But only certain child care programs qualify. These recovery grants are for $10,000 and also include networking opportunities and technical support from KKR experts. September 2020 Governor Walz Signs Omnibus Tax Bill Providing Support to Working Small business relief programs - Hennepin County Economic Development Northern Waters Smokehaus employee Tyler Bonam organizes delivery orders in March 2020 in Duluth, Minn., as their regular dining area was converted to a space to organize delivery and carryout orders. To apply, a small business is required to have: a Google account; an active website; and direct access to the website editor or CMS. The U.S. Small Business Administration released data Monday that shows nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. December 2022 The Economic Injury Disaster Loan (EIDL) program is another heavily funded relief option, allowing borrowers to receive an emergency cash advance of $10,000, with loans of up to $2 million. This coverage applies to all 7(a), 504, and Microloans but doesnt apply to PPP or EIDL loans. Small Business Relief Grants available - ALEXANDRIA, MN Finally, the stimulus package also targets other areas of finance. October 2021 Current loan requests have exceeded funding availability. The grant is directed toward minority-owned businesses. , which provides $500 matching grants to businesses that raise at least $500 with a GoFundMe fundraiser created in response to the pandemic. SmartAssets services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. KKR is particularly looking for companies that provide essential community services, are operated by historically underrepresented groups, or are pivoting their business in some way as a direct result of the pandemic. The programs first round of funding was exhausted, but it reopened to agribusinesses. Access current data on Hennepin Countys labor market, including employment, unemployment, wages, occupations, and industries. Had at least $10,000 in taxable sales in 2019. document.write(new Date().getFullYear()); Hennepin County, Minnesota. This fall, the Initiative Foundation partnered with Pine County to help deliver $1.6 million in relief grants to 244 businesses. The "Minnesota Main Street COVID relief grants" range from $10,000 to $25,000, depending on the size of the business. Immediate relief available for small businesses in Minnesota. This program will provide $10,000 grants to small businesses (those with 50 or fewer employees) that have been impacted by the COVID-19 pandemic. If an employee or their family is incapacitated due to the coronavirus (or any pandemic illness), their employer is required to provide job-protected, unpaid leave. As of March 18th, 2020, the federal government is providing certain workers paid sick leave in the event that they are ill, quarantined, or seeking medical care. Depending on the size of your small business, you may be qualified for certain loans and grants on both the federal and state level. Walz will formalize guidance at a 2 p.m. press conference. Claimants also receive an additional 13 weeks of benefits (plus a federal boost of $600 per week) from the federal government, so Minnesotans can now utilize 39 weeks of unemployment compensation (UC). November 2022 Spotlight Videos Since the onset of the pandemic, the Initiative Foundation, through collaborative partnerships with state and federal organizations, has pivoted to drive grants and loans to where they are most needed. Part of our mission is to invest in local businesses and organizations that create quality jobs in our region, said Don Hickman, Initiative Foundation vice president for community and workforce development. AnnuityFreedom.net provides two different types of grants for small businesses in response to the pandemic: the. A total of $60.3 million is available for grant awards which will be selected through a computer-generated, randomized selection process. Be current on financial obligations as of March 1, 2020, Be an existing small business (whatever the form of their organization), Have been operating in Minnesota long enough to demonstrate financial viability, Be willing to provide collateral or personal guarantee for at least 20% of loan, Be unable to qualify for a standard loan through a bank, credit union, or nonprofit lending organization. The Minnesota Small Business Relief Grant (SBRG) Program is authorized under Laws of Minnesota 2020, 1st Spec. (source 2). DEED provided initial lists of grantees to local and regional nonprofits that will evaluate and conduct eligibility verifications. This temporary program helps Minnesota lenders provide capital to affected small businesses with less than 250 total employees. If a lender is on, , the loan holder can apply for forgiveness directly through the, Small Business Administration PPP Direct Forgiveness Portal, PPP 3508S Loan Forgiveness Application & Instructions, If a lender is not on the list mentioned above, the loan holder will have to apply for forgiveness directly through the lender. NOTE: The State of Minnesota has issued a shelter-in-place executive order shutting down non-essential businesses starting at 11:59 p.m. on March 27 and extended to May 4. Access free advising and consulting from marketing, legal, and financial experts to help grow your business: Elevate Hennepin SM Find current events and resources for small businesses: Resources for small businesses November 2021 direct access to the website editor or CMS. The fixed-rate is 3.75% for for-profit businesses and 2.75% for non-profits.2, The EIDL is not eligible for forgiveness. We're on the move to serve Central Minnesota. Companies with up to 200 employees are eligible to apply for the program,. KKR is particularly looking for companies that provide essential community services, are operated by historically underrepresented groups, or are pivoting their business in some way as a direct result of the pandemic. Existing loan holders can apply for an increase to their loan. Current hospitalizations due to COVID sit at over seventy-thousand (70,000) while nearly one-hundred eighty-five million (185,000,000) American citizens and residents have been fully vaccinated against the virus. Sign up today to have the bulletin delivered to your inbox. DEED offers relief grants for small companies - BusinessNorth This relief act applies to employees at small, midsize, and nonprofit companies so long as the employee has been employed for more than 30 days. Our coronavirus stimulus check calculator can help you determine how much you may qualify for. The Minnesota Department of Revenue has released more details about which businesses are eligible for the $216 million COVID relief package passed by the Legislature, and how much they can get. Minnesota Department of Health COVID-19 