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See our latest COVID-19 information including Business Assistance Resources and our online PPP loan application.

Coronavirus (COVID-19) Business Assistance Resources

SSB Provides the Latest PPP And Coronavirus (COVID-19) News

We list federal, state and local small business assistance programs and other resources on this page as they become available. Check back regularly for breaking news.  

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March 2021

Posted 3/30/21 The Iowa Department of Revenue has extended the  deadline for 2020 IRA and HSA contributions to May 17, 2021 Read details here.

  • Posted 3/29/21 The Iowa Department of Revenue has extended the filing and payment deadline to June 1, 2021 for 2020 individual income tax returns and first quarter estimated income tax payments for individuals from the April 30, 2021 statutory deadline.
  • Posted 3/26/21 The Senate joined the house in passing a bill extending the Paycheck Protection Program from March 31, to May 31. The legislation now heads to President Biden to be signed into law.
  • Posted 3/23/21 The IRS has announced that the next batch of economic impact payments will be sent to taxpayers this week, with a payment date of Wednesday, March 24. Many of these will arrive via paper check or prepaid credit cards.  You can check the status of your payment here.
  • Posted 3/18/21 The IRS has delayed the federal income tax filing due date for individuals filing 2020 taxes from April 15 to May 17. Additional guidance is expected in the coming days. Read the announcement. Note that this only applies to federal returns, not state tax payments or deposits or payments of any other type of federal tax.
  • Posted 3/15/21 Economic Impact Payments have begun arriving in customer accounts. If your is not in yet, track it here.
  • Posted 3/11/21 President Biden signed a sweeping $1.9 trillion COVID-19 economic relief package into law this afternoon. Key components of the bill include stimulus payments for eligible recipients, extension of pandemic unemployment assistance, an expansion of the child tax credit, billions in state and local aid, billions for K-12 schools, and additional dollars for small businesses, vaccine research, development and distribution. In a White House briefing earlier today, reporters were told that checks will begin to hit bank accounts this weekend for those who have their direct deposit info on hand at Treasury and the IRS. 
  • Posted 3/5/21 Earlier this week, the SBA implemented changes to the Paycheck Protection Program impacting individuals who file an IRS Form 1040 Schedule C. This change allows individuals to calculate their maximum loan amount using gross income. Calculations prior to this rule change resulted in the exclusion of many sole proprietors from obtaining PPP loans, particularly those with very little or negative profit. This calculation change will apply only to loans approved after the rule's effective date. Effective today, all new PPP applications must be submitted on the new forms released on March 3. If  you have any questions about this, please contact one of our lenders.

February 2021

  • Posted 2/22/21 The White House today announced new assistance measures for small businesses including an exclusive 14-day Paycheck Protection Program application window starting February 24th for businesses with fewer than 20 employees. Also announced were a revised loan calculation and funding set-aside for sole proprietors and self-employed individuals. Read the Fact Sheet.
  • Posted 2/19/21 This week, President Biden announced an extension of certain foreclosure moratoriums and mortgage forbearance programs. Certain programs set to expire in March are now extended to June 30, 2021. Learn more here.
  • Posted 2/21/21 The SBA Iowa District Office has two upcoming webinars for small business owners providing an overview of the SBA's COVID-19 Economic Assistance Programs, including the Paycheck Protection Program (PPP), Economic Injury Disaster Loan Program (EIDL), Debt Relief Program and the Shuttered Venue Operators Grant.  
    Session 1 will be held Wednesday, Feb. 17, at 10 a.m., and Session 2 will be held Friday, Feb. 19, at 10 a.m. Both sessions will be hosted by Iowa District Director Jayne Armstrong and Dave Lentell, lead lender relations specialist with Iowa SBA. To participate by phone only, call in at the event time at 202-765-1264 and enter ID 812565838#.Posted 2/4/21 Everyone knows 2020 was hard on businesses. Read the 2021 Small Business Credit Survey detailing small business performance and challenges in the past 12 months and a look ahead at performance expectations and anticipated challenges in the next 12 months.
  • Posted 2/3/21 The SBA approved nearly 900,000 PPP loans in January with 78.9% of the loans going to businesses with 10 or fewer employees. Overall, the  average loan size was $82,000. There are still funds available if you have not yet applied.

