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COVID-19 BUSINESS RESOURCES
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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
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MN Stay at Home Order Extended to May 4
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With Executive Order 20-33 Governor Walz has extended the Stay at Home order until May 4 but added a list of exemptions to allow workers who had been staying home to return with proper social distancing, including people who work outdoors such as landscapers. You can see the full list of critical sector modifications here.
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Update Your Business Information Online
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If you haven't already, we encourage you to update your business status on Google, social media, and other online platforms like Yelp. You can also provide information about your business's status to the local media, including the Star Tribune and WCCO. If you would like assistance updating your business's information online, please contact Theresa Swaney at tswaney@lakestreetcouncil.org or 612.298.1946.
Our VisitLakeStreet.com website and social media platforms continue to promote Lake Street to residents and critical workers. We have launched a Stay Safe & Shop Local on Lake Street campaign with this new video and plan to continue to support our business community through various marketing strategies. Follow @VisitLakeStreet on Instagram, Twitter, and Facebook to stay connected.
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Emergency Financing Options for Businesses & NonProfits - APPLY ASAP!
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City of Minneapolis COVID-19 Gap Funding - New Information
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Participate in a city-wide webinar hosted by Mayor Fry about these loan programs tomorrow, Friday, April 10th at 12 pm. REGISTRATION REQUIRED.
Forgivable No-Interest Loan Program
This new forgivable no-interest loan for small businesses will come in fixed amounts of $5,000 or $10,000, depending on need resulting from the COVID-19 emergency. The new loan will prioritize near-term working capital needs of businesses such as:
- Payroll and employee benefits;
- Rent or mortgage payments;
- Accounts payable and payments due to the supply chain;
- And other critical working capital needs;
Eligible small businesses must be located in a designated area of Minneapolis, such as Cultural Districts, Promise Zone, Green Zone, or ACP50 and must have 20 or fewer employees and/or $1 million or less in annual revenue. Self-employed workers are eligible and immigration status does not impact eligibility.
0% Loan Program
The City of Minneapolis has modified it's existing 2% loan program for small businesses in two key ways:
- Setting the interest rate to 0%.
- Expanding the eligible expenses to include working capital costs.
These loans are available to businesses city-wide in amounts up to $50,000 or $75,000 depending on location and need to be matched by the lending partner. Eligible borrowers must demonstrate a financial impact from the COVID-19 emergency and have 20 or fewer employees and/or $1 million or less in annual revenue. Self-employed workers are eligible.
The applications for these loans have not been finalized yet but are expected to be available tomorrow.
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Paycheck Protection Program (PPP)
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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:
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SBA Economic Injury Disaster Loans & Grants (EIDL)
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These loans are low interest, long term loans for up to $2 million. The first payment is deferred for 12 months. The application has been simplified and can be completed 100% online at www.sba.gov/disaster. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75% and the loans can be extended over 30 years.
In addition, you can request up to $10,000 to be disbursed immediately. The amount need not be repaid, regardless of the loan decision.
If you have additional questions about how to apply please reply to this email or contact zmartinez@lakestreetcouncil.org.
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We have partnered with Prudent Accounts to provide free assistance to Lake Street businesses who would like help applying for these loans.
If you have additional questions or would like to access this free assistance, please reply to this email or contact ZoeAna Martinez at zmartinez@lakestreetcouncil.org.
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State of Minnesota Small Business Emergency Loan (SBEL)
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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).
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THANK YOU FOR YOUR SUPPORT!
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