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. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#_blank
- 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.
- The City of Mpls has made funding available for individuals and small businesses.With $2.2 million in city funds, the Minneapolis Gap Funds for Small Businesses include a new Small Business Debt-free Fund for companies with 20 employees or less and people who are self-employed along with a revamped 2% loan program, adjusted to 0%.Click here
- U.S. Small Business FAQ regarding participation of Faith-Based Organizations in PPP and EIDL. Click here
- Ramsey County launched a new effort the Ramsey County Small Business Relief Fund to provide emergency assistance to small local businesses adversely impacted by the COVID-19 pandemic. The Small Business Relief Fund will provide grants of $7500 to small businesses most in need of support. Click 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