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>>> If you've fallen behind in residential rent or utility payments, click here.
+SBA ECONOMIC INJURY DISASTER (EIDL) LOAN
in response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL).
maximum loan amount is $500,000
interest rate for businesses is 3.75%, nonprofits is 2.75%
term is 30-years
+2ND ROUND: PAYROLL PROTECTION PROGRAM (PPP)
PAYROLL PROTECTION PROGRAM (PPP)
2nd Round - opened January 11, 2021
Extended through March 31, 2021. Up to $2 million for smaller, hard-hit businesses with 300 or less employees that can demonstrate a loss of 25% gross receipts in any quarter in 2020 when compared to the same quarter in 2019 and have used the full amount of their first PPP before a second loan is disbursed.
Loans have an interest rate of 1%
Loans issued before June 5 have a maturity rate of two years, those issued after June 5; five years
No fees, no collateral or personal guarantees required.
Contact your local lender for eligibility and application. Learn more
+LOST WAGES ASSISTANCE PROGRAM
The federal government recently announced the creation of the Lost Wages Assistance (LWA) program. LWA is a short-term, emergency program. It will provide an additional $300 per week to most UI applicants who are unemployed due to COVID-19. The Lost Wages Assistance Program is very different from the previous, $600 additional payment program that ended in July. It has different eligibility requirements for applicants. It also involves a very different funding arrangement with the federal government. Because of these differences, Minnesota and most other states had to review the LWA program carefully before applying to the federal government to participate
If you received PUA, applicants do not have to do anything extra to receive LWA payments
All the payment requests made for the week of July 26th going forward and automatically pay those applicants that are eligible for LWA
FAQ page can be accessed here
+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.