Important Business Information in relation to COVID-19

During this unpredictable time, BLAEDC staff would like to let you know that we are still here for you! There are a few resources we would like to share with our community at this time. We will continue to update these resources as more become available.

Please do not hesitate to contact us with your business questions and concerns.

Thank you!

Economic Injury Disaster Loans will be issued directly from SBA’s Office of Disaster Assistance.

Phone: 1-800-659-2955
E-mail: disastercustomerservice@sba.gov

Information on Disaster Loans: https://mn.gov/deed/newscenter/press-releases/#/detail/appId/1/id/424149https://disasterloan.sba.gov/ela/

Coronavirus (COVID-19) Small Business Guidance & Loan Resources: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

More information on SBA Loans: https://www.sba.gov/funding-programs/loans

MN SBA District Office Update: https://mailchi.mp/mbfc/update-from-the-mn-sba-district-office?e=a6ee885789

Express Bridge Loan Pilot Program Now Available

Phone: 320-258-5000

Express Bridge Loan Pilot Program (EBL) allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

A couple points from the EBL Guide:

  • EBLs can only be made by SBA Express Lenders that had a valid supplemental loan guaranty agreement SBA Express Program in effect as of the date of the disaster (3.13.20)
  • SBA Express Lenders may only make EBLs to eligible small businesses with which the lender had an existing banking relationship on or before the date of the applicable disaster

Please review all of the EBL program guidelines in the Express Bridge Loan Guide HERE (https://www.sba.gov/document/support–express-bridge-loan-pilot-program-guide)

Business and Civic Community Resources

Business/ Worker with general questions about how COVID-10 affects business, consult https://mn.gov/deed/newscenter/covid/

What does state governmnet have to offer busiensses so far: https://mn.gov/deed/newscenter/press-releases/?id=423790

https://www.uimn.org/applicants/needtoknow/news-updates/covid-19.jsp

 

COVID-19 and Unemployment Benefits

Phone: 1-877-898-9090 (TTY: 1-866-814-1252)

Unemployment Insurance Facts: https://mn.gov/deed/newscenter/press-releases/?id=423352

APPLY ONLINE for unemployment benefits: https://www.uimn.org/
https://www.uimn.org/applicants/needtoknow/news-updates/covid-19.jsp

Tax Relief

Phone:

  • Individuals 1-800-829-1040
  • Businesses 1-800-829-4933
  • Non-profit taxes 877-829-5500
  • TTY 1-800-829-4059

More Contact Information: https://www.irs.gov/help/telephone-assistance

Tax Deadline Postponed: https://www.wsj.com/articles/u-s-postpones-april-15-tax-deadline-for-90-days-for-millions-of-americans-11584463242

Caronavirus Tax Relief: https://www.irs.gov/coronavirus

Information on delaying your sales and yuse tax payments: https://www.revenue.state.mn.us/sales-and-use-tax

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