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

Paycheck Protection Program (PPP)

The PPP provides Small Business Administration (SBA) guaranteed loans up to a maximum amount of $10 million to eligible businesses, which can be partially forgivable, to encourage businesses to retain employees through the COVID-19 crisis by assisting in the payment of certain operational costs.


Woodlands National Bank is a preferred lender for the SBA and will be ready to assist you with these loans when they become available which could be as soon as April 3, 2020.


To prepare, please review the documents below and complete the application.

 

COVID-19 Economic Injury Disaster Loan (EIDL):
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 have long-term repayment options, up to a maximum of 30 years.
     

  • The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily expands eligibility for SBA economic injury disaster loans (EIDL) and provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within 3 days of applying for an SBA Economic Injury Disaster Loan (EIDL).  To access the advance, you first apply for an EIDL and then request the advance. The $10,000 advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments. 
     

  • 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://covid19relief.sba.gov/#/

MN DEED LOANS:

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

 

      


STAY UPDATED!

 

  • SBA shares additional information as it becomes available via their newsletter. Sign upat www.sba.gov/updates.
     

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

 


DETAILED INFORMATION

 


ADDITIONAL RESOURCES (links located by clicking underlined titles below)