SBA Disaster Info

SBA Training this Week

The SBA Minnesota District Office is hosting training webinars to provide SBA COVID-19 funding options and general technical assistance through the Money Smart for Small Business program developed collaboratively by the FDIC and SBA.

To learn more and register today, visit the links below:

  • SBA MoneySmart Managing Cash Flow for Small Business 
    June 1, 1 PM; Register
  • SBA Funding Options Q&A for COVID-19 Related Economic Disruptions 
    June 2, 9 AM; Register
  • SBA MoneySmart Planning for a Healthy Business
    June 2, 1 PM; Register
  • Información Sobre Recursos Para Negocios
    June 2, 5 PM; Register
  • Succession Planning with SBA and SBDC
    June 3, 9 AM; Register
  • SBA Money Smart Building Credit for Small Business
    June 3, 1 PM; Register 
  • SBA Funding Options Q&A for COVID-19 Related Economic Disruptions 
    June 4, 9 AM; Register
  • SBA Money Smart Financial Management for Small Business
    June 4, 1 PM; Register
  • SBA Money Smart Banking Services for Small Business
    June 5, 9 AM; Register
  • Boots to Business Reboot for Veterans and Spouses
    June 5, 8 AM; Register
  • Steps for Starting a Small Business
    June 5, 1 PM; Register 
  • Coronavirus Tax Relief for Employers and Business Owners with SBA, IRS and DOL
    June 12, 11 AM; Register



Minnesota Small Business Loan Guarantee Program


Release Date: Friday, May 15, 2020

Release Number: 20-41

Contact: press_office@sba.gov

Washington—Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic.  The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.




Express Bridge Loan Pilot Program
Allows Small Businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. 

Terms

  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan
More information can be found at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans


Minnesota Small Business Loan Guarantee Program
The Small Business Administration will resume accepting PPP loan applications at 9:30 A.M. CDT today (April 27, 2020) from approved lenders on behalf of any eligible borrower. SBA has updated FAQ's for the program and provided specifics on calculating maximum loan amounts by business type.

For all program information and to find a lender, visit www.sba.gov/paycheckprotection

Minnesota Small Business Loan Guarantee Program
The Minnesota Department of Employment and Economic Development (DEED) now offers the Minnesota Small Business Loan Guarantee Program. This temporary program, established in response to the 2020 public health emergency, will help Minnesota lenders provide capital to small businesses in Minnesota affected by COVID-19. These loans can be used for a variety of purposes and can be subordinate to other financing. Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.

Below is some informational material to find out more options available for Small Businesses who have been affected by the Corona virus. 

Disaster Loan Assistance

Federal Disaster Loans for Businesses, Private Non-profits, Homeowners and Renters

Congress has just passed the Coronavirus Aid, Relief and Economic Security (CARES) Act which is intended to assist business owners impacted by the pandemic. There are a number of programs and initiatives available to small businesses.



DEED Creating Emergency Loan Program for Minnesota Small Businesses

Thousands of businesses negatively impacted by COVID-19 could be helped

March 23, 2020

Contact: Rita Beatty
Rita.Beatty@state.mn.us

St. Paul – The Minnesota Department of Employment and Economic Development (DEED) is creating an emergency loan program to help Minnesota small business owners who need immediate assistance to meet their families’ basic needs during COVID-19 closures.

The loan program was created under the Small Business Assistance Executive Order 20-15 announced by Governor Tim Walz on March 23. The loan program is intended to help businesses temporarily closed under Executive Order 20-04, later clarified by Executive Order 20-08, which stopped onsite customer dining at restaurants and bars and closed an extensive list of other small businesses whose owners may not have adequate cash flow to withstand temporary closure.

“Over the last week, we’ve heard from many of Minnesota’s small businesses who are facing significant hardships because of the COVID-19 crisis,” said Governor Tim Walz. “Small businesses are the backbone of our communities, and now more than ever, we’re looking to creative solutions like DEED’s emergency loan program to help them weather these extraordinarily difficult times.”

“We know that this emergency loan program is just one tool businesses will need to leverage to stay afloat,” said DEED Commissioner Steve Grove. “ It’s an important one because it will get cash flowing quickly to the small Minnesota businesses that need it most.”

Executive Order 20-15 directs DEED to create a Small Business Emergency Loan Program by making available $30 million from special revenue funds. These dollars will be used by DEED’s lender network to make loans of between $2,500 and $35,000 for qualifying small businesses. The loans will be 50% forgivable, and offered at a 0% interest rate. If other financing becomes available to small businesses that received an emergency loan, such as federal funding, the emergency loan must be repaid. These emergency loans will be made by an existing network of lenders DEED works with across the state. Depending on the size of the loans offered to businesses, DEED estimates this emergency loan program will provide needed resources to between 1,200 and 5,000 businesses. DEED expects loan applications will available later this week through our lender network. Minnesota small businesses should send questions about this emergency loan program to ELP@state.mn.us.

The executive order also allows local units of government or lending partners which have a revolving loan fund to use those funds to issue loans to retail and service providers for the next 90 days. DEED estimates that up to $28 million in capital could be accessible through local revolving loan funds and local governments through this action. Local partners will be looking at ways to deploy these resources to support their local businesses.

For the latest information from DEED for employers and businesses and workers, visit the DEED COVID-19 Information page on the DEED website.

DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow DEED on Twitter.