Anoka County Business Resources

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL).

Loan directly from SBA that must be repaid; low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses. Proceeds can be used towards Working capital to make regular payments for operating expenses, including payroll, rent/mortgage, utilities, and other ordinary business expenses, and to pay business debt incurred at any time (past, present, or future).

Maximum Loan Amount : $2 million. Note: SBA will begin approving loans greater than $500,000 on October 8, 2021.

Interest Rates: Businesses, 3.75% fixed /  Non-Profits, 2.75% fixed

Deferral: Payments are deferred for the first 2 years (during which interest will accrue), and payments of principal and interest are made over the remaining 28 years. No penalty for prepayment.

https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/covid-19-eidl

Financing Options with the Entrepreneur Fund

Entrepreneur Fund SBA Micro Loan

• Loans amounts $1,000 up to $50,000 with a 6 year term at a fixed interest rate.
• Microloans can be used for working capital, inventory or supplies, furniture or fixtures, machinery or equipment.
• You will receive 3^rd party professional technical assistance grants allowing your business the best chances for success.
• You will be assigned a professional team of financial experts to support you in reaching your goals.

Entrepreneur Fund SBA Express Loan

• Loans starting at $25,000 with a 10 year term at a fixed interest rate.
• Express loans can be used for working capital, purchasing real estate, equipment, furniture, machinery, supplies, and materials, covering construction and/or renovation costs
• Expedited turnaround time for a faster decision.
• You will be assigned a professional team of financial experts to support you in reaching your goals.

https://www.entrepreneurfund.org/covid-19-resources/

A majority of banks or credit unions have established new loan programs or are offering laxed repayment options on existing loans for both personal and business loans.  Contact a local bank partner to see what assistance is available.  The American Bankers Association has pulled together a list of banks that are offering  special assistance at this time.  This is updated daily. 

https://www.aba.com/about-us/press-room/industry-response-coronavirus#AlphaV

Employers planning a closure or major layoffs as a result of the coronavirus can get help through the Rapid Response program. Rapid Response teams will discuss your needs with you, help avert layoffs if possible, and provide services to assist workers facing job losses. For more information, visit DEED’s Rapid Response page or call 1-866-213-1422

https://mn.gov/deed/business/starting-business/management-basics/considering-layoff.jsp

Employers experiencing a slowdown in their businesses or services as a result of the coronavirus impact on the economy may apply for the Unemployment Insurance Shared Work Program. This program allows employers to seek an alternative to layoffs – retaining their trained employees by reducing their hours and wages that can be partially offset with UI benefits. Workers of employers who are approved to participate in the Shared Work Program receive the percentage of their weekly UI benefit amount based on the percentage of hours and wages reduced, not to exceed 60 percent. Visit Shared Work Program to learn more:

https://www.uimn.org/employers/alternative-layoff/index.jsp

Our Dislocated Worker program offers free services to help individuals find suitable employment and help take the stress and uncertainty out of the process. Workers may be eligible for this program if they are out of work through no fault of their own, are eligible for unemployment insurance, and are unlikely to return to your previous occupation or industry.

https://anokacounty.us/dw

• Anytime a Minnesotan loses health coverage, including employer-sponsored coverage, they are eligible to enroll in coverage through MNsure via a special enrollment period for the 60 days following the loss of coverage. (Details here.) Additionally, if someone is eligible for Medical Assistance or MinnesotaCare, enrollment is available at all times, regardless of when they might have last had coverage. (Details here.)

https://www.uimn.org/applicants/help-support/comm-organizations/healthcare.jsp

For employees that were not traditionally covered under traditional unemployment insurance are advised to now apply for Pandemic Unemployment Insurance (PUI).  They advise you apply now, although the program to distribute benefits to self-employed people is not yet ready, so your information will be in the system for faster processing once the program is ready to make payments.   https://www.uimn.org/employers/employer-account/news-updates/covid-19.jsp

On March 16, Governor Walz issued an executive order ensuring workers affected by COVID-19 have full access to unemployment benefits. The order also relieves taxpaying employers of benefit charges associated with COVID-19. This means a company’s unemployment tax rate will not increase if your workers collect unemployment benefits due to COVID-19.  If your workers apply for unemployment benefits, DEED will let you know.  More information about Unemployment Insurance for employers: https://www.uimn.org/employers/employer-account/news-updates/covid-19.jsp

For employees not covered by unemployment insurance – both the State and Federal government are working on alternative assistance options.  More information to come.