On Friday, the CARES Act was signed into law.
This legislation includes a number of new measures to support small businesses – joining the programs already in place to respond to the coronavirus pandemic.
Below are some of the financing programs that may be of interest to business owners:
- S. Small Business Administration Economic Injury Disaster Loan Program
- sign up for trainings,
- view a training PowerPoint presentation, and
- view a training video.
Minnesota Department of Employment and Economic Development’s Small Business Emergency Loan Program
Wisconsin Economic Development Corporation’s Small Business 20/20 Program
- provides grants to existing CDFI loan clients
The City of Saint Paul’s Bridge Fund for Small Businesses
- expected to be approved on April 1st
- signed into law on Friday
- includes the Paycheck Protection Program Loans (U.S. Chamber of Commerce Guide and Checklist), Small Business Debt Relief Program, Economic Injury Disaster Loans and Emergency Economic Injury Grants, Counseling and Training, supports for those contracting with the government, and small business tax provisions
- the U.S. Senate Committee on Small Businesses and Entrepreneurship has an excellent explanation of the Act’s provisions for small businesses and a more detailed guide to those provisions
Please Note: The CARES Act states that under the Small Business Debt Relief Program, the SBA will cover loan payments on SBA 504 loans, including principal, interest, and fees, for six months.
We do not yet know the details on how this will work. We will reach out when additional details from the SBA are available.
A number of organizations have compiled additional information regarding unemployment, tax, and other programs for small businesses related to the pandemic, including:
- Minnesota Chamber of Commerce
- Saint Paul Area Chamber of Commerce
- Minneapolis Regional Chamber of Commerce
- Greater St. Cloud Development Corporation
- Greater Fergus Falls
- Duluth Area Chamber of Commerce
- Rochester Area Economic Development Inc.
We will continue to share information as it becomes available.
In the meantime, please be well.
This is meant for educational purposes only. The information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to the accuracy and is not intended to be used as the basis for any investment decisions. The information presented does not constitute a solicitation for the purchase or sale of any security and is not a recommendation of any kind. Please consult your financial advisor before making financial decisions.