January 2021

  • Posted 1/21/21 Iowa restaurants and bars struggling with COVID-19-related reductions in business we be able to apply for one-time grants under a new state program, Gov. Kim Reynolds announced Thursday. Read more here. This is in addition to the "Dine Out Des Moines Delivery Assistance" program approved earlier in the week by the Des Moines City Council.
  • Posted 1/19/21 The IRS announced that it will delay the start of tax filing season until February 12th to allow time for the IRS to do additional system programming related to the Recovery Rebate Credit for taxpayers who did not receive their economic impact payment. 
  • Posted 1/18/21 The SBA issued guidance to help businesses calculate maximum loan amounts for first PPP loans and what documentation is required for different types of businesses. Read the Guidance Additional guidance on second-draw loans is still anticipated.
  • Posted 1/15/21 The SBA opened their PPP portal at 8:00 am today allowing us to submit applications you've submitted to us to the SBA for funding. We expect a 24-48 turnaround approval for most loans once submitted to the SBA.
  • Posted 1/14/21 The SBA will open their PPP portal on Friday, January 15th allowing us to submit applications you've submitted to us to the SBA for funding. 
  • Posted 1/12/21 We are now taking applications for Initial PPP loans and PPP Second Draw Loans and will submit them to the SBA as soon as they open their portal to community banks. 
  • Posted 1/11/21 Who can apply for a PPP Second Draw Loan? According to the SBA, a borrower is generally eligible for a PPP Second Draw Loan if: 
    • Was eligible for and previously received a PPP First Draw Loan;
    • Has or will use the full loan amount only for eligible expenses before the Second Draw Loan is disbursed;
    • Has no more than 300 employees; and
    • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
  • Posted 1/7/21 The SBA has released interim final rules covering the pending relaunch of the PPP. The first interim rule amends the existing PPP rule to reflect recent changes made by congress. The second interim rule governs the now available second-draw PPP loans. The SBA has not yet announced when this new round of PPP applications will reopen. Read more details here.
  • Posted 1/6/21 The IRS clarified late on 1/5/21 that economic impact recipients who had their ACH payments erroneously sent to an account that is closed, inactive or a temporary account, will not receive their payment and must instead claim the Recovery Rebate Credit when filing their 2020 tax return electronically. Individuals whose payments were sent to the wrong account will see "Payment Status #2—Not Available" if they check the Get My Payment portal. Read the IRS statement here.
  • Posted 1/4/21 As a result of an Internal Revenue Service error last week, 15-20 million individuals of the 112 million who were expected to receive their economic impact payments through ACH transactions will receive payments via paper check. The IRS has opened its Get My Payment portal to allow individuals to view their EIP status.

December 2020

  • Posted 12/31/20 Section 313 of the stimulus bill contains provisions of interest to self-employed farmers reporting Schedule F income. Many farmers excluded under the net income limitations of the existing program may now benefit from changes in this new bill. Read a summary here. We will post more information on this as the SBA guidance becomes available. 
  • Posted 12/31/20 The IRS and Treasury Department has begun delivering a second round of Economic Impact Payments. Learn when they will arrive and other important details here
  • Posted 12/30/20 Information is starting to trickle in describing the key points of the $900 billion COVID-19 relief package signed on the 27th. Read some of the highlights here.
  • Posted 12/29/20 ACH transactions for the $600-per-person economic impact payments are expected to begin arriving today with more than 100 million files expected to be routed to banks in the coming days. The treasury department is expected to release more information soon. 
  • Posted 12/28/20 The long awaited stimulus package has been signed and includes additional funding for Paycheck Protection Program loans, both for businesses who have already received a PPP loan (second draw loans) and for new borrowers. We are closely monitoring changes and are awaiting additional guidance expected to be released within 10 days. For your convenience, we have added the ability to apply online and E-Sign capability. Please check this page frequently as we will post information as it becomes available.

October 2020

  • Posted 10/14/20 The Small Business Administration revised General Loan Forgiveness FAQ 4 on 10/13/20  to clarify that borrowers may submit a loan forgiveness application at any time before the loan matures instead of the previously published deadline of October 31, 2020. See the latest FAQs dated 10/13/2020 here

August 2020

  • Posted 8/12/20 The Small Business Administration added FAQs 50-51 to its PPP FAQs on August 11. See all FAQs here.

July 2020

  • Posted 7/24/20 The Small Business Administration issued a procedural notice late yesterday providing detailed instructions to lenders on the PPP forgiveness process and indicated that lenders could begin submitting applications August 10th. Our lenders will be in contact with you soon to shared details of how and when to submit you information and start the process. Please feel free to contact the bank if you have questions.
  • Posted 7/6/20 The Paycheck Protection Payment application deadline has been extended from June 30th to August 8th. If you are in need of a PPP loan, contact your account officer.

June 2020

  • Posted 6/9/20 President Trump signed the Paycheck Protection Program (PPP) Flexibility Act which provides more time and flexibility for small businesses to keep workers on payrolls, continue operations, and also modifies the loan forgiveness guidelines. Read the statement here.
  • Posted 6/9/20 The Federal Reserve has lowered the minimum loan size for certain Main Street Lending Program loans from $500,000 to $250,000 and modified the terms and repayment option. Read details here.

May 2020

  • Posted 5/29/20 Funding provided for hog disposal for animals that can't go to packing plants. Read details here.
  • Posted 5/22/20 The USDA released details of the Coronavirus Food Assistance Program, which will provide up to $16 billion in direct payments to deliver relief to farmers and ranchers impacted by the coronavirus pandemic. Read the announcement here
  • Posted 5/19/20 We are resuming Saturday drive-up hours effective Saturday, May 23rd. Our lobbies remain under limited access. If you need access to the lobby, please call the bank to make an appointment.
  • Posted 5/18/20 The SBA has released the borrower application and instructions for PPP loan forgiveness. Our lenders are reviewing and will be in touch with borrowers soon.
  • Posted 5/14/20 The SBA announced new safe harbor for PPP borrowers with loans of less than $2 million. Updated FAQs are available here.
  • Posted 5/4/20 The SBA announced on May 4 that agricultural businesses are now eligible for the SBA's Economic Injury Disaster Loan and EIDL Advance Programs. See the new eligibility guidance here.  Application Form available here.
  • Posted 5/4/20 The SBA has revised its PPP FAQs to clarify situations regarding rehiring of laid off employees and guidance for seasonal employers. Revised FAQs here.

