Small Business Resources
As of February 2021, restrictions on businesses have changed in the state of Minnesota. View Minnesota’s updated safety guidelines for businesses here.
Practicing safe and healthy habits in businesses and public spaces is important. See the CDC’s guidelines for reopening and cleaning here.
The SBA is offering several different relief options to help businesses, nonprofits, and faith-based organizations recover from the impacts of COVID-19. You can view all options or view a specific program below:
SBA is currently offering the following funding options:
- The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed and their business open during the Coronavirus (COVID-19) crisis. As of January 11, new applications are being accepted for first and second time borrowers. I’m proud to say that I helped write the bill that allows the hardest-hit small businesses to apply again. Check to see if you are eligible for PPP loan forgiveness here.
- Small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. For help with applying for an Economic Injury Disaster Loan, call 800-659-2955 or email email@example.com.
- Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for a decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
- SBA is providing debt relief to existing SBA loan borrowers during the COVID-19 pandemic. These include 7(a), 504, and Microloans as well as Disaster Home and Business Loans.
SBA is preparing to offer:
- The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues. SBA is in the process of setting up the grant program and is not yet accepting applications. As a Member of the House Small Business Committee, I was proud to support the Save Our Stages Act and ensure this program was established last December.
As tax season approaches, many business owners may be struggling to file on time or make payments. Business owners may ask the Minnesota Department of Revenue to abate (cancel) late-payment or late-filing penalties or interest if they have a reasonable cause or are negatively affected by the COVID-19 pandemic. You can learn more about the Minnesota Department of Revenue COVID-19 abatement guidelines here. If you have any questions, you can call 651-556-3000.
The Minnesota Department of Employment and Economic Development is accepting applications to Minnesota Small Business Loan Guarantee Program through February 28, 2021. This program helps 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. You can apply through approved lenders listed here.
Other Federal Resources
The Internal Revenue Service is offering COVID-19 relief for eligible small and large businesses and tax-exempt organizations. You can learn more about the IRS’s coronavirus tax relief for businesses and tax-exempt entities here.
The Department of Treasury has created helpful fact sheets for borrowers, lenders, and other resources for small business owners. You can view these helpful resources here.