Financial Help for Small Businesses due to COVID-19
New Loan Program! Paycheck Protection Program Loan
Washington D.C. -
https://www.entrepreneur.com/article/348552
- A small business with fewer than 500 employees that was in business on or before February 15, 2020. This can be an S Corp, C corp, LLC, sole proprietorship or independent contractor. It also includes certain nonprofits, tribal groups and veteran groups.
- The loan forgiveness provision is the best part. You are eligible for loan forgiveness for the amounts you spend over the next eight weeks after receiving the loan on certain qualifying expenses. The qualifying expenses of the business over the eight-week period includes payroll costs, rent, interest on mortgage debt and utilities.
- When obtaining the PPP loan, you need to certify that your business has been economically affected or that economic uncertainty make the loan necessary.
- These are Small Business Loans through local banks.
https://www.entrepreneur.com/article/348552
Sleepy Eye EDA Emergency Relief Small Business Grant 2020
AND
Sleepy Eye PUC Small Business Utility Relief Program
The COVID-19 pandemic has disrupted every aspect of society including the Sleepy Eye business community. Governor Walz’s Executive Orders are necessary to “flatten the curve” of the virus, but the effects have impacted small businesses immensely.
The Sleepy Eye EDA Emergency Relief Small Business Grant is intended for businesses directly impacted by the pandemic resulting in reduced and/or loss of revenue. The grant amount is $2,500.00
The Public Utilities Commission Utility Relief Program is designed to help those businesses in Sleepy Eye who are closed due to the Governor’s Executive Orders. This program will allow the affected business to defer utility payments without penalty or interest for up to two months beyond the date they are allowed to reopen for business. The amount deferred can either be paid in full or in part after the deferral period or can be spread over the next 12 months.
Listed are the Eligibility Guidelines:
The Sleepy Eye EDA Emergency Relief Small Business Grant is intended for businesses directly impacted by the pandemic resulting in reduced and/or loss of revenue. The grant amount is $2,500.00
The Public Utilities Commission Utility Relief Program is designed to help those businesses in Sleepy Eye who are closed due to the Governor’s Executive Orders. This program will allow the affected business to defer utility payments without penalty or interest for up to two months beyond the date they are allowed to reopen for business. The amount deferred can either be paid in full or in part after the deferral period or can be spread over the next 12 months.
Listed are the Eligibility Guidelines:
- Applicant must be the business owner
- Application Link (both programs are under the same guidelines and use the same application)
- Business must be located within the city limits (for the PUC Relief Program business must be served by Sleepy Eye Public Utilities)
- Applicant’s business must be in a commercial address. Home based businesses are not eligible.
- Businesses as described in Executive Order 20-04, and/or clarification in EO 20-08, may apply.
- See link to Executive Orders from Governor Walz
- Any small business not specifically mentioned on application form may still apply and be considered by EDA for possible grant award at the EDA Board discretion.
- W-9 form must be provided.
- Funding is not transferable and other restrictions may apply.
- Funds for this program are limited, and applications will be processed first come, first served basis.
- Non-profits are not eligible.
- To apply for Public Utilities Commission Utility Relief Program simply check the box on The Application.
Completed applications should be sent to: - Sleepy Eye EDA
Kurk Kramer
200 Main Street East
Sleepy Eye, MN 56085
Programs From Dept of Employment and Economic Development
Link to DEED Website
DEED Announces Small Business Loan Guarantee Program
St. Paul – The Minnesota Department of Employment and Economic Development (DEED) is announcing the Minnesota Small Business Loan Guarantee Program, which was approved by the Minnesota Legislature last week. This temporary program, established in response to impacts of COVID19, provides another option for financing to help small businesses weather this difficult time.
See the link to DEED's website for loan details and to keep up to date with other state economic development news.
Unemployment Insurance
St. Paul – Due to the COVID-19 pandemic, Minnesota's Unemployment Insurance team members are processing more applications for unemployment benefits than ever before. It is our top priority to process applications efficiently and effectively, and to ensure that we can deliver for Minnesotans in this time of need.
See the link to DEED's website for more information on applying for unemployment insurance
Programs From Dept of Human Services
Link to DHS Website
Peacetime Emergency Child Care Grants
St. Paul – The child care sector operates on small margins and has experienced financial strains prior to the emergence of COVID-19. These financial challenges are intensifying as revenue decreases with the governor’s Stay at Home Executive Order.
As part of their COVID-19 Response Supplemental Budget proposal, Gov. Tim Walz and Lt. Gov. Peggy Flanagan proposed $30 million in funding for emergency grants for licensed child care providers serving essential workers during the COVID-19 public health emergency. Child care providers and educators themselves are expressly listed as essential.
The Minnesota Department of Human Services, Governor’s Children’s Cabinet and Child Care Aware of Minnesota are working on the grant application and distribution process. Below are answers to frequently asked questions about the grants, as of March 31, 2020.
This is a link to the DHS bulletin on the Peacetime Emergency Child Care Grant
As part of their COVID-19 Response Supplemental Budget proposal, Gov. Tim Walz and Lt. Gov. Peggy Flanagan proposed $30 million in funding for emergency grants for licensed child care providers serving essential workers during the COVID-19 public health emergency. Child care providers and educators themselves are expressly listed as essential.
The Minnesota Department of Human Services, Governor’s Children’s Cabinet and Child Care Aware of Minnesota are working on the grant application and distribution process. Below are answers to frequently asked questions about the grants, as of March 31, 2020.
This is a link to the DHS bulletin on the Peacetime Emergency Child Care Grant
