The US SBA and MN DEED are now offering COVID-19 Small Business Emergency Loans

U.S. SBA LOANS:
The SBA will make loans of up to $2 million available to eligible small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).


     -These loans can go toward working capital to meet needs including payroll, accounts payable, and                 fixed debt payments that can’t be paid due to the COVID-19 pandemic.
      -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.


You can apply online directly through the SBA website: https://disasterloan.sba.gov/ela/

MN DEED LOANS:

DEED has established a Small Business Emergency Loan program to assist Minnesota small businesses that are adversely affected by COVID-19. 

 

      -Offering interest-free loans from $2,500 to $35,000.

      -Repayment terms are up to five (5) years and the first payment can be deferred up to six (6) months.

      -Applications available online: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
 


STAY UPDATED!
- SBA shares additional information as it becomes available via their newsletter. Sign up
at www.sba.gov/updates.


- The SBA Minnesota District Office will also be posting information on Twitter
(@SBA_Minnesota) as it becomes available.

 


DETAILED INFORMATION

- For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
 

- For information on all federal programs, visit www.usa.gov/coronavirus.

 


ADDITIONAL RESOURCES (links located by clicking underlined titles below)

- 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.