Disaster Assistance COVID-19

Disaster Assistance for Small Businesses During the Corona Virus Outbreak

 

 


Occupant Load Determination Info Sheets

In light of the recent focus on the reopening of business and retail across Minnesota, it is important to maintain proper occupant loads.

Attached are information sheets to help you calculate the traditional proper occupant loads as well as occupant loads in compliance with the governor’s recent executive order or several types of businesses.

 


Minnesota District Office – U.S. Small Business Administration

 Applying for Disaster Loans

Minnesota’s small businesses are now eligible for the SBA’s Economic Injury Disaster Loan Program and can apply online.

Forms to Fill Out FIRST

Here’s a list of documents you’ll need to provide to complete the application:

We HIGHLY recommend you complete your application online, do not mail them in. However, preparing these documents before you go to SBA.gov/disaster will streamline the process for you.

More Info on EIDL Loans

A couple of points to know about SBA Economic Injury Disaster Loans:

  • EIDL loans of up to $2M are now available for small businesses and private non-profits
  • Funds can pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
  • The current interest rate is 3.75% for small businesses, non-profit rate is 2.75%
  • The terms can be extended up to 30 years to keep it affordable.
  • These loans are only intended as working capital loans utilized to assist with impact caused by the coronavirus emergency efforts.
  • Loan applications will be evaluated by SBA loan officers. Criteria includes:
    • Credit history acceptable to the SBA
    • Repayment abilities
    • Eligibility – business must be headquartered in a declared state and suffered working capital losses due to the declared disaster (not a general downturn in business due to the economy or other reasons.

Info from SBA Partners and Sister Agencies

We will continue to share additional resources as they become available.  This is by no means an all-inclusive list, but we hope it gives you a good starting point to get the help you need to deal with the crisis at hand.

Local Partner Info

Federal Program Info

Tax Payments Deferred Until July 15

The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals – regardless of filing status – and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020. More info is available here.


U.S. Small Business Administration (SBA) disaster loans now available

The COVID-19 pandemic has affected everyone in our economy, but we know small businesses have been particularly hard hit. That’s why Governor Walz requested an Economic Injury Disaster Loan declaration from the SBA earlier this week.

Now, online applications for these loans are open to Minnesota businesses at:https://disasterloan.sba.gov/ela/ 

A few more details:

  • This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
  • These loans can go toward working capital to meet needs including payroll, accounts payable, and fixed debt payments that can’t be paid due to the COVID-19 pandemic.
  • The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%.
  • These loans have long-term repayment options, up to a maximum of 30 years.

For more information visit the SBA’s Economic Injury Disaster Loan web page.

Need help?

Download the three step process for disaster loans information sheet

Additional Resources

  •  DEED’S COVID-19 information and resources for businessesCOVID-19 update page.