eligible businesses.
The program is available to private for-profit small retail and service businesses or businesses considered non-essential by the Governor’s Executive Order without the ability for employees to work remotely.
The business must employ 50 people or less, including the owner.
The program will award recipients up to $25,000. Funds can be used for:
- Employee salaries
- General operating expenses
- Advertising/marketing expenses
Facebook Small Business Grants Program
Facebook will offer financial relief through its Small Business Grants Program.
The social networking company will offer $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in more than 30 countries.
You can use the program to help:
- Keep your workforce going strong
- Help with your rent costs
- Connect with more customers
- Cover operational costs
You can find available locations here.