Resources for Small Business Owners:

  • If your business remains open at this time, continue to follow best practices published by the Minnesota Department of Health to keep your employees and patrons safe.

  • Explore the Small Business Administration’s COVID-19 hub for information on available loans and assistance programs.

  • Sign up to receive SBA’s newsletter for updates at sba.gov/updates, and for information on all federal programs, visit www.usa.gov/coronavirus.

Minnesota is included in the Small Business Administration's Economic Injury Disaster Loan program. You can read more about the program in these slides and begin the application process here.

    • To apply for a COVID-19 Economic Injury Disaster Loan, click here.

    • In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

    • The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

The Small Business Administration is offering Express Bridge Loans. Learn more below:

  • 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 with less paperwork.

    • 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 loan 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 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

Other Resources: 

  • For more information about the Essential Critical Infrastructure Workforce, you can read the Director Cybersecurity and Infrastructure Security Agency's (CISA) guidance document, here.

  • Follow these strategies from the United States Chamber of Commerce to help your business weather this outbreak.

  • U.S. Department of Labor Fact Sheet for Employers 

  • Guidance for small businesses can be found on the Small Business Administration's website.

  • Sign up for updates from the Small Business Administration here

  • For detailed information on SBA programs for the coronavirus, visit their website and for information on all federal programs, visit here

Access to Capital:

SBA is providing a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit: https://www.sba.gov/funding-programs/loans.

  • 7(a) program offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners for eligible small businesses within the U.S. States and its territories. The uses of proceeds include working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit; inventory; or starting a business.

  • Express loan program provides loans up to $350,000 for no more than 7 years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.

  • Community Advantage loan pilot program allows mission-based lenders to assist small businesses in underserved markets with a maximum loan size of $250,000. The uses of proceeds are the same as the standard 7(a) loan.

  • 504 loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.

  • Microloan program involves making loans through nonprofit lending organizations to underserved markets. Authorized use of loan proceeds includes working capital, supplies, machinery & equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000 with the average loan size of $14,000.

  • For more resources for small businesses, including SBA Debt Relief, export assistance, government contracting, local assistance, and other SBA Products and Resources, please go to the U.S. Small Business Administration’s COV-19 Resources Page.

Resources for Employees:

Resources for the Self-Employed:

Contacts:

  • Minnesota Department of Health COVID-19 Hotline: (651) 201-3920

  • Business Impacts Hotline: (651) 297-1304

  • SBA Office of Disaster Assistance: (716) 843-4100

  • SBA Local Assistance Contact Finder