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Self-employed individuals and independent contractors became eligible on April 10 to apply for the Paycheck Protection Program, or PPP. The loans are available to cover up to eight weeks of average monthly payroll plus 25%.
Highlights:
- maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years.
- Eligible recipients may qualify for a loan determined by eight weeks of prior average payroll. Payroll costs include salary, commissions, tips; certain employee benefits including sick leave and health care premiums, and state and local taxes.
- There is no collateral required, no SBA fees, no personal guarantees, and no credit elsewhere test.
- Loan payments will be deferred for six months.
- SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
- The program will be available through June 30.
- Business owners can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Find a Minnesota PPP lender here.
Find PPP program details, FAQ's, guidance for faith based organizations, and more, as well as other SBA relief programs at www.sba.gov/coronavirus.
The USDA has put together a resource matrix that organizes funding opportunities identified in the CARES Act and other federal resources that can help support rural America. You can find it here.
Small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. Join us and learn about the Payroll Protection Program, as well as SBA’s Economic Injury Disaster Loan and Advance Program, and more. There will be a short presentation followed by a moderated Q&A session. After registering you will receive the Skype webinar log in information.
Tuesday, April 14
9 a.m.; Register
or 2:30 p.m.; Register (in Spanish)
Wednesday, April 15
1 p.m.; Register
or 6 p.m.; Register
Thursday, April 16
1 p.m.; Register
or 6 p.m.; Register (in Spanish)
Friday, April 17
9 a.m.; Register
or 1 p.m.; Register
After registering you will receive the Skype webinar log in information.
If you are unable to register, please sign up for a wait list spot. We will accept as many wait listed people as possible to each session.
Stay tuned for training registrations for next week coming soon!
Local governments are stepping up to help small businesses in their areas weather the economic crisis caused by coronavirus. Here's a small sample of what's being offered:
We highly recommend you search out the state and local area websites and sign up for newsletters to stay informed of what's being offered by your local municipalities to help meet the needs your small business has right now.
We will continue to share additional resources as they become available. This is by no means an all-inclusive list, but we hope it gives you a good starting point to get the help you need to deal with the crisis at hand.
Local Partner Info
Federal Program Info
For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
If this newsletter was forwarded to you, sign up now to make sure you get additional information as it becomes available via sba.gov/updates. Be sure to add your MN zip code so that you receive our newsletter and not another office's.
We will also be posting information on Twitter (@SBA_Minnesota) as it becomes available. Join us there.
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