To stay updated with the states small business relief, visit the State of Minnesota's Website. In partnership with the Minnesota Department of Employment and Economic Development, the Initiative Foundation distributed 766 Central Minnesota Small Business Relief Grants with a total value of $7.66 million. This program is available to businesses that produce eligible commodities. See how COVID deaths are plummeting this spring Round 2 (May 19-29): Grants up to $5,000 for self-employed entrepreneurs. The only requirement for a business to apply is for it to be still paying its employees. Once they come to an agreement, Walz will call a special session to pass the legislation. Sunday is the restaurant's last day in business. Thank you for continuing to trust us with your business and doing your part to help protect our communities by controlling the spread of COVID-19. The number of employees included parent company and all locations. You can also download the SBAs Minnesota EIDL Fact Sheet for more information. So if COVID-19 has presented financial challenges for you, your family or your small business, you may eligible for relief both at the state and federal levels. is a loan program established by the CARES Act. June 2021 Average Retirement Savings: How Do You Compare? In the event that your small business undergoes financial difficulties during the coronavirus spread, consider implementing these guidelines for the good of your business and its employees: For more business solutions, visit the SBA website. As for programs that are currently available, small businesses can take advantage of the SBA Debt Relief Program, the SBA 7(a) loan program, Community Advantage loans and several other forms of coronavirus relief for businesses. Foresight and collaboration are key as the Minneapolis-St. Paul region continues to grow. This program will make available $10,000 grants to Minnesotan owned and operated businesses that can demonstrate financial hardship as a result of the COVID-19 outbreak. Interest will accrue in those first years, but there are no penalties for prepayment. December 2018 Qualified expenses include but are not limited to business debt, payroll, mortgage payments, rent payments, and utilities. The Initiative Foundation is certified as a Community DevelopmentFinancial Institutionby the U.S. Departmentof the Treasuryand proudly bears certificationfrom the U.S. Small BusinessAdministration as a CommunityAdvantage Lender. This regulatory update is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. Blog Post News | When readers purchase services discussed on our site, we often earn affiliate commissions that support our work. NOTE: The program concluded on 12/30/2020 and is no longer active. November 2021 DEED Commissioner Steve Grove acknowledged there are certain businesses that suffered more than others during the pandemic. S corporations, partnerships, and fiduciaries will also receive an automatic extension to file their state return to the date of any federal extension to file. However, payments are deferred for the first two (2) years of the loan term. Alaska COVID-19 Waivers and Flexibilities, Alaska Department of Health and Social Services, Arizona COVID-19 Waivers and Flexibilities, Arkansas COVID-19 Waivers & Flexibilities, Colorado COVID-19 Waivers & Flexibilities, Colorado Department of Public Health and Environment, Delaware COVID-19 Waivers and Flexibilities, Florida COVID-19 Waivers and Flexibilities, Georgia COVID-19 Waivers and Flexibilities, Hawaii COVID-19 Waivers and Flexibilities, Illinois COVID-19 Waivers and Flexibilities, Kansas COVID-19 Waivers and Flexibilities, Kansas Department of Health and Environment, Kentucky COVID-19 Waivers and Flexibilities, Kentucky Cabinet for Health and Family Services, Louisiana COVID-19 Waivers and Flexibilities, Massachusetts COVID-19 Waivers and Flexibilities, Michigan COVID-19 Waivers and Flexibilities, Minnesota COVID-19 Waivers and Flexibilities, Mississippi COVID-19 Waivers and Flexibilities, St. Louis Emergency Resources for Individuals and Families, Montana COVID-19 Waivers and Flexibilities, Montana Department of Health and Human Services, Coronavirus Relief Fund (CRF) Program Administration, Nebraska COVID-19 Waivers and Flexibilities, Nebraska Department of Health and Human Services, New Hampshire OVID-19 Waivers and Flexibilities, New Jersey COVID-19 Waivers and Flexibilities, New York COVID-19 Waivers and Flexibilities, North Carolina Department of Health and Human Services, North Dakota COVID-19 Business and Employer Resources, North Dakota COVID-19 Waivers and Flexibilities, Oklahoma COVID-19 Waivers and Flexibilities, Oregon COVID-19 Waivers and Flexibilities, Pennsylvania COVID-19 Waivers and Flexibilities, Rhode Island COVID-19 Waivers and Flexibilities, Richland County COVID-19 Pandemic Relief Grants, South Carolina COVID-19 Waivers and Flexibilities, South Dakota COVID-19 Waivers and Flexibilities, Tennessee COVID-19 Waivers and Flexibilities, Washington D.C. COVID-19 Waivers and Flexibilities, West Virginia Department of Health and Human Resources, Wisconsin COVID-19 Waivers and Flexibilities, Wyoming COVID-19 Waivers and