Iowa Sexual Harassment Attorney

Times are tough right now. People are scared—myself included. My heart has been with those who are sick and those who have lost loved ones. My heart has also been with all of the employees and small businesses suffering from the economic and financial consequences of this outbreak. I especially have been thinking about our community of women-owned businesses. There are some resources that are available for small businesses and self-employed, both at the federal and state level.

Small Business Grants: Iowa is offering small business grants from between $5,000 to $25,000 for qualifying small businesses that have two or more employees and meet other eligibility requirements. The deadline for applying for one of these grants is soon on March 31, 2020. Apply for a grant here.

Iowa is also offering grants for Targeted Small Businesses that are single owner with no employees (that is a lot of women owned businesses!). These grants range between $5,000 and $10,000 and the deadline for filing an application is April 10, 2020. Apply for a grant here.

Small Business Loans: The Cares Act has passed in the Senate and is expected to pass in the House and be signed by president soon. Most people know about the direct payments to individuals but also included in the Act are provisions to help small businesses. One of the key provisions provides for forgivable loans through the Small Business Administration. These loans would have an interest rate of less than 4% and the principal of the loan that was used for certain expenses, including payroll and rent, would be forgiven. Loan forgiveness will be reduced if the employer lays off employees. Some self-employed individuals also qualify for this loan program. Loans can be scary for small business owners, but if you make sure you qualify for loan forgiveness this program could be a huge benefit for small businesses. In reading the Act, it looks like these loans are obtained through private lenders who already offer SBA loans so contact your bank about applying. There is also additional information about SBA loans and approved lenders on the SBA website found here.

Unemployment Benefits: The Care Act expands unemployment benefits to some people who are self-employed who were not previously eligible for unemployment benefits. There are eligibility requirements, including that the unemployment is a result of the Coronavirus outbreak. Unemployment benefits have also increased to provide near full-pay or full-pay for many employees and some eligibility requirements have been waived. For small employers, the fees usually paid by employers for laying off employees are being waived. If you are self-employed and not able to work, it may be worthwhile to apply for unemployment benefits, which can be done through Iowa Workforce Development here.

Tax Relief: The deadline to file and pay taxes for 2019 has been delayed by 90 days. I am not a tax attorney, so I am not able to provide detailed information about other tax relief, but here are some of the highlights:

  • Refundable payroll tax credit for up to 50% of payroll taxes paid for employees that are not laid off during the crisis. This is to encourage employers to continue to employ and pay employees.

  • Payroll tax payments can be delayed.

  • There will be fewer limits on the Net Operating Loss a business can claim, and a business may be able to carry back a Net Operating Loss this year to prior years.

    Contact your tax adviser for more information.

I know the dedication that goes into being a small business owner. I see the passion, drive and sacrifice from our women-owned business community. I want all women-owned businesses to get through this tough time and I hope this information helps you! This community will be back to being the innovative, caring, dedicated economic powerhouse that we were before this crisis. As always, we’ve got your back, friends.

I hope this information helps you. It is not intended to be legal advice or to replace the information and advice you receive from your attorney.