SBA News: COVID EIDL Enhanced, 2021 SBA Minnesota Lenders Announced, Upcoming Trainings on Labor Issues and More

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Minnesota District Office

u s small business administration


New Enhancement to SBA COVID EIDL Program

This week, the Administrator of the U.S. Small Business Administration announced major enhancements to the COVID EIDL program to better support small businesses impacted by the pandemic. Key changes include the following: 

  • Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt. 
  • Implementation of a Deferred Payment Period.  The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet. 
  • Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period. 
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt. 
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund. 

More than $150 billion in COVID EIDL funding is still available through the end of the year.  

Plus, eligible businesses in low-income areas can apply for up to $15,000 in grant funding through the COVID EIDL Targeted Advance and Supplemental Advance programs. Interested businesses can apply for all three programs at once through one streamlined application. 

Visit for more information about all COVID EIDL programs.

Lender Awards with flowers

Congratulations to the 2021 SBA Minnesota Lenders of the Year

At the SBA Minnesota Lenders Conference yesterday, Sept. 9, 2021, 11 lenders from across the state were honored for their commitment to helping small businesses succeed. The SBA’s ability to help small businesses access capital is tied to the country’s lending institutions and our partners’ ability and willingness to loan money to those struggling to get financing. 

Minnesota lenders recognized as having the highest participation in traditional SBA-backed loan programs in each category are:

Credit Union

Central Minnesota Credit Union

Lender with <$100MM in assets

Vantage Bank

Lender with $100MM > $500MM in assets


Lender with $500MM > $1B in assets

21st Century Bank

Lender with > $1B in assets

Sunrise Banks, N.A.

National Lender

U.S. Bank, N.A.

Export Lender

Minnwest Bank

Certified Development Company
(Job Creation)         


Certified Development Company
(Loan Volume)

Minnesota Business Finance Corporation

Microlender of the Year

Entrepreneur Fund

District Director Award

Community Reinvestment Fund, USA

The awards are based on each lender’s number of SBA-guaranteed approved loans in Minnesota from July 1, 2020, to June 30, 2021.  

SBA Awards $400,000 to Help Emerging Minnesota Micro-Entrepreneurs Gain Access to Capital

The Entrepreneur Fund and Initiative Foundation are each receiving a $200,000 grant from the U.S. Small Business Administration to provide direct technical assistance to low-income entrepreneurs and help them get financing to establish and expand their small businesses through the Program for Investment in Micro-Entrepreneurs, more commonly known as PRIME. This award will support Minnesota’s low-income entrepreneurs gain access to capital to establish and expand their small businesses. 

Learn more here.

Upcoming SBA Training

The SBA is hosting training webinars to provide SBA to help entrepreneurs and small business owners start, grow, expand, and recover. 

To learn more and register today, visit the links below:

  • SBA Grants for Global Expansion
    Sept. 9, 1 p.m.; Register
  • Veteran's Resource Brief
    Sept. 10, 10 a.m.; Register
  • SBA's 2021 National Small Business Week Virtual Summit 
    Sept. 13-15; Register
  • Doing Business with the States of MN, ND, SD
    Sept. 14, 9 a.m.; Register
  • Small Business Week Minnesota Panel - Resiliency and Pivots
    Sept 16, 11:30 a.m.; Register

  • Learn to Trade Series: Standards and Complying with Foreign Regulations
    Sept. 28, 1 p.m.; Register

  • Cybersecurity Maturity Model Certification, A Legal Overview
    Oct. 5, 9 a.m.; Register

  • Steps for Starting a Small Business
    October 13, 1 p.m.; Register
  • Finding and Retaining Employees (with MN DEED CareerForce)
    Oct. 22, 10 a.m.; Register

local assistance, resource partners, coronavirus, get free virtual counseling, mentoring, and training

SBA Resource Partner Trainings

  • Connecting Entrepreneurial Communities (SBDC and Entrepreneur Fund)
    Sept 10; Learn More
  • Getting Ready - For early-stage businesses (WomenVenture)
    Sept 10, 15; Learn More
  • Doing Business with the States of MN, ND, SD (PTAC)
    Sept. 14; Learn More

  • Preparing for Growth in Your GovCon Business (VBOC)
    Sept. 14; Learn More
  • Grow Your Business With Google Ads (SCORE)
    Sept. 14; Learn More

  • Form 8027 and Large Food and Beverage Establishments (IRS)
    Sept. 14; Learn More
  • Doing Business with the Federal Government (SBDC)
    Sept. 14; Learn More
  • Delegation for Success (SCORE)
    Sept. 15; Learn More
  • Double Your Sales Now While Working Less (SCORE)
    Sept. 15; Learn More
  • Digital Day - IRS' Online Services - Part II (IRS)
    Sept 16; Learn More
  • Powerful Websites (SCORE)
    Sept. 16; Learn More
  • DEED Main Street COVID Relief Grant Info Sessions (SBDC)
    Sept. 14,11:00 a.m.; Live MS Teams Link
    Sept. 20, 10:00 a.m.; Live MS Teams Link

  • DEED Main Street Small Business Grants Workshop (SBDC)
    Sept. 15, Learn More

  • Teaming, Joint Ventures, and Mentor-Protégé Relationships on Set-Aside Federal Contracts (VBOC)
    Sept. 16; Learn More

  • WomenVenture Services Overview
    Sept 16; Learn More

  • HR Basics: When Growing from Start-Up to 20+ Employees - Session 1 (SCORE)
    Sept 21; Learn More

  • Want to Access the Billions of Dollars within the Department of Energy? Here’s How! (VBOC)
    Sept. 21; Learn More

  • Intro to Social Media Advertising (SCORE)
    Sept. 21; Learn More

  • Accounting 101: Using QuickBooks Online (SCORE)
    Sept. 22; Learn More
  • Authentic and Effective Networking with our New Normal (BBB)
    Sept. 22; Learn More
  • Home Health Business Insurance (SCORE)
    Sept. 22; Learn More
  • Labor Shortage - Automation (SBDC)
    Sept. 22; Learn More

  • How to Engage and Position During Government Prospect Meetings (VBOC)
    Sept. 23; Learn More
  • Marketing Basics: What You Need to Know to Set Your Marketing Plan (SCORE)
    Sept. 23; Learn More
  • HR Basics: When Growing from Start-Up to 20+ Employees - Session 2 (SCORE)
    Sept. 28; Learn More

  • QuickBooks Basics: Desktop Version (SCORE)
    Sept. 29; Learn More
  • The Ins and Outs of Federal Small Disadvantaged Business Self-Certification (VBOC)
    Sept. 30; Learn More

  • Purpose-Driven Finances (SCORE)
    Sept. 30; Learn More
  • Maximizing the Value of Your Business (SBDC)
    Oct. 5; Learn More

  • Labor Shortage - Creating Efficiency (SBDC)
    Oct. 6; Learn More

  • Veteran Women Support Group Session (VBOC)
    Oct. 14; Learn More
  • Labor Shortage – Retention (SBDC)
    Oct. 20; Learn More

Tax Tips from the IRS

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Stay Updated

For more on SBA programs for the coronavirus, please visit

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