Small Business Resources
There are many resources available to small businesses during this time.
- Paycheck Protection Program Loans The Senate approved an additional $310 billion for the Paycheck Protection Program. Please contact us if you have questions or would like assistance related to applying for a loan under this program.
- The Minnesota Department of Employment and Economic Development announced the availability of SBA Economic Injury Disaster Loans for Minnesota businesses. These low-interest loans of up to $2 million to small businesses and most private nonprofit organizations may be used toward working capital to meet needs such as payroll, accounts payable and fixed debt payments that can’t be paid due to the COVID-19 pandemic. Click here
- The U.S. Chamber of Commerce guide to Coronavirus Emergency loans for small businesses is available to download here.
- The AICPA Private Companies Practice Section has developed resources to help you talk with your clients about the US Small Business Administration's Paycheck Protection Program. These include payroll calculators, a sample application and more. Encourage your clients to act quickly as funds are limited.
- U.S. Small Business FAQ regarding participation of Faith-Based Organizations in PPP and EIDL. Click here
- Main Street Lending Program gets underway as alternative to PPP: The lender portal for the Federal Reserve’s Main Street Lending Program has opened as the long-awaited alternative to the problem-plagued Paycheck Protection Program after weeks of delays. Unlike the PPP, which was created as part of the CARES Act to deliver forgivable loans to small businesses through the U.S. Small Business Administration as long as they retain their employees for eight weeks during the coronavirus pandemic, the Main Street Lending Program’s loans are not forgivable, although they are at low interest rates. The program is being offered through the Federal Reserve rather than the SBA and was originally aimed at large and midsize businesses. However, the Fed and the Treasury have been expanding the criteria. Last week, Federal Reserve chairman Jerome Powell announced that the minimum loan size would be lowered from $500,000 to $250,000, and the term of each loan option has increased from four years to five years. Lender Portal
- Business Relief Fund offers grants to offset COVID losses. Sherburne County has created a Business Relief Fund to provide temporary support to local small businesses affected by the COVID-19 pandemic.A one-time grant of up to $30,000 is available to qualifying Sherburne County businesses with up to 50 full-time. Find out more and apply here.
- St. Louis County divvies up $24.5M in COVID-19 aid-Businesses with 25 employees or fewer may apply for up to $1,000 per employee to cover COVID-related expenses, and those with 100 employees or fewer can seek up to $50,000.
- BizRecycling Relief Grants The grant application process is extremely easy and can be completed online. Businesses only need to provide their W9 and some background information, along with their expenses that they’d like to get covered. If you have any questions about the program, please feel free to reach out to Jon Klapperich at JKlapperich@mnchamber.com. Any business that has been negatively impacted by the social unrest or Covid-19 is eligible for funding that can cover the following items:
- 6 months of recycling and organics hauling costs – estimate this based on your bill/quote from hauler
- 6 months of certified compostable food service ware
- 10 hours/month @ (up to) $20/hour for an employee to handle recycling and composting
- 1 hour training for all employees at (up to) $20/hour
- Materials and resources that will help to increase food to people donations.
- The Neighbors United Funding Collaborative (NUFC) fund is now taking applications small businesses in the Midway and Union Park areas for grants up to $15,000. Applications will be accepted until December 20 or until the funds are exhausted.
- Roseville Small Business Relief Fund The Roseville EDA is providing emergency assistance to small local businesses adversely impacted by the COVID-19 pandemic. The Business Relief Fund will provide grants of up to $10,000 to businesses most in need of support.
- St. Paul is using $3.5 million in federal CARES Act money to provide cash assistance to small businesses affected by the COVID-19 pandemic, with a round of grants focused on live music venues, movie theaters and food halls. Applications are due Oct. 21.
Physical Disaster Loans Deadline Extended for Civil Unrest Damages The SBA has extended the deadline for businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a physical disaster loan to Nov. 2. Anyone in the declared counties in Minnesota with damages caused by the civil unrest that occurred from May 27, 2020 through June 8, 2020 should apply for SBA low-interest disaster loans. The declaration covers Hennepin County and the adjacent counties of Anoka, Carver, Dakota, Ramsey, Scott, Sherburne and Wright in Minnesota. Apply Now
Three types of SBA Disaster Loans Available
- Physical Disaster Loans - to repair or replace disaster-damaged property owned by the business. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans - working capital to help small businesses, and non-profits meet their financial obligations that cannot be met as a direct result of the disaster.
- Home Disaster Loans - for homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoanAssistance.sba.gov. For more information, call the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an e-mail to DisasterCustomerService@sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. For more information about SBA recovery assistance, visit sba.gov. The filing deadline to submit applications for physical property damage is Nov. 2, 2020. The deadline for economic injury applications is May 3, 2021. Apply Now
Resources available exclusively to nonprofits include:
- Otto Bremer Foundation has created a $50M fund for MN, WI, MT, and ND nonprofits for emergency funding, loans, and lines of credit. Click here
- Propel Nonprofits is providing no cost technical assistance to nonprofits and have working capital loans for cash flow needs. Propel’s has a list of Sources of Financing and links on its website. Click here
- MN Council of Nonprofits has created a free digital special edition of the Grants Directory, featuring both Minnesota and national funding opportunities in response to COVID-19 and disaster relief. Nonprofit grantseekers are encouraged to download the first version (March 23, 2020) Click here.
- COVID-19: What Nonprofits Need to Know. The MN Council of Nonprofits has a special section on its website and is providing updates including resources available. Minnesota Council of Nonprofits - What Nonprofits Should Know