April 2020

  • Posted 4/28/20 The April 30, 2020 deadline for estimated income tax payments for the first quarter installment of tax year 2020 has NOT been extended. Information regarding estimated tax payments and underpayment payment relief, as well as other upcoming tax deadlines can be found here: Frequently Asked Questions for Estimated (Income Tax) Payments.
  • Posted 4/27/20 The Federal Reserve Board announced an interim final rule allowing banks to immediately suspend enforcement of the six transfer limit of six-per-month transfers or withdrawals from savings accounts, effective April 23rd. Read the rule here.
  • Posted 4/24/20 President Trump has signed the $484 billion stimulus bill into law providing additional money for small business, hospitals and testing. We will begin submitting Paycheck Protection Program loan applications for SBA approval on Monday, April 27 at 9:30 am.  
  • Posted 4/22/20 The U.S. Senate unanimously voted 4/21/20 to provide over $320 billion in new funding for the Paycheck Protection Program, $60 billion of which is set aside specifically for smaller institutions like community banks. The House must now approve the bill and is expected to do so this week. Read details here.
  • Posted 4/21/20 Iowa Governor Kim Reynolds announced a COVID-19 statewide testing initiative designed to gather and understand virus activity across the state, key information needed to determine when life can safely return to normal. Read more and take the assessment here.
  • Posted 4/20/20 There are strong indications that congress will authorize additional funds for PPP loans later this week. If you are in need of a PPP loan, do not delay. Please use this wait time to get your application and supporting documentation to our lenders. They will get the preliminary work done and ready to submit to the SBA for approval as soon as additional funding is authorized. 
  • Posted 4/16/20 As of about 9:00 AM, all available PPP funds have been allocated and the SBA is not accepting any more applications. If you had hoped to participate in this program, speak to your lender about options. 
  • Posted 4/14/20 The USDA and its federal partners have developed a matrix organizing funding opportunities identified in the CARES Act and other federal resources categorized by customer and assistance type. COVID-19 Federal Rural Resource Guide.
  • Posted 4/13/20 The IRS is beginning to issue economic impact payments and has released new tools to help facilitate these payments. Read details here. See FAQs for consumers here.
  • Posted 4/9/20 The Iowa Department of Revenue announced conditional penalty relief for taxpayers required to make estimated payments. Read the announcement here.
  • Posted 4/2/20 The US Department of Labor has issued a temporary rule effective from April 1, 2020 through December 31, 2020 to the Paid Leave under the Families First Coronavirus Response Act. Read the rule here

March 2020

  • Posted 3/31/20 Treasury Issues Guidelines, Application Form for SBA Paycheck Protection Program. Applications begin April 3.
  • Posted 3/27/20 Congress passes CARES Act Paycheck Protection Program. See Fact Sheet here. 
  • Posted 3/27/20 Governor Reynolds orders additional retail closures. Read proclamation here.
  • Posted 3/26/20 If your business is still open, here are Centers for Disease Control guidances for maintaining healthy business operations
  • Posted 3/25/20 The Treasury Department and the Internal Revenue Service (IRS) announced special federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. To see eligibility, tax filing, IRA, HSA and workplace-based retirement plan details, and more— including FAQs— click here
  • Posted 3/25/20 Access the Iowa District SBA website for contact information and other resources.
  • Posted 3/25/20 The Greater Des Moines Partnership has a variety of employment resources to match laid-off workers with local companies looking for part-time employees. 
  • Posted 3/24/20 The Small Business Administration's Iowa District Office will host Webinars Tuesday, March 24 and Thursday, March 26 to provide an overview of available assistance. Click here for time and login details.
  • Posted 3/24/20 The Iowa Economic Development Authority has an Iowa Business Recovery Assistance webpage full of useful resources including financial assistance guidance, business guidance, health recommendations, and more. 
  • Posted 3/24/20 The Iowa Small Business Relief Program, announced by Governor Reynolds on March 23, will provide financial assistance and tax deferrals to small businesses that meet eligibility requirements. Read the FAQs here.  Applications must be submitted by Tuesday, March 31, at 12 pm. Fill out the application here.
  • Posted 3/24/20 The Iowa Department of Revenue is granting certain filing and payment extensions following the Governor's Proclamation of Disaster Emergency. Read the news releases here.
  • Posted 3/24/20 Iowa small businesses affected by Coronavirus (COVID-19) can apply for an SBA Economic Injury Disaster Loan. Read more here.

In certain cases, State Savings Bank may be able to modify existing loans to help you during this historic event.

 

Contact your account officer to discuss details. 

 

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