The Legislature passed a COVID-19 relief bill yesterday. The bill included $30 million to fund the Small Business Emergency Loan Program established in Gov. Walz’s Executive Order (EO) 20-15. These loans are available for businesses that had to close because of Gov. Walz EO to close bars, restaurants and places of public accommodation. Information about these loans can be found at: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/.
The bill also included funding for a small business loan guarantee program through DEED. The amount is $10 million, and is used to guarantee up to 80% of traditional loans for small businesses (up to 250 employees). I will be sure to follow up with more information about this when I have it.
Lastly, here is a good NBC news story about the expanded unemployment benefits in the bill Congress is expected to pass today: https://www.nbcnews.com/politics/congress/coronavirus-unemployment-benefits-here-s-who-qualifies-how-much-they-n1169846.
PO Box 612, Moorhead, MN 56561