COVID-19: Business Relief Resources
There are many options for small businesses right now to help you through this period of unknown. With large stimulus legislation passing in the last few weeks, your options have multiplied. The links below will direct you to more information about the Families First Coronavirus Response Ace, CARES Act, other SBA options, and unemployment information for employers and employees.
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CARES Act
CARES Act
- The Coronavirus Aid, Relief, and Economic Security (CARES) Act
- For more guidance on these options, contact your SBA resource partner
- Paycheck Protection Program (PPP) Loans
- A program that would provide cash-flow assistance to employers to maintain their payroll and other essential expenses. The loans would be forgiven of up to 8 weeks of payroll based on employee retention.
- More information: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program
- Business Loan Program Temporary Changes; Paycheck Protection Program
- SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for PPP (June 17)
- Payroll Tax Holiday
- A program that would provide cash-flow assistance to employers to maintain their payroll and other essential expenses. The loans would be forgiven of up to 8 weeks of payroll based on employee retention.
- Other options available to discuss with an SBA resource partner: Emergency Economic Injury Grant or Small Business Debt Relief Program.
- Resources:
Families First Act
Families First Act
This Act has two parts, first is the Emergency Sick Leave, which is 2 weeks, 80 hours full time, or average hours over two weeks for part-time employees. This amount is 100% reimbursed by the IRS, through your Federal Payroll Tax Deposit.
The second portion is a continued 10 weeks beyond the first 2 under the addition of the Family Medical Leave Act. This allows employees that need to stay home to take care of children who would otherwise be in school, to be paid 2/3 of their pay for those additional 10 weeks.
Keep detailed records of employees' requests to partake in these programs. Make sure hours are distinguished differently in your payroll system for easy tracking. Follow up with your payroll processing team to make sure they fully understand and apply your reimbursement credit to your tax deposit.
Resources:
- Families First Coronavirus Response Act: Employer Paid Leave
- Fact Sheets
- Questions and Answers
- Posters
Unemployment
Unemployment
- Minnesota
- The current Executive Order issued for MN Unemployment ensures workers affected by COVID-19 have full access to unemployment benefits. The usual waiting period has been waived and any tax rate adjustments to employers are being relieved. Even employees who have had decreased hours or pay are eligible.
- Wisconsin
- Employees who are no fault of their own affected by COVID-19 are encouraged to seek information out from Unemployment.
- North Dakota
- Federal CARES Act
- The CARES Act includes the expansion of unemployment insurance benefits:
- Expands eligibility for unemployment insurance and provides people with an additional $600 per week on top of the unemployment amount already offered by North Dakota Unemployment benefits.
- The additional unemployment compensation provided is not considered “income” for purposes of Medicaid and CHIP
SBA
SBA
- Small Business Relief Tracker
- Small Business Loans
- SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
- Apply for Small Business Disaster Loan
- This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
- These loans can go toward working capital to meet needs including payroll, accounts payable, and fixed debt payments that can’t be paid due to the COVID-19 pandemic.
- The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%.
- These loans have long-term repayment options, up to a maximum of 30 years.
- SBA Disaster Assistance in Response to the Coronavirus (Handout)
- Coronavirus Emergency Loans: Small Business Guide and Checklist
- Guide to Economic Injury Disaster Loans (EIDL)
U.S. Bank
U.S. Bank
- US Bank Resources
- U.S. Bank Paycheck Protection Program (backed by the Small Business Administration)
- May help businesses cover payroll and overhead expenses. To be notified when the application process is available, please visit here.
- U.S. Bank is also offering a credit card (personal or business) with 0% for 20 billing cycles. You can apply virtually by texting “Apply 129ulu” to 96932 and you will be sent an application link.
- Additionally, they are offering small and quick small business loans and lines. To apply virtually, visit here for loan and here for line.
Minnesota
Minnesota
- MN DEED
- MN Unemployment Insurance
- MN UI Shared Work (Alternative to Layoff)
- Shared Work is designed for a regular reduction in hours for a specific set of workers. For example, all factory floor worker hours would be reduced from 40 to 30 hours a week for the duration of the plan. Shared Work is not designed for the reduction of 50%. Instead, anyone not working, hours reduced 50%, and not receiving paid time off should apply for regular unemployment insurance benefits at uimn.org. Based on the date received, the earliest a Shared Work Plan could be approved and processed would be for the week of 3/29/2020 if all information is correctly received by 3/25/2020.
- Emergency Executive Order 20-29: Amending Executive Order 20-05 to Expedite State Unemployment Insurance Benefits During the COVID-19 Peacetime Emergency
- MN UI Shared Work (Alternative to Layoff)
- MN Department of Labor and Industry: Worker Protections Related to COVID-19
- Executive Order 20-33 Critical Sector Modifications Summary
- ANIMAL CARE AND VETERINARIANS:
- Workers providing care (e.g., daycare or boarding) to pets in the following circumstances:
- Caring for pets owned by other Critical Sector workers during their shifts
- Caring for pets needing care because the owner is physically or otherwise unable to care for an animal
- Caring for pets owned by individuals who are ill or quarantined provided that contact with the owner is limited to a one-time pick up until the illness or quarantine has passed
- Caring for pets currently boarded and in the circumstance where the owner cannot retrieve them
- Workers supporting pet adoption and animal foster care are exempt, provided that (1) any paperwork and payment is done online, and (2) appropriate social distancing is observed during the adoption process
- Workers supporting pet grooming businesses are not exempted
- Workers providing care (e.g., daycare or boarding) to pets in the following circumstances:
- ANIMAL CARE AND VETERINARIANS:
- Updates Related to COVID-19 from the Department of Labor and Industry (6/4/20)
- Minnesota Small Business Relief Grants
- Dakota County Small Business Grants