This program provides low interest, long term Economic Injury Disaster Loans for up to $2 million and can include a onetime immediate grant of $10,000 contingent on eligibility and availability. The first payment on loans is deferred for 12 months. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75% and the loans can be extended over 30 years.
Businesses applying for an EIDL loan can request up to $10,000 to be disbursed immediately in the form of an emergency grant. The amount need not be repaid, regardless of the loan decision.
The application has been simplified and can be completed 100% online through the improved web portal at sba.gov/disaster.
Yes you can apply to both. However, when determining loan forgiveness under PPP, assistance you receive from EIDL is taken into consideration.
The PPP is a forgivable loan program for small businesses to encourage them to maintain their payrolls. The loan will be forgiven as long as the loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and employee and compensation levels are maintained during that 8 week time period.
You will apply directly through a participating lender. Please talk to your lender and they can assist you.
Yes. You can receive the loan, rehire your employees and use the proceeds of the loan to pay for the payroll and other eligible cost. To receive forgiveness on the loan you must rehire your employees by June 30, 2020 and maintain head count and compensation levels for 8 weeks after you receive the loan.
This is a new program that covers those who do not qualify for regular Unemployment Insurance benefits, such as independent contractors and self-employed people. It is in the process of being implemented. When it is implemented you apply directly with the Minnesota Unemployment Office at uimn.org.
Due to a high volume of inquires please wait until more information is available before contacting uimn.org. More information will be available soon.
Yes. Please refer to the specific programs for details on how PUA may or may not effect loan forgiveness for PPP or SBEL programs.
Yes. However any loans or grants received subsequent to the SBEL proceeds should be used, when allowed by the lender, to pay off the SBEL. See the Small Business Emergency Loan site for more details.
The Minnesota Small Business Emergency Loan program was established following Executive Order 20-15. It will assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic.
The Minnesota Department of Employment and Economic Development now offers the Minnesota Small Business Loan Guarantee Program. This program enables a small business to obtain a term loan when it cannot otherwise qualify for a loan.
Once a business has applied and been approved for an SBA EIDL loan, if they need additional money, they can contact the SBA to obtain an increase in their loan amount rather than apply for multiple loans.
These resources are meant to help you determine eligibility for Critical Sector worker exemptions for your employees and to answer other questions you may have.
When workers file for Unemployment Insurance they are asked to report if they have been laid off due to COVID-19. UI will ensure that taxpaying employers are not charged for benefits paid to these workers. There is no need to contact the UI office to let us know about these charges. You can still raise an issue if you have any other concerns.
Minnesota’s UI trust fund currently has a healthy amount of funding in it. We know we’re facing a surge in applications and will model this carefully. The federal government is currently considering providing additional emergency funds to all states. When states trust fund run dry, they can apply for 0% interest loans from the federal government.
Tips reported by an employee to the employer are wages and will be counted toward their Weekly Benefit Amount.
Employers experiencing a slowdown in their businesses or services as a result of the coronavirus impact on the economy may apply for the Unemployment Insurance Shared Work Program. This program allows employers to seek an alternative to layoffs - retaining their trained employees by reducing their hours and wages that can be partially offset with UI benefits. Workers of employers who are approved to participate in the Shared Work Program receive the percentage of their weekly UI benefit amount based on the percentage of hours and wages reduced, not to exceed 60 percent. Visit Shared Work Program to learn more about its benefits for employers and employees, and how to apply.
Employers planning a closure or major layoffs as a result of the coronavirus can get help through the Rapid Response program. Rapid Response teams will discuss your needs with you, help avert layoffs if possible, and provide services to assist workers facing job losses. For more information, visit DEED's Rapid Response page or call 1-866-213-1422.
If the Governor does order more restrictions on activities, he will do an assessment of essential activities that will not be restricted and there will be opportunities for businesses to submit requests for clarification on activities that may not be explicitly mentioned in the order.
CareerForce – Minnesota’s career development and talent matching resource – remains open for business by phone, email and online. Our Business Navigators can offer creative solutions on reaching workers in today’s environment. Our employer navigators and CareerForce specialists are here to support any employment need you have. We have a team of professionals who can answer your questions and connect you to resources. Although many of our physical locations are closed, our staff are online and ready to help. Although many of our physical locations are closed, our staff are online and ready to help. We also encourage companies that are hiring to post their open positions on the state’s no-fee job bank, MinnesotaWorks.net. Those positions are visible to thousands of career seekers across the state. Those positions are visible to thousands of career seekers across the state. Details on how to post jobs.
The Office of Broadband Development at DEED is gathering links and contact information for companies with service options related to COVID-19 response. This list is on the Broadband website and will be updated, as our office receives new information.
The Office of Broadband Development at DEED has also gathered a list of broadband providers by school district.
Businesses and manufacturers that would like to offer resources or supplies should email firstname.lastname@example.org. SEOC staff will review the submission and reach out.
Businesses and employers can visit the Centers for Disease Control and Prevention website for help with preparing for and responding to COVID-19.
The U.S. Department of Labor has developed some guidelines for how companies can prepare their workplace for COVID-19.
For information on protecting workers and slowing the spread of COVID-19, refer to guidance from the Minnesota Department of Health, measures include telling sick workers to stay home, offering remote work options and increasing space between workers on the job.
A list of all communications related to COVID-19 from DEED is located on our News page.