Both the federal government and Minnesota Legislature have recently passed legislation that will speed critical funds to Minnesota businesses and families. With new legislation comes questions on what the changes mean for Minnesota businesses. The Minnesota Chamber of Commerce recorded a webinar to answer your questions on both the state and federal COVID-19 relief packages. Patrick Baker on the GMG team is also well-versed in these new state/federal programs and is happy to walk any business through them. You can contact him at 507-385-6657 or email@example.com. Read More
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This bill will provides significant support to businesses. The signature piece of the new law is the “Paycheck Protection Program” which will provide $350 billion to help small businesses keep workers employed amid COVID-19 and economic downturn. This new program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Additional details, including the list of lenders offering loans under the program, will be available in the coming weeks as the law in implemented. In the meantime, our friends at the U.S. Chamber of Commerce have prepared an easy-to-understand checklist to guide businesses and self-employed individuals through this new program as they prepare to file for a loan.
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is the third bill passed by Congress in response to COVID-19. This bill provides significant resources to businesses and individuals alike to weather this crisis. Greater Mankato Growth has compiled a summary of the key provisions in the bill impacting businesses – of which there are many. This may be overwhelming, but know that more resources will be coming soon to assist you as the law is implemented and Greater Mankato Growth will be there every step of the way to ensure you are kept informed with timely and accurate information.
You can also view excellent summaries done by the US Chamber of Commerce and US Senate Committee on Small Business & Entrepreneurship. Read More
This afternoon Governor Walz announced plans for a temporary Stay at Home Executive Order: The Minnesota Model to take effect on Friday, March 27 at 11:59 p.m. to Friday, April 10 as a next step and action to address the rapidly spreading COVID-19 virus to protect the health and safety of Minnesotans. This order will also extend the closure of restaurants, bars, hospitality and recreational facilities from last week’s order until May 1, 2020. Additionally, schools will be closed and learning will be online until May 4, 2020. Read More
The US Department of Labor has issued preliminary guidance for employers and employees implementing the new paid leave provisions of the Families First Coronavirus Response Act. As a reminder, all employers with 500 or less employees must implement these new federally reimbursed paid leave programs by April 1. The US Internal Revenue Service has also issued preliminary guidance on reimbursement for these programs. Final guidance/forms are expected to be released this week.
From our friends at the Minnesota Chamber of Commerce: Small businesses are seeking critical resources – including financial resources – to help them stay “open for business” throughout the COVID-19 crisis. The Minnesota Chamber is here to help. We recorded a webinar moderated by Chamber president Doug Loon featuring experts on small business economic recovery. These experts presented a variety of financing solutions, including SBA disaster loans for small businesses impacted by COVID-19, state and federal aid, private lending options, and best practices to strengthen your balance sheet during economic uncertainty. Read More
Included in the Families First Coronavirus Response Act passed by Congress was the establishment of two new paid leave programs impacting employers under 500. The U.S. Internal Revenue Service (IRS) has issued preliminary guidance for employers to implement these new programs. You can view this guidance here.
Today Governor Tim Walz issued an executive order (20-15) authorizing The Minnesota Department of Employment and Economic Development (DEED) to create an emergency loan program to help Minnesota small business owners who need immediate assistance to meet their families’ basic needs during COVID-19 closures. This program is different than the federal SBA loans that were also recently announced. Read More
As discussion continues on whether Minnesota will move to a “shelter in place” directive, we welcome your thoughts on the process for determining “essential services” to ensure we are advocating for a thoughtful process to include a comprehensive exemption for “essential services” to protect critical services and supply chains. Please take this short survey to assist our efforts. https://www.surveygizmo.com/s3/5516665/Essential-Businesses
The following is the text of a news release from the MN Department of Employment and Economic Development.
We care deeply about your business and are actively working with state and federal partners on measures to assist businesses through this unprecedented time.
DEED is regularly connecting with business leaders from around Minnesota to offer information, hear their questions and ensure we are doing all we can as quickly as we can. Read More
The Minnesota Chamber of Commerce just made available a recording of a webinar they hosted today with experts who discussed how businesses can access capital, work with employees, and better understand how policies passed at the state and federal level can offer businesses relief. You can watch the recorded webinar here.
Our friends at Brown & Brown Insurance are hosting a webinar on Navigating COVID-19 Employer & Employee Concerns: HR Regulartory Guidance, Managing a Remote Workforce & Mental Health on Friday, March 20th at 1pm. You can register here and see the flyer below.