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.
A new Facebook page has launched to support local businesses. Members can use it as a forum to ask question and post business updates. Join here if interested.
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
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:
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:
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
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.
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 email@example.com 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.
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 firstname.lastname@example.org.
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.