Restaurants and bars in Iowa that have been impacted by the COVID-19 pandemic will have the opportunity to apply for a portion of $40 million in CARES Act funds allocated by Gov. Kim Reynolds. The application process will open Monday, Feb. 1 at noon and close Monday, Feb. 15 at 5 p.m. Funds will NOT be distributed on a first-come, first-served basis, but instead, each application made during that timeframe will be considered and awards made on tiered system based on losses. The maximum award amount will be $25,000. Applications are available online at iowabusinessrecovery.com. Owners must submit one application per business location. Types of businesses covered by the grant dollars include full-service restaurants, bars, breweries, brewery pubs, distilleries and wineries. Businesses that are part of a national chain or franchise with a total of 20 or more locations doing business under the same name, regardless of the type of ownership, and establishments providing adult entertainment per Iowa Code 239B.5, subsection 4, paragraph a are ineligible. Applicants must have experienced a decrease in gross sales of at least 15 percent during the second and third quarters of 2020 as compared to the same time the previous year. A full listing of items needed to apply can be found below.
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To apply, be prepared to provide the following:
- Gross sales for the periods below as evidenced on Line 1 of your tax filings (Iowa Sales/Retailer’s Use Tax and Surcharge Return)
- April – June 2019
- July – Sept. 2019
- April – June 2020
- July – Sept. 2020
- Liquor License Number
- Food Service Establishment License Number
- Sales Tax Permit Number
- Withholding Tax Permit Number
- Tax Identification Number (TIN)