As you hopefully know, Greater Mankato Growth has worked tirelessly to identify resources, answer questions, facilitate discussions and advocate on behalf of our business community to allow all businesses to open safely. Today marks another milestone in that effort as many more businesses are allowed to open their doors. In furtherance of those efforts, Greater Mankato Growth is partnering with the Minnesota Ready coalition lead by the Minnesota Chamber of Commerce to call on Governor Walz to take the final step and fully and safely reopen all businesses no later than June 19. Read More
As businesses reopen, some are restricted to certain limitations based on a percentage of total occupancy. Below is information from experts at the City of Mankato to help you determine the occupancy capacity for your business. Once the occupant load is known, divide the occupant load by the reduction per Executive Order(s). Read More
Governor Tim Walz today announced a new executive order that would allow for additional businesses to reopen and further loosening of restrictions for others effective June 10 (Phase III).
The new order allows: Read More
The US House and Senate have passed the Paycheck Protection Program Flexibility Act. This bill grants more time for PPP loan recipients to spend the funds and reduces the amount of funds that must be spent on payroll and still qualify for forgiveness of the loans. President Trump is expected to sign the bill. Read More
Today Greater Mankato Growth sent a letter to Governor Walz respectfully requesting that he allow all businesses the opportunity to reopen in a way that is safe, sustainable, and equitable with their peers. You can read the letter here.
Greater Mankato Growth is also looking for members to film a video testimonial to the Governor explaining how your business can open safely. Please contact Patrick Baker (firstname.lastname@example.org) for more details.
The City of Mankato has created a recovery loan program to assist small businesses in Mankato. Businesses with 50 or fewer employees may apply for a deferred loan of up to $25,000 through this program for property and business improvements to help reopen and operate safely following Centers for Disease Control and Prevention, the Minnesota Department of Employment and Economic Development and Minnesota Department of Health guidelines.
Recovery loans are repaid over five years and have: Read More
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.