Small Business Resources
There are many resources available to small businesses during this time.
- The Senate approved an additional $310 billion for the Paycheck Protection Program. The bill is expected to be signed into law this week. Please contact us if you have questions or would like assistance related to applying for a loan under this program. More information can be found here. Paycheck Protection Program Loans
- 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
- St. Croix County’s COVID-19 Small Business Loan Program is available to eligible businesses in St. Croix County that are experiencing unanticipated financial pressures due to the COVID-19 pandemic. Find out more and apply here. Applications are due by end of day Thursday, September 10, 2020.
- Dakota County Small Business Relief Grant Program -Dakota County has allocated $10 million to support small businesses that have had a financial hardship as a result of the COVID-19 pandemic. One-time grants up to $10,000 will be awarded to eligible applicants to assist with payroll, rent, mortgage payments, utility bills, and other operational expenses that have occurred since March 1, 2020. Applications accepted through August 14. Find out more and apply here.
- 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 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 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.
- The Small Business Administration (SBA) is offering disaster loans of up to $2 million to businesses and residents in the Twin Cities who incurred financial damage from the protests and riots in late May and early June. The SBA said it will offer low-interest loans repayable over as long as 30 years for working capital and to repair damage that happened from May 27 to June 8. The agency will accept loan applications until early October. Interest rates are as low as 3% for businesses, 2.75% for nonprofit organizations and 1.25% for homeowners and renters with terms up to 30 years. Loan amount and terms are based on each applicant’s financial condition. The SBA’s Virtual Disaster Loan Outreach Center will help prospective recipients apply online through the SBA’s secure website at disaster loanassistance.sba.gov.
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