Governor Reynolds has allocated an additional $40 million in federal CARES Act funds to provide financial relief to eligible restaurants and bars, which have been among the businesses most seriously impacted by the pandemic.
The Iowa Restaurant and Bar Relief Grant Program opened today, Feb. 1. It provides tiered grant awards of up to $25,000 to businesses that experienced a decrease in gross sales of at least 15% during the second and third quarters of 2020, (April 1- Sept. 30), compared to the same time the previous year, as evidenced by the Iowa Sales/Retailer’s Use Tax and Surcharge Return.
State grants can be combined with federal SBA resources such as Paycheck Protection Loans and 7(a) loans.
The online application is available at iowabusinessrecovery.com and will close on Monday, Feb. 15 at 5:00 p.m. All applications submitted within that period will be considered for an award. The program is not first come, first served.
ELIGIBLE BUSINESSES
Businesses must be one of the following business types:
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- Full-Service Restaurant
- Bar
- Brewery
- Brewpub
- Distillery
- Winery
More information is available at the Iowa Economic Development Authority website.
Download a program fact sheet.
For business customers that may also be good candidates for SBA 7(a) loans, contact the team at VITAL for comprehensive support.
