The following is a list of current relief packages that small business may use during the Coronavirus outbreak. The Northfield Economic Development Authority (EDA) encourages all to support our impacted businesses directly by using the take-out and delivery options.
The SBA is preparing to unload $50 billion to states and U.S. territories by offering low-interest federal disaster loans for working capital. The SBA is working with each state’s governor to issue relief packages to the state’s small businesses. No definitive period has been given as to when this will occur in Minnesota. This is a fluid issue and will be evolving daily. Please stay up to date.
News release: SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
Disaster Assistance in Response to the Coronavirus
Small Business Guidance & Loan Resources
The Department of Employment and Economic Development is working with the Governor’s Office to receive SBA funding through the disaster declaration from the Federal government. This may take some time. However, once declared, businesses will have to apply directly through the SBA to receive relief. It is unclear at this time as to what the eligibility requirements are and what amount is being offered. DEED is collecting email addresses of those businesses being impacted. All potential impacted businesses should direct their inquiries to DEED.
DEED does have existing programs that may assist with small business through the Emerging Entrepreneur Program or Indian Business Loan Program. DEED gave permission for cities to use their MIF dollars for emergency loans.
DEED information for workers and employers
Emerging Entrepreneur Loan Program
Indian Business Loan Program
The state of Minnesota office for Unemployment Insurance offers assistance to employers avoid layoffs. The program offers paid unemployment benefits to offset part of employees reduced wages. Eligibility for this program requires that businesses UI Tax Account balance be paid in full, workforce of business cannot be seasonal or temporary, and owner/officer information must be up to date.
Email unemployment insurance questions and inquiries
Shared Work - alternative to layoff
The U.S. Chamber of Commerce put together a resource summary for small business to adhere to during the outbreak.
Resources to help your small business survive the coronavirus