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COVI D-19 SMALL BUSINESS RESOURCES ICU WASHINGTON COUNTY Community UDevelopment Agency TO BUSINESS self-employed persons), private non-profit origination date of the loan on: - Smoother application process organization or 501(c)(19) veterans organizations. payroll costs, interest payment on - No Personal Guaranty Businesses in certain industries may have more than any mortgage incurred prior to - Minnesota SBA Approved Lender 500 employees if they meet the SBA's size standards February 15, 2020, payment of rent for those industries. on any lease in force prior to February 15, 2020, and payment on any utility for which service began before February 15, 2020. 1. Have been established before March 13, 2020. No payment of 2. Must have 15,000 employees or fewer or principal will be have had an annual revenue in 2019 of less required during the than $5 billion. first two years of 3. Must not be a type of business ineligible to The interest the loan, and no receive Paycheck Protection Plan (PPP) funds, rate for the payment of interest except with regards to number of employees. loans in each will be required 4. Be "created or organized in the United States program during the first year SBA Main Street Loan Small Business Association or under the laws of the United States with significant operations in and a majority of its Between $250,000 and $300 million facility is the adjustable rate of the loan. Under the programs, 15% Apply with your local SBA Lender Program employees based in the United States." of LIBOR (one- of the principal will 5. Have not participated in the Primary Market or three- be due at the end Corporate Credit Facility (PMCCF). month) plus of years three and 6. Not have received "support pursuant to the 3%. four, and a balloon Coronavirus Economic Stabilization Act of payment of 70% of 2020 (Subtitle A of Title IV of the CARES principal will be Act)."2 That is the section that provides $500 due at the end of billion of loans to large businesses. year five. These loans can provide economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used Any business in operation before March 13, 2020, that Not to Exceed to bridge the gap while applying for a SBA Express Bridge Small Business meets the SBA's Size Standards (predicated or NAICS Up to $25,000 o Prime + 6.5/0, No 7 years N/A No direct SBA Economic Injury Disaster loan. Loan (EBL) Administration code and annual revenue). fixed, variable If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Contact your Lender Updated April 22, 2020