US SBA's COVID-19 for Small BusinessesSBA’s Office of Disaster Assistance and the Minnesota District Office are coordinating with the state of Minnesota DEED to expedite the request for approval of Economic Injury Disaster Loan assistance. This effort was included in the Minnesota Governors press conference yesterday and is being included on DEEDs website: https://mn.gov/deed/newscenter/covid/
Once the declaration is approved and support is available it will be widely announced for eligible Minnesota entities.
The SBA’s Economic Injury Disaster Loan program provides small businesses and private non profits 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.
- Find more information on available resources and the SBA’s Economic Injury Disaster Loans at: gov/Disaster and SBA.gov/coronavirus
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to eligible small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
- Minnesota Department of Employment and Economic Development Covid webpage with Minnesota specific information
- 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.
- SBA Local Assistance website to find technical assistance providers in your area
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