MN small businesses NOW eligible for SBA disaster loans
The COVID-19 pandemic has affected everyone in our economy, but we know small businesses have been particularly hard hit. That’s why Governor Walz requested an Economic Injury Disaster Loan declaration from the SBA earlier this week (March 26, 2020).
Small Business Emergency Loans
Following Executive Order 20-15, DEED has established a loan program to 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. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time.
Businesses should apply directly through a certified lender. A list of lenders and application materials are available in the tabs. Nonprofits are not eligible for this program.
The program is still being developed and loans will be available soon.
Sales Tax Payment Extension for Eligible Businesses
In line with the state’s continued response to COVID-19, the Minnesota Department of Revenue is granting a 30-day Sales and Use Tax grace period for businesses identified in Executive Order 20-04. During this time the department will not assess penalties or interest.
Identified businesses with a monthly Sales and Use Tax payment due March 20, 2020, have until April 20 to make that payment. These businesses should still file their return by March 20.