Covid-19 Resources

>>>CLICK HERE FOR FULL LIST OF
COVID-19 RESOURCES FOR BUSINESSES (CONTINUOUSLY UPDATED)
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In this challenging time, the staff and board of the Lake Street Council are committed to doing our part to slow down the spread of the novel coronavirus as well as support the economic vitality of our Lake Street corridor. 

The Lake Street Council plan to continue to support you and your business in the following ways: 

  • We will share important information as it becomes available, including information regarding financial support for impacted businesses, nonprofits, and employees. 
  • We will partner with other organizations to advocate for additional local and state-level financial support to businesses. 
  • Although our staff is working remotely, we are all available by phone or video chat to answer questions and talk through your business strategy going forward. For assistance, please contact ZoeAna Martinez, 612-822-1912, zmartinez@lakestreetcouncil.org
  • We are asking residents of the Twin Cities to support Lake Street businesses in any way they can. If you would like us to share or retweet a message, please tag @VisitLakeStreet or contact Theresa Swaney at tswaney@lakestreetcouncil.org

FINANCIAL RESOURCES:

1. SBA Economic Injury Disaster Loan (EIDL) all Lake Street small businesses should apply for these! These are low interest, long term Economic Injury Disaster Loans for up to $2 million: The first payment is deferred for 12 months. The application has been simplified and can be completed 100% online at www.sba.gov/disaster. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75% and the loans can be extended over 30 years. 
Why this might make sense for you: The SBA EIDL can be used to maintain payroll, provide paid sick leave, meet increased costs, make rent or mortgage payments, as well as repay unmet expenses and obligations.

2. SBA EIDL Grants - Businesses applying for the above SBA EIDL loan can request up to $10,000 be disbursed immediately. The amount need not be repaid, regardless of the loan decision. The form to apply for an advance is part of the new EIDL application. If you have already applied for an EIDL Loan and wish to apply for the advance, please fill out the new at www.sba.gov/disaster. 
Why this might make sense to you: This advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

3. SBA Paycheck Protection Program (PPP) - The SBA PPP is a new federal $350 billion loan program for small businesses, self-employed people, and gig workers to help them from going under due to the COVID-19 pandemic. If employers maintain payroll, the loans would be forgiven.
Why this might make sense for you: If a self-employed person needs compensation or a business or nonprofit needs funds for employee compensation, including salaries, wages, commissions, or similar compensation; cash tips or equivalents; vacation, parental, family, medical, or sick leave; payment required for providing group health care benefits (including insurance premiums); payment of retirement benefits; and payroll taxes. Funding may also be used for payment of interest on mortgage obligations, rent, utilities, and interest on pre-existing debt obligations. 
Here is how to apply with some local banks:

4. Minnesota Small Business Emergency Loan Program - These loans are made through an approved lender – you can find FAQs, application materials and lenders on the DEED website. These loans are for $2,500 to $35,000 and at a 0% interest rate and partial forgiveness may be available. There is a total of $30 million available for this program.
Why this might make sense for you: If you are affected by Executive Orders 20-04 and 20-08, this program could provide a 0% loan to help you meet expenses.

5. City of Minneapolis: Forgivable No-Interest Loans for Small Business This new Forgivable No-Interest Loans for Small Business will come in fixed amounts of $5,000 or $10,000, depending on need resulting from the COVID-19 emergency. Businesses must be located in a designated area of Minneapolis and have 20 or fewer employees and/or $1 million or less in annual revenue. Immigration status does not impact eligibility. 

GENERAL RESOURCES:

Mayor Frey and Governor Walz have declared a state of local emergency in Minneapolis and MinnesotaLearn about COVID-19 and how this will affect your business:
 

>>>CLICK HERE FOR FULL LIST OF
COVID-19 RESOURCES FOR BUSINESSES (CONTINUOUSLY UPDATED)<<<