NFIB State Director Matt Everson says this year’s sales tax holiday on clothing and shoe purchases comes at a crucial time for Iowa small businesses.
“The coronavirus pandemic has hit Iowa’s economy from every angle. However, small businesses have been particularly targeted. A vast majority had to close their doors, lay off employees because of decreased revenue, and struggle to make ends meet until they applied for and perhaps secured PPP money,” said NFIB State Director in Iowa, Matt Everson. “However, most of Iowa’s small businesses have run out of that money. This weekend is an important opportunity to support the small businesses that have supported Iowa’s economy by creating jobs and giving back to the communities they serve.”
“Iowa is dependent on small businesses,” Everson said. “They prop up Iowa’s economy. One way that Iowans can keep the state’s economy going during these uncertain times is to support their local retailers this weekend by taking advantage of the tax-free weekend.”
According to a report by American Express, 67 cents of every dollar spent at a small business stays in the community. It also creates an additional 50 cents in local business activity as employees and owners purchase local goods and services.
This year’s sales tax holiday on certain clothing and shoes is Aug. 7-8.
“This is the perfect opportunity for Iowans to benefit two-fold: take advantage of the tax-free holiday while at the same time supporting the mom and pop shops that have been a part of their communities for years, even decades.”
According to a recent NFIB survey, nearly half of small business owner anticipate needing additional financial support and more than 70% of small business owners have used their entire PPP loan.
To learn more, visit Iowa’s Department of Revenue site here.