FUNDING RESOURCES

+SBA ECONOMIC INJURY DISASTER LOAN (EIDL)

SBA ECONOMIC INJURY DISASTER LOAN (EIDL)
Applications are OPEN!

Eligible businesses have the opportunity to receive an up to $10,000 advance (forgivable loan, $1,000 per employee), even if their application is denied. Up to $2MM, 12-month deferred loan for business (3.75% interest) and nonprofits (2.75% interest). Funding can be used to maintain payroll, provide paid sick leave, meet increased costs, make rent or mortgage payments, as well as repay unmet expenses and obligations.
 

EIDL Application

FREE Application Assistance

+SBA PAYCHECK PROTECTION PROGRAM (PPP)

SBA PAYCHECK PROTECTION PROGRAM (PPP)

This program will provide cash-flow assistance through guaranteed loans to employers who maintain their payroll during this emergency.  If maintained, loans would be forgiven. Loans are provided through an approved SBA Lender.

To apply, visit a participating lender to complete an application and submit the required documentation

  • Eligible entities: Small businesses (500 or fewer employees), 501(c)(3) nonprofit organizations, Veterans organizations, certain tribal businesses, self-employed individuals, and independent contractors.

  • Benefits of the Paycheck Protection Program:

    • Loans can be 100% forgiven by the SBA if certain qualifications are met.

    • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.

    • Loan payments will be deferred for six months.

This program is also includes self-employed individuals, contractors, and sole proprietors as eligible applicants.

+SBA SMALL BUSINESS DEBT RELIEF PROGRAM

SBA SMALL BUSINESS DEBT RELIEF PROGRAM

The recent CARES Act passed provides a 6-month debt forgiveness to the borrower for all 504, 7a, Community Advantage and Microloan borrows from the SBA. If you are already on deferment, this loan forgiveness will activate at the end of your deferment period. Loans made today, and within the next six months, will have their principal, interest and fees paid by the SBA for six months, starting with the first payment. This language does not apply to SBA Disaster Loans.
 

PLEASE REMEMBER to shut-off your auto pay function. This has to be done through your bank or through your SBA lender. The SBA Disaster loans (includes home and business) will also receive a deferment through December 31, 2020. This will be AUTOMATICALLY applied, and requires no further action on your part. Interest will still accrue, and if you have a pre-authorized debit in place, you must cancel this to prevent it from drafting during the deferment period, and set it back up after the deferment period.

***It is always a good idea to connect with your lender who is servicing your SBA loan(s) to ensure you're best positioned moving forward.

Page 6 of CARES Act Program Guide

+MN VETERAN COVID-19 FINANCIAL ASSISTANCE

MN VETERAN COVID-19 FINANCIAL ASSISTANCE

Eligible Veterans (or surviving spouses) may receive a one-time financial grant in the amount of $1,000.

Information on grant program.

 
RESOURCES

+PANDEMIC UNEMPLOYMENT INSURANCE PROGRAM

PANDEMIC UNEMPLOYMENT ASSISTANCE PROGRAM
Congress authorized a new Pandemic Unemployment Assistance program that covers those who do not qualify for regular Unemployment Insurance benefits, such as independent contractors and self-employed people.  If you are an independent contractor or self-employed person who would not typically be eligible for unemployment benefits, but you have lost income due to the COVID-19 pandemic.

This is available, click here for more information

+SHARED WORK PROGRAM (AN ALTERNATIVE TO LAY-OFFS)

SHARED WORK PROGRAM (AN ALTERNATIVE TO LAY-OFFS)

Shared Work is offered by the MN Unemployment Insurance (UI) Program to help employers avoid a layoff.

Offered by the MN Unemployment Insurance (UI) Program

 

+PERSONAL PROTECTIVE EQUIPMENT (PPE)

PERSONAL PROTECTIVE EQUIPMENT (PPE)

If you are a business or organization in need of gloves, hand sanitizer, non-contract thermometers or masks, click here.

 

If you are a manufacturer interested in donating or selling PPEs or other medical supplies to the Federal Government:

  • If you are looking to make or receive supplies from a Greater Fergus Falls area business, please email us at info@greaterfergusfalls.com 

  • If you have medical supplies or equipment to donate, please provide details on what you are offering

  • If you are a private company that wants to produce a product related to the COVID response – email nbeoc@max.gov

  • If you are a hospital and other companies in need of medical supplies, contact your state Department of Public Health and/or Emergency Management.

  • For non-medical supplies, services or equipment, if you are interested in doing business with FEMA, visit Industry Liaison Program.

COVID-19 PARTNER PAGES

+US DEPARTMENT OF LABOR (FOR EMPLOYERS & EMPLOYEES)

+WEST CENTRAL INITIATIVE (WCI)

+OTTER TAIL COUNTY BUSINESS GUIDANCE

+M STATE COMMUNITY & TECHNICAL COLLEGE

+FERGUS FALLS AREA CHAMBER OF COMMERCE