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
- MN Council on Foundations and St. Paul & MN Foundation announced a $5 million statewide fund to assist individuals, businesses, and nonprofits. 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
- The Small Business Emergency Assistance Loan Program (SBEAL) was created as a means to assist businesses within the City of Bloomington, which have been negatively impacted by the COVID-19 pandemic. The SBEAL program offers forgivable loans to eligible businesses within the City of Bloomington and is administered by the City and Port Authority staff, with administrative assistance from the Metropolitan Consortium of Community Developers (MCCD) and other community partners.
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.
Burnsville CARES Business Grant Program- The City of Burnsville will also provide grants up to $20,000 to assist eligible businesses impacted by COVID-19 pandemic. The City has set aside $1 Million in the Burnsville CARES Business Grant Program so that a business of any type, any size with a physical presence in Burnsville can access assistance of up to $20,000. 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.
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