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