Dear MLBA Members,
We are using this page to include a releases from MN Department of Economic Development, U.S Small Business Administration, MN Department of Commerce and other agencies as information on assistance comes in during this Covid-19 pandemic.
Here are the most important links for emergency and disaster loans:
- A Guide for MN Businesses that NEED HELP
- MN Economic Development – this link takes you to small business emergency loans:
- Federal SBA disaster loans:
- Handy Guide to the CARES Act small business relief provisions:
If you need a template for declaring you employee an “Essential Worker”: click here for a Word Document.
I want to pass along the attached information about the recent legislation passed. Every company with less than 500 employees impacted by the Covid-19 should apply for this! It is a loan at 4% for 250% of your monthly payroll and is totally forgivable if you don’t lay anyone off for two months. Other quick recommendations are:
- You can apply though your own bank if they are an approved SBA lender. If they are not or if they say they are working on getting approved, go to another bank.
- Some owners are having their bankers complete the forms for them. It wouldn’t hurt to check.
- As you start the process, set up a daily call with your banker until it is submitted.
- You will get better service from your bank if you are very thorough in providing all of the documentation needed.
Here is a link with more information about these SBA loans from the Federal Government: https://www.mlba.com/small-business-p…otection-program/
MN DPS to Extend Licenses During Emergency: Last updated: 04/3/2020
- Recent legislation directs the Department of Public Safety Driver and Vehicle Services (DPS-DVS) division to extend the expiration date for any valid driver’s license, instruction permit, operator’s permit, limited license, farm work license, identification card, and disability certificate that expires during the peacetime emergency. The expiration dates for these licenses will be extended for two months after the month the peacetime emergency ends.
- Driver’s Licenses/Permits/Identification Cards: DPS-DVS is updating records to reflect the extension. As a result, the expiration printed on the driver’s license, permit, or identification card will not match the expiration date displayed on the record. Affected records will have display the notation “EXPIRATION DATE EXTENDED BY EMERGENCY” when queried.
- Disability Certificates: DPS-DVS is updating records to reflect the extension. The expiration printed on the certificate will not match the expiration date displayed on the record. Affected records will have display the notation “EXPIRATION DATE EXTENDED BY EMERGENCY” when queried.
- Motor Vehicle Registration: Minnesotans are able to renew vehicle registrations online at drive.mn.gov and by mail during the peacetime emergency. As such, there are no extensions for expired or expiring vehicle registrations. Minnesotans have until the last day of the expiration month to renew their vehicle registration. They must display their registration stickers by the 10th of the following month.
Please also check back here often and also our Facebook Page for updates.
MLBA Executive Director
From 3/23/2020: News from DEED on Small Business Loans
** Added 4/1/2020:
A Guide for Minnesota Small Businesses Who Need Help – Click Here
Over the past few weeks, several state and federal programs have been announced to assist small businesses struggling during the COVID-19 pandemic.
Different programs make sense for different businesses, so we’re providing a summary guide to help small businesses quickly see which programs might be right for their situation.
View this new guide on the DEED website to see at a glance all the programs available now to businesses.
DEED Developments Blog • Click Subscribe to receive more information from DEED.
New Small and Independent Contractor Loan Program
The Governor and Department of Employment and Economic Development Peter Grove announced a small business and independent contractor loan program designed to be a resource that can be accessed quickly, even before Federal Small Business Administration loans are available.
The details of the program are:
- Eligible businesses are those impacted by Executive Order 20-04 relating to dine-in service restrictions at bars and restaurants and other public accommodation businesses.
- Loan amounts available range from $2,500 and $35,000.
- The loans are 50 percent forgivable with a zero percent interest rate.
- Move information on applying for these loans will be available later this week.
- The Executive Order also allows cities and counties to use State revolving loan funds to assist businesses.
- Click here for details.
Commissioner Grove mentioned that this action frees up $58 million in assistance for small businesses. He also mentioned that since last week the State has received 123,624 applications for unemployment. Click here to read Executive Order 20-15.
More information, such as how to apply, will be available in the next few days.
3/25/20 Update: The massive Federal $2 Trillion Coronavirus Bill has provisions in it for small business:
- Roughly $350 billion would go toward loans for small businesses.
- Companies with fewer than 500 employees could be eligible for up to $10 million in forgivable small-business loans to allow them to keep paying their employees.
- Small businesses that maintain payroll would be eligible for assistance for costs such as mortgage interest, rent and utilities.
- The bill has yet to be passed, stay tuned.
From 3/20/2020: News from SBA on Small Business Loans
Small Business Administration (SBA) sent this bulletin at 03/20/2020 09:57 PM EDT
- Minnesota Small Businesses Now Eligible For SBA Economic Injury Disaster Loan Program
- This Weekend: Loan Training for COVID-19 Related Economic Disruptions
- Info from SBA Partners and Sister Agencies
- Stay Updated
Minnesota Small Businesses Now Eligible For SBA Economic Injury Disaster Loan Program
Thanks to a concerted effort by the state of Minnesota and the SBA to contain the economic impact of Coronavirus, the state’s small businesses are now eligible for the SBA Economic Injury Disaster Loan Program and can apply for a loan on our website at SBA.gov/disaster.
- This program can provide low-interest loans of up to $2 million 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.
- Need help filling out the application? Access these step-by-step instructions
News from MN – DEED
We care deeply about your business and are actively working with state and federal partners on measures to assist businesses through this unprecedented time. The MN Dept. of Employment and Economic Development (DEED) is regularly connecting with business leaders from around Minnesota to offer information, hear their questions and ensure we are doing all we can as quickly as we can.
Click here for a 3/19/20 release on:
- U.S. Small Business Administration loans available soon
- Sales tax grace period
- Workplace Health and Safety
- Unemployment Insurance Shared Work Program
- Unemployment Insurance Information for Employers
- Lost Business Insurance Coverage
US Treasury Moves Tax Day Back 3 Months to July 15, 2020
The deadline for filing tax returns will be postponed three months, to July 15 because of the coronavirus outbreak, Treasury Secretary Steven Mnuchin announced today.
He urged people expecting refunds to file “now to get your money.”
So far, about half of taxpayers have filed returns, IRS statistics show.
Several states have also pushed back their filing deadlines for state taxes INCLUDING MINNESOTA, click here for a release from MN Dept of Revenue.
Congress Passes & President Signs Emergency Paid Sick Leave Program & Extended FMLA For Businesses Under 500 Employees
- President Donald Trump signed an emergency bill Wednesday to expand family and medical leave as well as guarantee paid sick leave for certain U.S. workers, including those employed by private entities or individuals who employ fewer than 500 employees, according to various media reports.
- The U.S. Senate passed the bill, titled the Families First Coronavirus Response Act, by a 90-8 vote earlier in the day. It was first passed in the U.S. House of Representatives on March 14, and a revised version passed Tuesday.
- The bill takes effect April 2, 2020, and it will sunset on Dec. 31, 2020.
- The text of the bill is here.
News from MN Dept of Commerce
Click here for a article on:
- Business Interruption Insurance and COVID-19
- What is business interruption insurance?
- Is my business covered for interruptions due to COVID-19?
Minnesotans with questions or concerns about business interruption insurance may contact the Minnesota Department of Commerce’s Consumer Services Center by calling (651) 539-1600. Please submit specific complaints regarding claims to our on-line portal.
Information on worker compensation, safety and health can be found at the Minnesota Department of Labor and Industry. http://www.dli.mn.gov/
The Minnesota Attorney General’s website is also a good resource to understand potential business risk due to fraudulent activities. https://www.ag.state.mn.us/