Allamakee-Clayton Electric Cooperative recognizes that these are very trying times in everyone's lives right now. Health, as well as economic concerns for businesses and families, can seem very overwhelming. Please review the resources below, as there may be assistance for you now and in the future.
July 29, 2020
Iowa Economic Development Authority has launched the Small Business Utility Disruption Prevention Program
This program utilizes federal CARES Act funds to provide short-term relief to eligible small businesses and non-profits that face significant hardship in the payment of utility bills for service provided during the months of disruption to their business. This assistance can be used for electric and natural gas utility debt incurred between March 17, 2020, and June 30, 2020, not to exceed $7,500. This assistance can only be applied to the applicant’s utility bills; the service provider will receive a credit that will be applied to the applicant’s debt. Applications are accepted on an ongoing basis beginning July 17, 2020, and assistance will be provided to eligible applicants on a first-come, first-served basis until all funds have been exhausted or August 21, 2020, whichever comes first.
To be eligible, the applicant must be an Iowa-based for-profit or non-profit business with 50 or fewer employees; the business must have a physical, non-residential location in Iowa and must be registered with the Iowa Secretary of State to do business in the State of Iowa. Ineligible business types include Adult Entertainment; Construction, Internet Sales, without corresponding storefront; Medical; Private Clubs, Professional Services; Professional Sports; Religious Institutions, with the exception of those offering social services including daycare, food bank, preschool, shelter, etc. An eligible business must NOT have received funds from IEDA’s Small Business Relief Grant Program, nor from Iowa’s Nonprofit Recovery Fund. The applicant’s average monthly electric usage must not exceed 25,000 kWh for electricity or 2,500 therms for natural gas (you can review this from your utility bill or by contacting your utility provider). Learn more and apply here.
Paycheck Protection Program
The Paycheck Protection Program (PPP) resumed accepting applications on July 6, 2020, at 9:00 AM EDT in response to President signing the program's extension legislation.
The new deadline to apply for a PPP loan is August 8, 2020. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
Click here to read more about PPP loan forgiveness. Click here to learn more about the PPP.
July 6, 2020
An extension to the small business loan Paycheck Protection Program was signed into law over the weekend. The program is extended through August 8, 2020.
June 4, 2020
COVID-19 RESOURCES UPDATE
Be sure to talk to your local lender if you do have questions and or concerns regarding funding programs.
- May 26: the USDA began accepting applications from agricultural producers who have suffered losses due to the coronavirus pandemic.
- May 28: the SBA and Treasury Dept. announced that Round 2 for the Payment Protection Program was released. The deadline to apply is June 30, 2020.
- EIDL: Only agricultural business applications will be accepted due to limitations in funding available and the unprecedented submission of applications already received. To apply for a disaster loan unrelated to COVID-19, go to https://disasterloanassistance.sba.gov/s/.
- The new COVID-19 Iowa Eviction and Foreclosure Prevention Program will provide short-term relief to eligible renters and homeowners. If you are at imminent risk of eviction or foreclosure and need legal assistance, Iowa Legal Aid may be able to assist you at no cost. Call 800-332-0419 or visit their website.
May 22, 2020
RESOURCES FOR AG PRODUCERS AND BUSINESS OWNERS
Today we are providing additional resources for agriculture producers and any businesses that were awarded the Payroll Protection Program Loan. Brenda Hackman is our manager of economic development and community relations and is available for questions at 563-605-6026 or firstname.lastname@example.org.
Beginning May 26, 2020, the USDA will be accepting applications from agricultural producers who have suffered losses due to the coronavirus pandemic. Program details are specific to agricultural commodities and can be found at https://www.farmers.gov/cfap.
If you were awarded a Payroll Protection Program (PPP) Loan for your business, the forgiveness application has been released: https://bit.ly/2zX7786.
April 30, 2020
ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE OFFERS LINKS TO RESOURCES TO HELP BUSINESS OWNERS
Small businesses are at the heart of local communities. During the current situation of extended economic uncertainty due to COVID-19, there are numerous state and federal resources available to help businesses.
“We value the role our local businesses play in supporting our communities. Like cooperatives, business owners and their employees are our neighbors – we are in this together, and we want to provide the resources to help guide us through this challenging time,” said Brenda Hackman, ACEC’s manager of economic development and community relations. “Be sure to contact your local lenders to go over the best plan for your business. Given the high-level of need, applications for state and federal funding should be submitted as soon as possible. Funding is changing at a fast pace and can open and close and then reopen, so keep checking and rechecking resources.”
Be sure to contact your local lenders to go over the best plan for your business. Given the high-level of need, applications for federal funding should be submitted as soon as possible. Funding is changing at a fast pace and can open and close, so keep checking and rechecking resources. The U.S. Senate Committee on Small Business & Entrepreneurship released a guide to help businesses learn more about the Coronavirus Aid, Relief, and Economic Security (CARES) Act. You can find it here https://www.sbc.senate.gov/public/. It offers guidance on the following topics:
- Paycheck Protection Program to cover the cost of retaining employees
- Emergency Economic Injury Loans & Grants to offer immediate assistance to small businesses
- Small Business Debt Relief Program to help business owners navigate the challenge to keep up with on current Small Business Administration (SBA) loans
- Resources to access free counseling services
A joint partnership has been established between Northeast Iowa Community College, Greater Dubuque Development Corporation, the Small Business Development Center, and the East Central Iowa Intergovernmental Association to help business owners, nonprofits and self-proprietors navigate the application process for federal, state and local funding during the COVID-19 emergency. Business owners may call 563-588-3350 from 8:30 a.m. – 4 p.m., Monday through Friday, or email email@example.com.
The USDA has published a COVID-19 Federal Resource Guide, which is a first-of-its-kind resource for businesses looking for federal funding and partnership opportunities to help address this pandemic. There are also additional support resources available from Iowa Economic Development.
To increase communication to businesses, please email me or call me with your contact information so I can email you additional resources, as they arise.
Manager, Economic Development and Community Relations
We are now partnering in our commitment to business and community development with an organization called the Iowa Area Development Group. We also continue to offer economic development financing through our revolving loan fund. About our RLF.
Contact us for more information about:
- USDA Rural Development Loan Programs
- Allamakee-Clayton Electric Cooperative Economic Development Loan Program
Funding for energy projects:
There may be funding available for renewable energy or energy efficiency projects through USDA Rural Development.
There is also an opportunity for dairy producers to purchase more energy-efficient equipment through the NRCS Environmental Quality Incentives Program (EQIP). For more information contact your local NRCS office or talk with John Molumby at (888)788-1551. Along with directing you to the appropriate USDA representatives, John can assist you by completing the required energy efficiency audit on your proposed project.
Learn more about Rural Development programs by visiting the agency's website here.