For those who have not yet seen the most recent updates from the MN SBA District Office, please see below and pass along to anyone who may be interested.
WHAT’S HAPPENED SO FAR?
The SBA will be providing small business assistance through the Economic Injury Disaster Loan (EIDL) program. This program can provide low-interest loans of up to $2 million to businesses and private non-profits. It’s important to recognize that the state has not yet received a disaster declaration, so loans are not yet available to Minnesota businesses and non-profits.
SBA is working with the State of Minnesota to support their efforts to submit the Governor’s request for a declaration as quickly as possible. That process has just been simplified by the SBA’s Administrator and we expect authorization to come through very soon. When it does, we will be making announcements and sharing information on how to apply online via our newsletter, Twitter and partners.
For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus
Impacted Government Contractors
If a situation occurs that will prevent small businesses with federal government contracts from successfully performing, they should reach out to their contracting officer and seek extensions before they receive cure notices or threats of termination. SBA’s Business Opportunity Specialist Shaun McClary can help affected small businesses engage with their contracting officer.
Info from SBA Partners and Sister Agencies
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.
- SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
- WomenVenture is open, ready to help and has created a COVID 19 Update Hub with details.
- Minnesota DEED has created a Covid 19 webpage with Minnesota specific information to help small businesses.
- For information on all federal programs, visit www.usa.gov/coronavirus or https://www.usa.gov/espanol/coronavirus (en Español).
- The IRS has established a web page to help taxpayers, businesses and others affected by the coronavirus.
- The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave
- New guidance outlines flexibilities that states have in administering their unemployment insurance programs to help Americans affected by coronavirus
SADBOC Procurement Fair Canceled
A Message from the Small and Disadvantaged Business Opportunity Council (SADBOC):
Due to social distancing requirements that are in effect, we are canceling the SADBOC Government Procurement Fair that was to take place on April 23, 2020. We are exploring alternative means to deliver distance learning opportunities to attendees.
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.
We will also be posting information on Twitter (@SBA_Minnesota) as it becomes available. Join us there.