Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
The Treasury Department and Small Business Administration recently released the application form and instructions for loan forgiveness. The forgiveness forms, instructions, and worksheets can be downloaded here.
PPP borrowers must apply for loan forgiveness with the lender that processed the loan.
The US Chamber of Commerce has produced a step by step guide to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
Governor Tim Walz today announced a new executive order that would allow for additional businesses to reopen effective June 1 (Phase II). The governor additionally outlined additional phases (Phases III & IV) that will be coming in the future as the state continues to reopen businesses and other activities, however the timeline for when those phases will go into effect is not yet known.
Clarification was also provided that effective immediately, youth sports can conduct practices of up to 10 people, but that games would not be allowed until the next phase of openings. Read More
The Small Business Administration (SBA) has released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including: Read More
The City of Mankato has created a sustaining loan program to assist small businesses in Mankato. This loan is for Mankato businesses with 50 or fewer employees who have had a revenue decrease of 50% of more due to the COVID-19 pandemic. Eligible business owners may apply for a one time loan of up to $5,000 per applicant with a zero percent interest rate during the deferral period and two percent thereafter. Loans will be for a maximum length of 24 months from the time the deferral period ends. Eligible loan activities include operating capital to assist businesses with sustaining itself such as for lease/mortgage payments, utility bills, property taxes, supply and inventory. It is anticipated that funding decisions will be made in June. Applications must be submitted by June 1, 2020.
The application is available on the City’s website here.
Governor Tim Walz today announced a series of new executive orders and future actions that would:
- End the Stay at Home Order as scheduled on May 18, replacing it with a Stay Safe Order. Gatherings up to 10 people will be permitted.
- Will allow all retailers to open to in store customers at reduced capacity effective May 18.
- Allow restaurants, salons, fitness centers, and other entertainment venues etc. to open June 1 under restrictions to be announced on May 20.
- Protect workers from unsafe working conditions and retaliation.
Join your colleagues and our regional legislators on May 22 at 8 am as Greater Mankato Growth hosts a virtual discussion to recap the 2020 legislative session.
With COVID-19 still significantly impacting businesses, our panel of legislators will provide an update on their efforts to support our state at this time. Attendees will also have an opportunity for Q&A so you can engage directly with our legislators on the issues most important to you.
This event is free. Once registered, you will be emailed a link to access the webinar, which will also be recorded and posted on the event page when complete. Read More
Today Greater Mankato Growth hosted a webinar titled COVID-19 Paid Leave & EFMLA – Answering Employer Questions. Below are links to the webinar recording as well as the slides. In addition, you can view full details of the event here.
Yesterday Greater Mankato Growth partnered with 75 chambers of commerce from across the state to send a letter to Governor Walz urging him to consider a more rapid and equitable approach to safely open businesses of all sizes. In addition, our community’s own Marissa Brostrom, Owner of Graif Clothing, appeared in a video of small business owner testimonials.
To follow up on the letter, this week Greater Mankato Growth leadership is personally speaking with the Governor and Commissioner Steve Grove of the Minnesota Department of Employment & Economic Development.
Greater Mankato Growth continues to advocate strongly on behalf of our members both publicly and behind the scenes.
This morning, the Blue Earth County Board of Commissioners approved a program to provide property tax relief through a waiver of the late payment penalty of first half property tax payments for eligible property tax payers from May 15 to July 15.
While most property taxpayers experiencing a financial hardship related to COVID-19 will qualify, the Health Pandemic Abatement excludes any properties with taxes that are escrowed. To qualify, taxpayers will need to submit a brief application online. Applications must be received no later than May 15, 2020. Read More
With COVID-19 hitting businesses tremendously hard, all levels of government and other organizations have made a number of financial resources for businesses available. Below is a comprehensive list of those resources with links to where you can learn more. Read More
Executive Order 20-48 issued by Gov. Tim Walz on April 30, 2020, requires each business in operation during the peacetime emergency to establish a COVID-19 Preparedness Plan. The following blog provides resources for businesses as they implement a plan suited to their workplace. Read More