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COVID-19 Business Loans?FederalSBA Economic Injury Disaster Loan (EIDL) ProgramProvides small businesses with working capital loans (up to $2 million) that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.????????????? Application: ????????????? More Info: on Economic Injury Disaster LoanProvides the ability to obtain a $10,000 emergency grant within 3 days after submission of an application for an SBA Economic Disaster Loan.????????????? Application: Check box on EIDL application????????????? More Info: Express Bridge LoanAllows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.????????????? Find an Express Bridge Loan Lender: ????????????? More Info: Protection ProgramProvides 100% federally guaranteed loans (up to $10 million) to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.????????????? Application: ????????????? More Info: MN Small Business Guidance: Small Business Emergency LoanAssist small businesses (up to $35,000) directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic.????????????? Application: ????????????? More Info: Emergency Childcare Grants$29,964,000 appropriated for monthly grants up to $4,500 for eligible childcare facilities ????????????? Application: ????????????? More Info: Business Loan Guarantee ProgramA program to support the origination of small business loans that are expected to be made to Minnesota businesses by a QED lender (80% guaranteed, MN currently looking for lenders)????????????? Application: Not available yet????????????? More Info: Not available yet????????????? ?LocalCity of Rochester’s Covid-19 Emergency Economic Development Fund Loan Program (Must submit application by April 3)Interim financial aid (up to $25,000) to help keep businesses operating and a part of the tax base once the pandemic is over, and be able to support their employees in times of declining or no business.????????????? Application: (email completed application to: RochesterELP@)????????????? More Info: Loan Funds$28 million available to cities to extend towards local businesses if they wish to.Application: Contact your local government directly to determine if any funds are availableMore Info: Paul Bridge Loan$7,500 grants for immediate business expensesApplication: Not approved yet. To be voted on April 1st More Info: Your Employees?MN Shared Work ProgramYou submit an application and a list of the selected employees that will work reduced hours during a temporary slowdown. They are paid unemployment benefits to offset part of their reduced wages.????????????? Application: ????????????? More Info: ................
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