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COVID-19 SMALL BUSINESS RESOURCES <br />Program <br />Agency <br />Eligibility <br />Amount <br />Interest <br />Collateral <br />Terms <br />Deferral <br />Forgivable? <br />Use of Funds <br />Other/Notes <br />Requirements <br />Period <br />- Up to 3 to 4 weeks to process application <br />- Apply online <br />- $10,000 cash advance (maximum) <br />SBA Economic <br />Small Business <br />Small business or <br />° <br />3.75 /°-business <br />Security Interest <br />Up to 30 <br />Up to 12 <br />No, except for <br />Fixed debt, payroll, accounts payable, etc. that <br />- List of supporting financial documents requested <br />Iniury Disaster <br />Administration <br />non-profit <br />Up to $2M <br />2 75% non-profit <br />in Business <br />years <br />months <br />$10,000 loan <br />could have been paid if COVID-19 had not <br />_Approval can be based on credit score <br />Loan <br />Property <br />advance <br />happened. Apply to SBA directly <br />- Personal Guarantees for loans over $200k <br />- Apply at: httl)s://covid19relief.sba.gov/ <br />Yes (for <br />- Up to 1 to 2 weeks to process application <br />SBA Paycheck <br />expenses 8 <br />- Apply through an SBA -Approved Lander <br />Protection <br />Small Business <br />Small business or <br />Up to $10M <br />° <br />1 /° <br />No <br />2 years <br />Up to 6 <br />weeks after <br />Payroll, Interest on Mortgage, Rent, Utilities. <br />- Loan based on 2.5x average monthly payroll <br />Program <br />Administration <br />non-profit <br />months <br />getting the <br />Apply through a SBA approved lender. <br />- Smoother application process <br />loan) <br />- No Personal Guaranty <br />- Minnesota SBA Approved Lender <br />-Apply through a non-profit lender (available on <br />Small business <br />Be willing to <br />DEED's website) <br />Minnesota <br />effected by <br />provide <br />Partial <br />-Must also apply for SBA Economic Injury <br />Small Business <br />Department of <br />Minnesota EO 20- <br />$2500 to <br />collateral or <br />Up to 5 <br />Up to 6 <br />forgiveness <br />Disaster Loan assistance at the same time <br />Emergency Loan <br />Employment & <br />04 and 20-08 that <br />$35,000 <br />0% <br />personal <br />years <br />months <br />may be <br />Funds are available for working capital <br />-Are unable to qualify for a loan from a bank or <br />Program <br />Economic <br />have been <br />guarantee up to <br />available <br />credit union. <br />Development <br />operational for at <br />20 /° <br />-Must be current on financial obligations as of <br />least one year <br />March 1, 2020. <br />Apply at: MN DEED Fund <br />Technical Assistance <br />Metropolitan <br />Current and <br />Open to Business Website <br />Open to <br />Consortium of <br />perspective <br />Free advising and technical assistance on <br />Tyler Hilsabeck <br />Business <br />Community <br />entrepreneurs <br />business issues and lending options <br />(a_ <br />thilsabeckmccdmn.org <br />Developers <br />(612) 789-8838 <br />Small Business <br />Small Business <br />Small businesses <br />Free advising on pre -venture, start-up or <br />Development <br />Development <br />or perspective <br />established business services <br />Center <br />Center <br />Unemployment and Other Programs <br />Shared Work <br />Department of <br />Employment and <br />Minnesota <br />Workers work reduced hours, and the workers <br />Helps businesses and employees avoid a layoff <br />Program <br />Economic <br />businesses <br />are paid unemployment benefits to offset part <br />while keeping trained staff and increases <br />Development <br />of their reduced wages. <br />operations more quickly when conditions improve. <br />Department of <br />Workers <br />Unemployed workers should apply online using <br />Unemployment <br />Employment and <br />unemployed due <br />N/A <br />N/A <br />N/A <br />N/A <br />N/A <br />N/A <br />the schedule set out according to social <br />UI tax rate for businesses will not increase if <br />Insurance <br />Economic <br />to COVID-19 <br />security number. The waiting period has been <br />workers collect unemployment benefits <br />Development <br />waived. <br />Updated April 6, 2020 <br />