Covid-19 Small Business Programs
As COVID-19 updates continue to evolve, we understand navigating resources regarding the pandemic can be overwhelming. In an effort to consolidate reputable resources, we have developed this page for your convenience:
Small Business Programs:
- Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) and Advance
- Low interest, long term Economic Injury Disaster Loans for up to $2 million: The first payment is deferred for 12 months. The application has been simplified and can be completed 100% online through the web portal.
- SBA Paycheck Protection Program (PPP)
- New federal $350 billion loan program at SBA for small businesses, self-employed people, and gig workers to help them from going under due to the COVID-19 pandemic. If employers maintain payroll, a portion of the loan will be forgiven. Apply directly with your local lender.
- SBA Express Bridge Loans
- Enables small businesses who currently have a business relationship with a SBA Express Lender to access up to $25,000 quickly that can be repaid in full or in part by proceeds from the EIDL loan. Apply directly with your local lender.
- SBA Debt Relief
- For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
- Minnesota Small Business Loan Guarantee Program
- This program provides an 80% loan guarantee for loans up to $250,000 made by a qualified economic development lender within this program. This program is intended to incent the private market to make loans to small businesses and provides the guarantee for those loan dollars. Apply directly with a participating lender.
- Southwest Regional Development Commission (SRDC) COVID Revolving Loan Fund (RLF)
- For profit, non-profit and under some circumstances, local units of government who have been negatively impacted by COVID-19 pandemic. Business can be start-up, expansions or retention. Loans up to $100,00 at 0% interest for the first 12 months, fixed interest rate as low as 1% below prime for remaining years. View the program details here. Apply directly with Robin Weis, SRDC Deputy Director at email@example.com or (507) 836-1638.
- Rapid Response
- Program Summary for Employers Considering a Layoff: If your organization is considering a major layoff or closing, involving DEED can help guide you through what will be a difficult process for the company and a difficult time for employees. They will ensure you comply with federal regulations that apply to mass layoffs, bring a variety of services for your employees straight to your workplace, and even propose some useful alternatives.
View the Minnesota Department of Employment and Economic Development (DEED) guide to assistance small businesses identify which program is the right fit.