Funding: Grants/Loans
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.
Funding Options under the CARES Act:
1. Paycheck Protection Program
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
PPP guide and checklist:
https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
Leer en español (PDF)
https://www.uschamber.com/sites/default/files/coronavirus_aid_spanish_3.31.20.pdf
2. Economic Injury Disaster Loan Emergency Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance3. SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
4. SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief—————————————————
MN Small Business Loan Guarantee Program:
The Minnesota Department of Employment and Economic Development (DEED) now offers the Minnesota Small Business Loan Guarantee 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.
https://mn.gov/deed/business/financing-business/deed-programs/loan-guarantee/index.jsp
MN Small Business Emergency Loan:
Following Executive Order 20-15, DEED has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time.
https://mn.gov/deed/business/financing-business/deed-programs/peacetime/index.jsp
Federal SBA Disaster Loans and Emergency Grants:
https://mn.gov/deed/business/financing-business/federal-sba/index.jsp
If you have questions about the SBA’s EIDL Loans, please watch this 14 minute video to help answer some FAQs. https://www.youtube.com/watch?v=z-dHh64AxUg&feature=youtu.be
COVID-19 Economic Injury Disaster Loan Application:
https://covid19relief.sba.gov/#/
Download the emergency loans guide:
https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdfLeer en español (PDF)
https://www.uschamber.com/sites/default/files/coronavirus_aid_spanish_3.31.20.pdf
Governor’s Office: Executive Orders
MN Deed (MN Dept of Employment & Economic Development)
Small Business Owner’s Guide to the CARES (Coronavirus Aid, Relief, and Economic Security) Act
Minnesota Department of Revenue
Employment/Employee Guidance (State & Federal Guidance)
Guidance on Stay At Home Order from MN Governor
Governors Office: Executive Orders
Small Businesses that were impacted due to the Governors Executive Orders 20-04 and 20-08 are eligible for emergency loans through the state DEED office. These loans are 0% interest and payments are deferred for the first six months. These five year loans are to help bridge the gap between lost income and SBA federal loans. For more information visit: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
The list includes Terms, Usage, Rates, etc.
Monday, March 23
Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters
Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters
Disaster Loan Application Paper Forms If you are in a declared disaster area and have suffered any disaster related damage you may be eligible for federal disaster assistance. Homeowners and Renters must register with the Federal Emergency Management Agency to obtain a FEMA Registration ID Number by calling 1-800-621-3362. You can apply for a disaster loan online.
The paper forms for the SBA Disaster Home / Sole Proprietor Loan Applications and the SBA Business Loan Applications can be found here: here: https://disasterloan.sba.gov/ela/Information/PaperForms
More Information from the SBA:
SBA’s Coronavirus (COVID-19) Small Business Guidance & Loan Resources click here
SBA’s Economic Injury Disaster Loans click here
SBA Customer Service Center: 800-659-2955
Email Updates:
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SBA’s Economic Injury Disaster Loan Program