We will update this page with information and links for programs and resources that may be of assistance to your organization.
Please contact your banker for assistance navigating these loan programs. They are here to assist you during these challenging times.
Federal Coronavirus Relief Package - CARES Act - Paycheck Protection Program Loans
Through the CARES Act, a $2 trillion coronavirus relief and stimulus package, $349 billion in loan funds were allocated for the SBA Paycheck Protection Program (PPP) for affected small businesses. An additional $310 billion was allocated for Round 2 of the PPP.
The U.S. Chamber created a Coronavirus Emergency Loans Small Business Guide & Checklist to help small businesses understand if they are eligible for CARES Act loans.
The latest PPP Loan information and resources from the SBA and Treasury Department, including the PPP loan forgiveness applications, are available here: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
Northeast Bank is now accepting PPP Loan Forgiveness applications with the required, supporting documentation. There are three potential PPP Loan Forgiveness applications available. Please contact your lender to discuss which one fits your situation.
|Anoka County Business and Non-Profit Relief Grants||Locally owned and operated with a physical location in Anoka County.
Owned by a Minnesota resident.
In good standing with the Secretary of State and the Minnesota Department of Revenue.
Able to demonstrate financial hardship due to COVID-19.
Employers of 50 or fewer workers.
Operating for at least 12 months prior to March 1, 2020.
Corporate chains and multi-state chains are ineligible for this funding.
Non-profits must be a 501(c)(3) or 501(c)(19) veteran’s organization
|Hennepin County Small Business Relief Programs||
Hennepin County is announcing the availability of $10 million towards a new round of emergency funding for small businesses impacted by COVID-19. Eligible small businesses may apply for grants of up to $15,000 to support emergency relief and costs associated with reopening under public health guidelines.
To qualify, businesses must:
|Ramsey County Small Business Relief Fund||Ramsey County is providing emergency assistance to small local businesses adversely impacted by the COVID-19 pandemic. Applications will be accepted for the Small Business Relief Fund, providing grants of $7,500 to small businesses most in need of support.|
|Minneapolis Foundation - One Minneapolis Fund||OneMPLS Rebuild will support organizations serving Minneapolis businesses led by Black, Indigenous, and people of color who were in financial distress due to the COVID-19 pandemic, and who are now facing additional hardships as a result of the civil unrest following the killing of George Floyd.|
|St. Paul Bridge Fund||The City of St. Paul has established the Saint Paul Bridge Fund to provide emergency relief for small businesses operating in St. Paul that have gross revenue of $2 million or less, and had their revenues significantly impacted by at least one of the Governor's COVID-19 executive orders.|
SBA Offers Assistance to Minnesota Businesses Impacted by Civil Unrest
Minnesota businesses and residents affected by the civil unrest from May 27 through June 8, 2020, can apply for low-interest disaster loans from the U.S. Small Business Administration. The SBA made the loans available in response to a letter from Minnesota Gov. Tim Walz on July 31, requesting a disaster declaration by the SBA. The declaration covers Hennepin County and the adjacent counties of Anoka, Carver, Dakota, Ramsey, Scott, Sherburne and Wright in Minnesota.
To this end SBA has opened a Virtual Disaster Loan Outreach Center (VDLOC) to help survivors apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloanassistance.sba.gov/ and there are virtual customer support representatives available to assist applicants with completing the online application.
Minnesota Small Businesses are Eligible for SBA Economic Injury Disaster Loans
Minnesota's small businesses can now apply for an SBA Economic Injury Disaster Loan Program at SBA.gov/disaster.
- The program provides low-interest loans of up to $2M to small businesses and private non-profits.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills.
- The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%.
- These loans have long-term repayment options, up to a maximum of 30 years.
The SBA’s Minnesota District Office has a recorded training available that covers program eligibility, use of proceeds, terms, filing requirements, and additional small business resources. You can access a recording of this training 24/7 here.
Visit www.sba.gov/mn for information on other resources available to help small businesses during this challenging time.
