DEED is creating an Emergency Loan Program for Small Business.   This program is designed to extend assistance to small businesses that are unable to get loans through their lenders or through the SBA Disaster Loan Program. Loans are available for amount $2,500-$35,000 and will be facilitated through a network of 23 lenders throughout the state. Loans will be offered at 0% interest with a 5 year term.  In some cases up to 50% of the loan will be forgivable. Businesses identified in Executive Orders 20-04 and 20-08 are eligible. DEED hopes to be able to start taking applications by the end of this week.  More information is here.

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave.  Read the details here.

The American Independent Business Alliance (AMIBA) has a petition entitled "Save our Economy Now!  Five steps to Keep American Business Alive."  It provides a number of measures legislators an use to support independent businesses.  The petition is available here.

MNSure is offering a special enrollment period for workers who need to purchase healthcare now as a result of a change in employment. Details are available here.

Our partners at Redesign are hosting a Facebook livestream to give an overview of some of the small business resources that have been bopping around through various email chains. This is a great opportunity for folks who are overwhelmed by the reading, or who could use help navigating some of the websites out there via screenshare.

Stream will be held on Wednesday, March 25th from 10:30-11AM
https://www.facebook.com/events/558932541495904/

• Applying for Disaster Loans 
• Loan Training for COVID-19 Related Economic Disruptions
• More Info on EIDL Loans
• Info from SBA Partners and Sister Agencies
• Tax Payments Deferred Until July 15
• Stay Updated

Applying for Disaster Loans 
Minnesota's small businesses are now eligible for the SBA's Economic Injury Disaster Loan Program and can apply online. 
Forms to Fill Out FIRST
Here's a list of documents you'll need to provide to complete the application: 

• SBA Form 5 or SBA Form 5C for sole proprietorships - SBA loan application 
• IRS Form 4506T - Tax Information Authorization for the applicant, principals and affiliates.
• Complete copies of the most recent Federal Income Tax Return. 
• SBA Form 2202 - Schedule of Liabilities.
• SBA Form 413 - Personal Financial Statement.
• SBA Form 1368 - Monthly sales figures 

We HIGHLY recommend you complete your application online, do not mail them in. However, preparing these documents before you go to SBA.gov/disaster will streamline the process for you.

Loan Training for COVID-19 Related Economic Disruptions
Join us and learn about the SBA’s Economic Injury Disaster Loan program. 
Monday, March 23, 9 am: Register or 1 pm; Register
Tuesday, March 24, 9 am: Register or 1 pm:  Register
Wednesday, March 25, 9 am; Register or 1 pm: Register
Thursday, March 26, 9 am: Register or 1 pm: Register
Friday, March 27, 9 am: Register or 1 pm: Register
These training's will cover program eligibility, use of proceeds, terms,filing requirements, and additional small business resources. After registering you will receive the Skype webinar log in information.
We will be conducting these training's twice a day until demand is met. Spanish language training's coming soon. 

More Info on EIDL Loans
A couple of points to know about SBA Economic Injury Disaster Loans:

• EIDL loans of up to $2M are now available for small businesses and private non-profits 
• Funds can pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
• The current interest rate is 3.75% for small businesses, non-profit rate is 2.75%
• The terms can be extended up to 30 years to keep it affordable.
• These loans are only intended as working capital loans utilized to assist with impact caused by the coronavirus emergency efforts.
• Loan applications will be evaluated by SBA loan officers. Criteria includes:
  • Credit history acceptable to the SBA
  • Repayment abilities
  • Eligibility - business must be headquartered in a declared state and suffered working capital losses due to the declared disaster (not a general downturn in business due to the economy or other reasons.

Info from SBA Partners and Sister Agencies
We will continue to share additional resources as they become available.  This is by no means an all-inclusive list, but we hope it gives you a good starting point to get the help you need to deal with the crisis at hand.
Local Partner Info

• SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
• Entrepreneur Fund has COVID-19 Updates & Resources and offering 30-minute consult with a Lender or Advisor by email or phone.
• WomenVenture is open, ready to help and has created a COVID 19 Update Hub with details.
• Minnesota DEED has created a Covid 19 webpage with Minnesota specific information to help small businesses.
• WBDC/WBENC  Covid 19 resources for Women Owned Businesses

Federal Program Info

• For information on all federal programs, visit www.usa.gov/coronavirus or https://www.usa.gov/espanol/coronavirus (en Español).
• The IRS has established a web page to help taxpayers, businesses and others affected by the coronavirus.
• The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave
• New guidance outlines flexibilities that states have in administering their unemployment insurance programs to help Americans affected by coronavirus.

