CARES Act Loans NOT YET Available

Below is an announcement from the Iowa District Office in regards to the CARES Act Loans .

The SBA (Small Business Administration) will notify Iowa Lenders as soon as Program Details become available.

The SBA and the Department of Treasury are still in the process of implementing all the new loan programs associated with the CARES Act including the Payroll Protection Program. There are several new policies, procedures, and guidelines that must be in place before lenders can begin making these loans. SBA is working on these as quickly as possible and we will get the information out to our lending partners in Iowa as soon as they become available so that you can begin taking loan applications from Iowa small businesses.

We do not have a timeline for when these guidelines will be issued, but until we have those full guidelines, we’re not able to answer any questions about the new programs at this time.

In the mean time, small businesses and most private non-profits in Iowa are still encouraged to apply for SBA's Economic Injury Disaster Loans. Loans are available at 3.75% for small businesses (2.75% for non-profits) over 30 years.

While the On-line Disaster Loan Application portal is still down, applicants can still go to www.sba.gov/disaster and click on “Apply for Assistance.” They will be taken to a page where they can download and fill out the appropriate forms. They’ll then have the option of uploading the forms to SBA electronically or mailing them in.

If a customer already started an application in the on-line portal, but was unable to complete it before it went down, they are encouraged to submit a completed application through the current process at www.sba.gov/disaster. If they know what their application number was, please have them write it on the forms.

For questions about the SBA Economic Injury Disaster Loan program applicants can call 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to: disastercustomerservice@sba.gov.

We appreciate your patience as we work to respond to this unprecedented demand for SBA assistance. Thank you.