Small Business loan Resources
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
Apply for the Loan Advance here.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
Who Can Apply
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.
How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
This temporary program, established in response to the 2020 public health emergency, will help Minnesota lenders provide capital to small businesses in Minnesota affected by COVID-19. These loans can be used for a variety of purposes and can be subordinate to other financing. Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.
The funds can only be provided to Minnesota businesses with fewer than the equivalent of 250 employees. The number of employees includes parent company and all locations. The program will provide an 80% guarantee up to a maximum of $200,000. A fee of .25 percent on the guarantee loan principal will be charged for each loan enrolled into the program.
All loans will be made by lenders enrolled in the program – no loans will come directly from DEED. We are now accepting applications from lenders who would like to participate in the program. Click link in title for more info.
For businesses in these categories. Click on link in title for more info.
The following type of businesses noted in those Executive Orders are eligible:
- Restaurants, food courts, cafes, coffeehouses, and other places of public accommodation offering food or beverage for on-premises consumption, excluding institutional or in-house food cafeterias that serve residents, employees, and clients of businesses, child care facilities, hospitals, and long-term care facilities.
- Bars, taverns, brew pubs, breweries, microbreweries, distilleries, wineries, tasting rooms, clubs, and other places of public accommodation offering alcoholic beverages for on-premises consumption.
- Hookah bars, cigar bars, and vaping lounges offering their products for on-premises consumption.
- Theaters, cinemas, indoor and outdoor performance venues, and museums.
- Gymnasiums, fitness centers, recreation centers, indoor sports facilities, indoor exercise facilities, exercise studios, and spas tanning establishments, body art establishments, tattoo parlors, piercing parlors, businesses offering massage therapy or similar body work, spas, salons, nail salons, cosmetology salons, esthetician salons, advanced practice esthetician salons, eyelash salons, and barber shops. This includes, but is not limited to, all salons and shops licensed by the Minnesota Board of Cosmetologist Examiners and the Minnesota Board of Barber Examiners.
- Amusement parks, arcades, bingo halls, bowling alleys, indoor climbing facilities, skating rinks, trampoline parks, and other similar recreational or entertainment facilities.
- Country clubs, golf clubs, boating or yacht clubs, sports or athletic clubs, and dining clubs.
The Saint Paul Bridge Fund will provide emergency relief for the small businesses and families in our community who need it most.
Click on link for information about applying for unemployment benefits through Minnesota DEED.
KEEPING YOUR SURROUNDINGS AND YOURSELF SAFE
CENTERS FOR DISEASES CONTROL AND PREVENTION- Regular updates about the disease.
The President’s Coronavirus Guidelines for America -- 15 Days to Slow the Spread of Coronavirus (COVID-19)- Update from the White House.
GUIDANCE FOR ALL MINNESTOANS: Regular updates from your local authorities.
- Myth Busters
- Testing for COVID-19
ECONOMIC IMPACTS OF THE DISEASE
Forbes- Economic Forecast
US Chamber of Commerce- Quick Take
Business and Employers
Minnesota Department of Health- COVID-19 Information for Businesses and Employers
Minnesota Department of Labour and Industry- Worker Rights and Protection
CENTERS FOR DISEASES CONTROL AND PREVENTION- Interim Guidance for Businesses and Employers
CENTERS FOR DISEASES CONTROL AND PREVENTION- Guidance on Preparing Workplaces for COVID-19
"CORONAVIRUS TASK FORCE HOLDS WHITE HOUSE BRIEFING"
It is lonely at the top!
Are you a business owner and need someone to talk to about surviving the ongoing crisis?
Contact a member of our team and use us as your free-safe-confidential-sounding board. We certainly do not have all the answers, but we are excellent listeners and are passionate about Minnesota Business Owners.
Give us a call on: 888-290-5232