EIDL Loan Program Reopened for New Applications

FromTheDomeThe Small Business Administration’s Economic Injury Disaster Loan Program (EIDL) is now reopened for all eligible business to apply for the $10,000 grant advance and loan. The program was previously closed for new applications for a period of time due to a funding lapse. Businesses can get more information and apply for this program here.

COVID-19 Business Loan/Grant Resources

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. Continue reading “COVID-19 Business Loan/Grant Resources”

U.S. Senate Passes Bill Providing Additional Funds for Small Business

FromTheDomeThe U.S. Senate today passed an additional stimulus bill that will provide $480 billion to COVID-19 related programs, including an additional $310 billion for the Paycheck Protection Program. The U.S. House is expected to consider the bill tomorrow and President Trump has indicated he will sign.
The bill also includes:
  • $60 billion for smaller lending facilities, including minority depository institutions, certified development companies and credit unions;
  • $10 billion for grants under the SBA’s Emergency Economic Injury Disaster Loan program;
  • $50 billion for SBA disaster recovery loans;
  • $2.1 billion for additional salaries and expenses for the Small Business Administration;
  • $75 billion for hospitals and health care providers to support for Covid-19 expenses and lost revenue from canceled elective surgeries and other procedures;
  • $25 billion for research to develop, validate, manufacture, purchase and administer Covid-19 tests, including $11 billion for states to expand lab capacity.

Webinar: Small Business Economic Recovery and Financing Resources

chamber logoFrom 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. Continue reading “Webinar: Small Business Economic Recovery and Financing Resources”

Just Released: MN Businesses NOW Eligible for SBA Funding

As an update to an earlier post on the Greater Mankato Blog on SBA Disaster Loan Funding, which details application considerations, late last night Minnesota businesses became eligible for the initial government tool for relief from the impact of COVID-19. Continue reading “Just Released: MN Businesses NOW Eligible for SBA Funding”