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New State Grant Program Targeting Renewable Fuels Expected Soon

 

In late June, Iowa Governor Kim Reynolds announced her intent to allocate $7 million dollars in federal CARES Act funding to expand access to high blends of biofuels like E15 and B11. FUELIowa anticipates that an announcement on the new program will be made in the coming days.

 

The new program will compliment the existing Iowa Renewable Fuel Infrastructure Grant Program but will remain separate per federal CARES Act requirements. Although details of the program have not been released and industry awaits Governor Reynolds announcement of the program, the United States Treasury has issued guidance to state’s on how CARES Act funding may be spent.

 

CARES Act funding may be spent for eligible projects completed between March 1, 2020 and December 30, 2020. CARES Act funding may not be used to supplement or replace a line item in a state budget. This requirement means that the new program must be separate from Iowa’s existing infrastructure grant program but may serve a similar purpose.

 

Because eligible projects receiving CARES Act funding must be complete by December 30, 2020, FUELIowa anticipates an aggressive application deadline when details of the program are announced. It is likely that the new program will provide direct grant assistance for infrastructure tied to the sale of higher blend biofuels like E15 and B11. While the CARES Act requires eligible projects to be complete by December 30, 2020, the Act provides leniency for funding recipients with projects delayed by supply chain disruptions due to the Covid-19 pandemic. The timing required by the CARES Act should not be a deterrent for members interested in taking on a project.

 

FUELIowa expects an announcement from Governor Kim Reynolds on the new program very soon. We will provide more detailed information to the membership when those details become available. Because the new program will be funded with federal CARES Act funds, an applicants eligibility for state funded grant assistance through the Iowa Renewable Fuel Infrastructure Grant Program should not be impacted.

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