Organizations are encouraged to apply for these loans online for faster processing. Detailed instructions are available here.
Be aware of scams! Unfortunately, scammers are already trying to profit off the businesses trying to get an Economic Injury Disaster Loan. Please note:
- There is no immediate deadline for an EIDL application
- It does not cost anything to apply - no credit card is needed for the process
- The SBA does NOT ask for money to complete the loan application
If the SBA does contact you for additional information, they will NOT ask you to email it. All PII will be collected through their secure online portal or Dropbox.
Please be wary of scammers and when in doubt, contact the SBA's Disaster Office for confirmation of any requests that you receive. By Phone: 1-800-659-2955 (TTY/TDD: 1-800-877-8339)
MN DEED Creating a Small Business Emergency Loan Program
The MN Department of Employment and Economic Development (DEED) has established a loan program to assist small businesses directly and adversely affected and whose industry was named in Executive Orders 20-04 and 20-08.
- This program will make $30 million available from special revenue funds
- Loans will be offered at 0% interest with a 5-year term. In some cases, up to 50% of the loan will be forgivable.
- Loans are available for the amount $2,500-$35,000 and will be facilitated through a network of 23 lenders throughout the state.
- Northeast Bank has relationships established with these approved lenders for this program:
Your banker can help you navigate this process.
MN DEED has also published a Guide for Minnesota Small Businesses Who Need Help
Nonprofit Emergency Assistance Programs
Minnesota-based Nonprofits looking for assistance due to COVID-19-related challenges can explore these programs and resources:
- Minnesota Council of Nonprofits: minnesotanonprofits.org/covid-19-what-nonprofits-should-know
- Minnesota Disaster Recovery Fund – MN Council on Foundations https://mcf.org/minnesota-disaster-recovery-fund-coronavirus
- MN Dept. of Health: - COVID–19 Health Care Response Grant - RFP to be posted the first week of April
- Dunkin’ Joy in Childhood 2020 Emergency Funding [email protected]
- Otto Bremer Community Benefit Financial Company Emergency Fund:https://ottobremer.org/emergency-fund/
- Open Road: [email protected]
- Open Your Heart: [email protected]
- Richard M. Schulze Family Foundation: LOI due April 24, 2020 schulzefamilyfoundation.org/how_to_apply/resources_for_organization_grant_writers/coronavirus_relief
- No Kid Hungry: nokidhungry.org/coronavirus-grant-request
- Transportation Minnesota Food Shelf Program: COVID-19 Response Fund to Support Food Transport and Distribution Services
- Metropolitan Regional Arts Council - Emergency Relief Fund - Accepting Applications
Fox Advancement has consolidated a list of COVID-19 funding opportunities and resources for nonprofits: https://www.foxadvancement.com/fox-covid-19-resources
New Law Requires Small Businesses to Provide Paid Leave
The Families First Coronavirus Response Act passed late March offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. This will enable companies to help their employees financially while navigating COVID-19 related shutdowns.
Here are the details of the new law’s benefits:
- Paid Sick Leave for Workers: Employees of eligible employers can receive two weeks (up to 80 hours) of paid sick leave at 100% of the employee’s pay where the employee can’t work because the employee is quarantined and/or experiencing COVID-19 symptoms and seeking a medical diagnosis.
- Other Paid Leave for Workers: Employees can receive two weeks (up to 80 hours) of leave at two-thirds the employee’s pay if they need to care for someone in the following situations:
- An individual subject to quarantine
- A child whose school is closed or childcare provider is unavailable for reasons related to COVID-19.
- Extended Leave: In some instances, an employee may receive up to an additional ten weeks of expanded paid family and medical leave at two-thirds the employee’s pay.
- Companies will get paid back: Businesses who pay employees the mandatory sick and childcare leave according to the new law will get completely reimbursed through a payroll tax credit.
The Department of Labor has provided information about the new Families First Coronavirus Response Act here: dol.gov/newsroom/releases/whd/whd20200324