Tax Payments Deferred Until July 15
The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals - regardless of filing status - and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020. More info is available here.

Stay Updated
​For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
If this newsletter was forwarded to you, sign up now to make sure you get  additional information as it becomes available via sba.gov/updates.
We will also be posting information on Twitter (@SBA_Minnesota) as it becomes available. Join us there.

Our partners at Redesign are working on putting together a BINGO page that connects residents to opportunities to support local businesses who are impacted COVID-19. The idea would be to complete a “BINGO” by spending a certain amount on e-gift cards, online purchases, and/or takeout/delivery over the next several weeks. This would be circulated on social media and include prizes for residents.  If you are interested in participating, please reach out to Brigid at brigid@redesigninc.org and let her know what services or products you want to market to customers and any social media links they have.

Courtesy of the West Bank Business Association: 

We have heard from a lot of businesses and self-employed folks who are not able to access the immediate benefits that unemployment insurance is currently offering to regular wage earners. 
Here is some guidance on what is available to you, and when it is available.

• Availability of unemployment insurance for self-employed people differs if you are an LLC, S-Corp, or sole proprietor. 
  
• If you are self-employed (working for yourself as a sole proprietor, contractor, gig worker, freelancer, artist, 1099) and have not been able to work or have less work due to this crisis, you may still be able to get unemployment benefits if you worked as a wage earner for an employer last year (2019). That income counts as your “base wage” for unemployment purposes and you may be eligible for benefits based on that income.
  
• If you do not have any “base wage” credits and are not eligible for UI, there still may be help for you under the federal Disaster Unemployment Assistance program. The state of Minnesota is currently waiting for funding for this program to flow to the states. When that program is activated, you will be able to apply for funding through Minnesota’s unemployment program agency, DEED.
  
• If you are a member of an LLC or an owner/officer of an S-Corp and you work for the company, you may have chosen not to elect into the Minnesota unemployment insurance for yourself which means you are not covered. However, you can elect Minnesota unemployment insurance coverage for yourself now. If you elect coverage (and are approved) before the end of March, you will be eligible for benefits on April 1st. We are working with legislators to see if we can get this “waiting period” waived. Both single-member LLCS (you are the only owner) and multi-member LLCs are eligible for MN Unemployment insurance coverage.
  
• If you elect to opt-in to the state UI program for your officer/owners, you are committed to being in the program for two years.

You may choose to wait and see what other federal and state disaster money is coming before deciding what to do about unemployment insurance. Just be aware that your election to opt in must be elected and approved by DEED before March 31st to be eligible for benefits April 1st, so don’t wait until the last minute. DEED is very overwhelmed right not processing unemployment claims so it is unclear how long they will take to approve new UI elections.

​Public Works will be able to honor requests from businesses who would like to establish a temporary ‘Food Pick Up Zone’. Food Pick Up Zones can be established in an existing meter area or signed or unsigned parking area. The duration will be 10 minutes to encourage appropriate turn-over.  Eligible applicants include restaurants and businesses who are allowed to continue operation for pick up and take out foods that do not currently have their own off-street parking. 
 
Businesses should go to https://minneapolis.mn.roway.net/ to create an online account and apply for a permit. The permit will be free of charge and valid through March 30th 2020, which may be extended depending on need and conditions. Business who have questions about their application can contact Andrea Swenson at 612.673.3263 or andrea.swenson@minneapolismn.gov.
 
Signs will be available for installation within two days.  Installation for permittees will begin immediately thereafter, and Public Works will be assisted by Traffic Control for both installation and enforcement. We will be working with our partners in CPED to help distribute this information to businesses.  Information will also be provided to 311 to help answer questions.