COVID-19 UPDATE
Thursday, July 23, 2020
Keep North Iowa Open - Wear a Mask!
The Vision North Iowa partners are launching a new marketing campaign to help #keepnorthiowaopen. Starting today, you’ll see a :30 commercial on social media and KIMT highlighting various business and community leaders who are asking you to “wear a mask.”

Please take a moment to share in your networks, and consider posting a video of your own with the hashtag #maskupnorthiowa. Special thanks to the North Iowa Corridor for funding this effort!
Small Business Utility Disruption Prevention Program
The Iowa Economic Development Authority (IEDA) recently announced the new Small Business Utility Disruption Prevention Program . This program will provide short-term relief to eligible small businesses and nonprofits that face significant hardship in the payment of utility bills for service provided during the months of disruption to their business due to the COVID-19 pandemic.

The program offers grants up to $7,500 to be applied to utility bill debt for eligible small businesses.

Eligibility requirements:

  • a physical (non-residential) location in Iowa and 50 or fewer employees;
  • have not received funding from the IEDA’s Small Business Relief Grant Program;
  • experienced a COVID-19 loss of revenue on or after March 17, 2020, that resulted in unpaid bills for electric or natural gas service provided between March 17, 2020, and June 30, 2020; and
  • remained in operation or re-opened at the time of application.

For a full list of eligibility requirements and application instructions, click the button below. Applications will be accepted between July 17, 2020, and August 21, 2020, or until funding is depleted. Applications will be reviewed in the order received. Assistance will be awarded based on application completeness and eligibility.

Questions regarding the Small Business Utility Disruption Prevention Program can be submitted via email to energyrecovery@iowaeda.com or by phone at 1.855.300.2342. 
Main Street Lending Program Updates
The Main Street Lending Program was established with the approval of the Treasury Secretary and with $75 billion in equity provided by the Treasury Department from the CARES Act.

Based on public feedback to proposals released for comment on June 15, the following changes were made to the Main Street Lending Program:

  • The minimum employment threshold for nonprofits was lowered from 50 employees to 10.
  • The limit on donation-based funding was eased.
  • Several financial eligibility criteria were adjusted to accommodate a wider range of nonprofit operating models. 
  • Each organization must be a tax-exempt organization as described in section 501(c)(3) or 501(c)(19) of the Internal Revenue Code.

The Main Street nonprofit loan terms generally mirror those for Main Street for-profit business loans, including the interest rate, principal and interest payment deferral, five-year term, and minimum and maximum loan sizes. Nonprofits will be eligible for two loan options. This chart has additional details on the final terms.
As your local Chamber of Commerce, we will do our best to continue sending important information as we receive it, without overburdening you with emails. For additional resources and information on COVID-19, please visit our website . 
Mason City Chamber | 641.423.5724 | chamber@masoncityia.com | www.masoncityia.com