The success and survival of small and mid-size businesses of all kinds is essential for the health and prosperity of our region. Too Local To Fail provides relevant and essential resources for businesses to access as they pivot and make plans for the future. Below you will find a list of resources specific to business reopening. Many more can be found at www.mplschamber.com/toolocaltofail.
Governor Walz Turns The Dial; Loosens Restrictions on Businesses
Governor Walz's Executive Order 20-74 made significant moves for reopening the state. There are many restricions and procedures as a result. All businesses open without the current requirement to have a COVID-19 preparedness plan will be required to have one by June 29. Guidance documents can be found here: https://mn.gov/deed/newscenter/covid/safework/safe-reopening/.
CARES Act - SBA Loans
$300 billion have been made available to small-businesses via the Paycheck Protection Plan (PPP) and the Economic Injury Disaster Loan (EIDL) through the recent stimulus package. Recent changes have been made specifically to the PPP program as a result of recent legislation. To learn more about these modifications visit: http://ow.ly/Ed1V30qRFDF
As part of our “Too Local To Fail” effort, we want to help Minnesota small businesses be ready to apply for these dollars. Information about the SBA’s Paycheck Protection Program and other resources can be found here: https://www.mplschamber.com/sbas-paycheck-protection-program/
SBA - New Paycheck Protection Program Guidelines
-COVID-19 Relief Options: http://ow.ly/F63H30qT6eX
-How to calculate loan amounts: https://home.treasury.gov/system/files/136/How-to-Calculate-Loan-Amounts.pdf
-New Interim Final Rule Guidance: http://ow.ly/dArn30qT6fq
DEED - Small Business Relief Grants Program to Begin Accepting Applications on June 23
More than $60 million available in grants to small businesses affected by COVID-19
The Minnesota Department of Employment and Economic Development (DEED) has announced that the Minnesota Small Business Relief Grants Program -- which was approved by the Minnesota Legislature last week and signed by Governor Tim Walz on Tuesday – will begin accepting applications next week.
This program will provide $10,000 grants to small businesses that have been impacted by the COVID-19 pandemic. Businesses with 50 or fewer full-time employees are eligible. Half of the funding will go to businesses in Greater Minnesota and half to businesses in the seven-county Twin Cities metro area, as required by law.
Read more from DEED here: https://mn.gov/deed/business/financing-business/deed-programs/relief/