COVID-19 Business Updates
MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT (DEED) UPDATES
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. More information can be found at their website linked here.
On Friday, March 20, the U.S. Treasury Department, IRS and U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them for the cost of providing COVID-19 related leave to their employees. Additional guidance, including how to claim the credits in advance, is being prepared and will be posted to the Coronavirus Tax Relief page on IRS.gov as soon as it is available.
WHAT’S HAPPENED SO FAR?
The SBA will be providing small business assistance through the Economic Injury Disaster Loan (EIDL) program. This program can provide low-interest loans of up to $2 million to businesses and private non-profits. It’s important to recognize that the state has not yet received a disaster declaration, so loans are not yet available to Minnesota businesses and non-profits.
SBA is working with the State of Minnesota to support their efforts to submit the Governor’s request for a declaration as quickly as possible. That process has just been simplified by the SBA’s Administrator and we expect authorization to come through very soon. When it does, we will be making announcements and sharing information on how to apply online via our newsletter, Twitter and partners.
For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
FROM OUR PARTNERS AND OTHER AGENCIES
- SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
- WomenVenture is open, ready to help and has created a COVID 19 Update Hub with details.
- Minnesota DEED has created a Covid 19 webpage with Minnesota specific information to help small businesses.
- For information on all federal programs, visit www.usa.gov/coronavirus or https://www.usa.gov/espanol/coronavirus (en Español).
- The IRS has established a web page to help taxpayers, businesses and others affected by the coronavirus.
- The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave
- New guidance outlines flexibilities that states have in administering their unemployment insurance programs to help Americans affected by coronavirus.
If a situation occurs that will prevent small businesses with federal government contracts from successfully performing, they should reach out to their contracting officer and seek extensions before they receive cure notices or threats of termination. SBA’s Business Opportunity Specialist Shaun McClary can help affected small businesses engage with their contracting officer.