Flexibilities, https://www.kff.org/coronavirus-covid-19/issue-brief/state-covid-19-data-and-policy-actions/, https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/covid-19-eidl, https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program, https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness, https://www.sba.gov/funding-programs/loans/covid-19-relief-options/sba-debt-relief, https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/small-business-tax-credit-programs, https://home.treasury.gov/system/files/136/ERC-Flyer-4.13.21.pdf, https://www.pgpf.org/understanding-the-coronavirus-crisis/coronavirus-funding-state-by-state?utm_term=covid-19%20program&utm_campaign=COVID+State+Tool&utm_source=adwords&utm_medium=ppc&hsa_acc=1523796716&hsa_cam=11185911289&hsa_grp=113208885521&hsa_ad=467197551728&hsa_src=g&hsa_tgt=kwd-904240186230&hsa_kw=covid-19%20program&hsa_mt=b&hsa_net=adwords&hsa_ver=3&gclid=CjwKCAjwqeWKBhBFEiwABo_XBvWlJ8GrSJTa3Hl_3zGDUHKsEqqp_ouCtDFX-pOUrJ7VPgCbpXutORoCQiQQAvD_BwE, Californias Coronavirus Mortgage Relief Program, Explained, Extra $600 in Unemployment is Over (And an Executive Order is Here). And heads of household wont receive a check if they make $136,500 or more. Cloud Small Business Development Center. We work across sectors with partners at all levels to drive inclusive economic growth that creates shared prosperity. A fee of .25% on the guarantee loan principal was be charged for each loan enrolled into the program. The translations should not be considered exact and should only be used as a rough guide. The Minnesota Department of Employment and Economic Development (DEED) established theMinnesota Small Business Loan Guarantee Programin response to COVID-19. From May 2020 through March 2021, Hennepin County provided more than 6,500 Small Business Relief grants totaling $69.9 million. The government offers these for those who either have a coronavirus medical diagnosis, or for those caring for a dependent or household member impacted by the virus or a virus-related shutdown. Coronavirus Small Business Relief for Minnesota, Minnesota Small Business Loan Guarantee Program, New Yorks Emergency Planning Process Sheet, Communicate with customers regarding business closures, reduction of hours, or maintenance changes, Diversify your suppliers or stock inventory with an adequate amount of supplies to last an extended period of time, Contact your insurance agent to review any business interruption policies that your business may have in place, Prepare a plan with your employees regarding present and future business actions regarding the virus, Determine whether your business is considered essential or nonessential. Funding sources included: $45.3 million in federal funds from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and $24.6 million in funding from the State of Minnesota Otto Bremer Trust Partnership Delivers $675,000 to Regional Small Businesses. For periodic state updates, visit the Minnesota Department of Healthwebsite. Chapter 1, Section 4 appropriating $60 million in federal Coronavirus Relief Fund (CRF) dollars and $2.5 million in state dollars from the Small Business Loan Guarantee Trust Fund account. NOTE: The State of Minnesota has issued a shelter-in-place executive order shutting down non-essential businesses starting at 11:59 p.m. on March 27 and extended to May 4. But so does the federal government. Be majority owned by a permanent resident of Minnesota. Businesses can also apply if they were restricted from operating in some capacity by an executive order during the pandemic for example, a bar or restaurant that had to close or limit capacity. These grants support businesses and owners who navigated severe disruptions and challenges over the past two years, and in many cases werent eligible for or able to access other forms of relief, said Brian Voerding, Initiative Foundation vice president for inclusive entrepreneurship. The organization says it offers food solutions specific to each callers needs. December 2022 Individuals have access to paid coronavirus sick leave and family leave benefits. Had at least $10,000 in taxable sales in 2019. Small Business Assistance Office Our Small Business Assistance Office places a special emphasis on providing the in-depth information that is so crucial to business success yet too costly for many businessmen and women to obtain on their own. Thanks to a special grant from the Otto Bremer Trust, one-time grants of up to $10,000 will be awarded to businesses that suffered pandemic-related disruptions and losses. As of March 18th, 2020, the federal government is providing certain workers paid sick leave in the event that they are ill, quarantined, or seeking medical care. March 2020 To apply, a small business is required to have: The Minority Micro-Grant has no requirements and provides $100 grants to one small business per month. The 2020 effort ended with $7.4 million awarded to 742 small businesses. December 2021 Read more about the SBAs Economic Injury Disaster Loan Program to see if your small business qualifies. The American Rescue Plan extended the Employee Retention Credit through December 2021. Minnesota has implemented several relief programs to benefit its employees and small business owners adversely affected by COVID-19.

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