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COVID-19 BUSINESS RESOURCES

Hello <<First Name>>,

Below is a list of resources that may be useful to your businesses and nonprofits during the current COVID-19 public health emergency. This email list was temporarily generated to provide updates to as many Lake Street stakeholders as possible. If you are not interested in receiving these updates, please unsubscribe here. For a continually updated list of resources, please visit our website: LakeStreetCouncil.org.

Thanks,
Allison Sharkey
Executive Director

Emergency Financing Options for Businesses & NonProfits -  APPLY ASAP! 

1. Paycheck Protection Program (PPP)

This new federal product provides loans to businesses, nonprofits, independent contractors, sole proprietors, and self-employed persons. It is intended to keep employees on payroll over the next 8 weeks as well as pay rent and overhead. Additionally, the portion you use for payroll is forgiven if you keep your employees on and you can rehire employees you have recently laid off. This fact sheet provides additional information. 

***This pool of funds is expected to go quickly. To apply you will need to submit the application plus documentation of 2019 payroll to an SBA lender bank.***

Here is how to apply with some local banks:

Learn More

2. SBA Economic Injury Disaster Loan Emergency Advance (EIDL)

This federal program provides up to $10,000 in forgivable loans to businesses under 500 employees, nonprofits, independent contractors, sole proprietors, and self-employed persons. Please note: you cannot use the above loan program (PPP) and this one to cover the same expenses.  

If you have additional questions about how to apply please reply to this email or contact zmartinez@lakestreetcouncil.org

Apply For a Loan Here

3. State of Minnesota Small Business Emergency Loan (SBEL)

This program provides loans in amounts ranging from $2,500 to $35,000 for Minnesota businesses that were directly and adversely affected by Executive Orders 20-04 and 20-08 that resulted in the closing of a variety of places of public accommodation, spas, barbershops and similar establishments.

Lake Street area lenders include the Metropolitan Consortium of Community Developers (MCCD), Neighborhood Development Center (NDC), and Latino Economic Development Center (LEDC).  

Learn More

4. City of Minneapolis COVID-19 Relief Fund

Minneapolis Mayor Jacob Frey announced Friday he will use his emergency powers to create a $5 million forgivable loan program to help renters and small businesses affected by the economic fallout from the spread of COVID-19. Please note: these funds are not yet available and we will provide updates as we learn more. 

Learn More

Lake Street Marketing - What's your update?

We continue to ask residents of the Twin Cities to support Lake Street businesses in any way they can. If you would like us to share or retweet a message, please tag @VisitLakeStreet or contact Theresa Swaney at tswaney@lakestreetcouncil.org. Get started by following @VisitLakeStreet on InstagramTwitter, and Facebook.

Learn More
Click to watch our new #ShopLocal on #LakeStreet video. 
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THANK YOU FOR YOUR SUPPORT!
Call or email us!
612-822-0232  | zmartinez@lakestreetcouncil.org
Copyright © 2020 Lake Street Council, All rights reserved.


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