COVID-19 Assistance
Kasson EDA Short-Term Business Interruption Loan Program (STBIL)
- Program provides loans of up to $5,000 (0% interest & deferred payments) to assist businesses with immediate cash flow needs while they apply/wait for assistance from SBA or DEED relief programs.
- STBIL Guidelines
- STBIL Application
- Eligibility:
- Businesses whose primary place of business is located in Kasson (or within 2,000ft of City limits).
- Businesses who were in operation prior to March 1, 2020.
- Businesses must have applied for assistance from MN DEED or the SBA and have a stated need for immediate funds to maintain their businesses in good stature.
- Submit your applications to City Hall (401 5th Street SE) or eda@cityofkasson.com
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Information Resources:
- Minnesota's Stay Safe Plan
- Minnesota's phased approach to reopening businesses and social settings
- Stay Safe MN FAQ
- Governor Walz Newsroom
- Governor Walz Executive Orders
- Small Business Administration (SBA) Coronavirus Relief Options
- SBA Minnesota District Office
- MN Department of Revenue - COVID-19 Tax Information & Resources
- MN Department of Employment and Economic Development (DEED) COVID-19 Information
- Industry Specific Guidance for Safely Reopening
- Guide for MN Small Businesses Who Need Help
- Frequently Asked Questions
- USDA COVID-19 Federal Rural Resource Guide
- This resource guide organizes funding opportunities identified in stimulus bills and other federal resources that can help support rural America. Opportunities are categorized by customer and assistance type.
- For the latest on the USDA's COVID-19 response for rural communities, visit rd.usda.gov/coronavirus.
- Centers for Disease Control and Prevention (CDC) Guidance for Businesses & Employers
- Child Care Aware of America - Minnesota Resources Page
- Southern Minnesota Initiative Foundation (SMIF) COVID-19 Resource Page
- Resources for Businesses, Early Childhood Professionals, Nonprofit Organizations, and for the General Public.
- U.S. Chamber of Commerce
- Resources, guides, and webinars for businesses.
- A Guide to the Employee Retention Tax Credit for COVID-19 Impacted Employers
- MN Unemployment Insurance - COVID-19 & Unemployment Insurance Information for Employers
- Minnesota Chamber of Commerce
- MN Supplier Match
- COVID-19 has disrupted supply chains around the world. But there are suppliers all over the state of Minnesota who can provide accessibility, short lead-times, and trusted quality.
- Access to local suppliers has never been more important than during the COVID-19 crisis. Log into the MN Supplier Match and find suppliers of many of the critical goods that can help your business reopen safely in the coming weeks.
- COVID-19 Webinars
- Minnesota Chamber of Commerce COVID-19 Business Toolkit
- Facebook Business Resource Hub
Relief Programs:
- COVID-19 Economic Injury Disaster Loan
- Notice: Now Accepting New Applications for Economic Injury Disaster Loans: On June 15, SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications from all eligible small businesses, private non-profits and U.S. agricultural businesses.
- Questions on eligiblity and how to apply? Click here.
- COVID-19 Economic Injury Disaster Loan Application
- SBA Express Bridge Loans
- Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
- If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
- Terms:
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
- SBA Paycheck Protection Program (closed)
- Notice: Paycheck Protection Program closed August 8, 2020.
- Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.
- SBA Debt Relief
- As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. It will be automatically provided as follows:
- For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
- For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
- For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.
- Borrowers should contact their lender if they have any questions regarding this payment relief.
- US Chamber of Commerce Main Street Lending Program
- An eligible business must:
- Have been established before March 13, 2020
- Not be an ineligible business according to Small Business Administration (SBA) regulations
- Have no more than 15,000 employees or 2019 annual revenues of no more than $5 billion
- Have been created or organized in the U.S. with significant operations in and a majority of its employees based in the U.S.
- Not also participate in one of the other Main Street loan facilities, as well as the Primary Market Corporate Credit Facility
- Not have received specific support pursuant to the CARES Act (Subtitle A of Title IV for air carriers, air cargo, and businesses critical to national security)
- To apply, eligible borrowers must submit an application and other documentation required by an eligible lender. Borrowers should contact lenders for more information on whether the lender plans to participate in the program and for more information on the application process. Additional information about the application process will be announced in the future.
- Eligible lenders are U.S. federally-insured depository institutions (including banks, savings associations, and credit unions) as well as any U.S. branch or affiliate of a foreign bank. Nonbank financial institutions are not considered eligible lenders at this time, although the Federal Reserve is considering options to expand this list in the future.
- Click here for a table of Main Street Lending Program loan options (loan amounts, terms, rates, etc.)
- Unemployment Insurance Relief During COVID-19 Outbreak
- To receive unemployment insurance benefits, you need to file a claim with the unemployment insurance program in the state where you worked. Depending on the state, claims may be filed in person, by telephone, or online.
- MN Unemployement Insurance Website
- MN: COVID-19 and unemployment information for workers and self-employed
- Unemployment Insurance FAQ Sheet
- Minnesota Small Business Loan Guarantee Program
- This temporary program, established in response to the 2020 public health emergency, will help Minnesota lenders provide capital to small businesses in Minnesota affected by COVID-19.
- These loans can be used for a variety of purposes and can be subordinate to other financing.
- Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.
- All loans will be made by lenders enrolled in the program - no loans will come directly from DEED.
- DEED is accepting applications from lenders who would like to participate in the program.
- If your business is seeking funding, please check back to this site to obtain contact information for enrolled lenders as it becomes available. (12/4)