website MDH COVID-19 Public Hotline: 1-833-431-2053 Monday-Friday: 9 a.m. to 7 p.m. Saturday: 10 a.m. to 6 p.m. COVID-19 Hotline: 1-833-431-2053 Minnesota Department of Health school and child care questions: 651-297-1304. Since March 2020, the Initiative Foundation has partnered with nearly 2,400 Central Minnesota businesses and local nonprofits to help with the financial strain caused by the pandemic. The order went into effect on March 24, 2020, and it applies to those in their homes as of March 1, 2020. The program closed on May 31, 2021. Both First Draw and Second Draw loan holding businesses are eligible for total forgiveness if they: Used all of the loan funds for payroll and other qualified expenses; Put a minimum of 60% of the loan funds directly into payroll; and, Small business loan holders can apply for forgiveness as soon as they have used up all of the funds from the loan. What you need to know about COVID variant arcturus and a new, odd symptom Thrifty White Pharmacy is a 100% employee owned mid-sized pharmacy chain that is committed to small towns and cities in the rural Midwest. The Initiative Foundation is certified as a Community DevelopmentFinancial Institutionby the U.S. Departmentof the Treasuryand proudly bears certificationfrom the U.S. Small BusinessAdministration as a CommunityAdvantage Lender. At the state level, coronavirus-impacted individuals can take advantage of housing relief, food resources, unemployment benefits and various other relief efforts. Readers should contact legal counsel for legal advice. Terms | Privacy | About Us | Community Rules. Be able to demonstrate financial hardship as a result of the COVID-19 outbreak. Sunday is the restaurant's last day in business. The grant money will benefit businesses in greater Minnesota and the Twin Cities. The incident occurred on Sep. 24 of last year in the parking lot of a Blaine Cub Foods. But only employers with fewer than 250 employees were eligible.You can find more information about this programhere. Weve compiled a list of ongoing options for businesses to take advantage of. Small Business Assistance Office (SBAO) / Minnesota Department of March 2021 Visit our, Encourage sick employees and customers to stay home, Separate sick employees from the rest of the employees and encourage them to go home, Clean all work environments routinely and thoroughly, Trust in your employees ability to stay on track. Relief Pharmacist Job in Hibbing, MN at Thrifty White Pharmacy Thanks to a special grant from the Otto Bremer Trust, one-time grants of up to $10,000 will be awarded to businesses that suffered pandemic-related disruptions and losses. There are two ways to apply, depending on the lender. Governor Walz issued an executive order that suspends evictions and writs of recovery for the duration of the COVID-19 peacetime emergency. ONETIME INCOME TAX SUBTRACTION FOR SMALL BUSINESS RELIEF GRANTS. Tim Walz on June 16, 2020. March 2020 Unemployment compensation has also been extended by 13 weeks. Beginning June 1, our offices will be open to the public from 8 a.m. to 4:30 p.m. Mondays and by appointment on Tuesdays through Fridays. A fee of .25% on the guarantee loan principal was be charged for each loan enrolled into the program. The Coronavirus Aid Package (CARES Act) is providing extended unemployment benefits to workers who are ineligible for regular unemployment programs but are out of work solely because of the coronavirus pandemic. We work in partnership to advance an inclusive and resilient economy. February 2023 Businesses have through Sept. 29 to apply. The Minnesota Main Street COVID relief grants range from $10,000 to $25,000, depending on the size of the business. Interest will accrue in those first years, but there are no penalties for prepayment. By using this website, you agree to our use of cookies to analyze web traffic and improve your experience on our website. So long as employers are covered, they are required to abide by federal FMLA and state FMLA laws. July 2021 The program was funded by the Legislature with a $30 million allocation. The grant administered by the Initiative Foundation requires that 50 percent of the award must be used to forgive the rent of existing tenants. See how COVID deaths are plummeting this spring A total of41 businesses of 134 existing loans have taken deferment or interest-only options, which amounts to 30 percent of the Foundation's lending portfolio. "It's not mine," host Jason Matheson joked. And Minnesota also offers small businesses multiple programs to aid in their recovery. Subscribe to our email newsletters and follow us on Facebook, Twitter, Instagram and LinkedIn. News | Average Retirement Savings: How Do You Compare? The effect this situation has had on small businesses in the U.S. is well-known. There are no guarantees that working with an adviser will yield positive returns. We will continue to monitor community health indicators from the Centers for Disease Control (CDC) and the Minnesota Department of Health and take actions as warranted. Stay connected during this time. Businesses that qualify include publicly-held companies, privately-held companies, non-profit organizations and government entities. The Foundation meets rigorous national standards established by the CouncilonFoundations,has attained the highest four-star rating on financial health,accountability and transparency from CharityNavigator and is recognized for meetingstandards for accountability and opennessthrough the CharitiesReview Council. May 2019 Fiserv is a global financial technology and payments company. (EIDL) provides capital to help small businesses cover necessary operating expenses. We're committed to keeping our website and social media channels up to date on any changes to office hours, programs or services, and other important information. November 2020 ), Charley Walters: Way too early to judge Vikings' pick of Jordan Addison, NFL draft: Vikings swap down, then up, to nab pair of LSU defenders, 'Smiley-face killer' theorist accused of St. Paul sex assault at time of Zamlen search, Do Not Sell/Share My Personal Information. The grants can be used to pay for rent, mortgage, utility bills, and other expenses in the regular course of business. Awards will be disbursed and administered by qualified local and regionally based nonprofit organizations. The SBA will process these payments automatically, so there is no need for businesses to apply for debt relief.5. No problem. Full-Time. Subdivision 1. Small businesses that missed the initial lending window are urged to save their application information to help them more quickly apply if additional funds become available. Businesses In Minnesota Can Now Apply For MN Main Street COVID Relief PAUL, MN] - Today, Governor Tim Walz signed the tax bill, the final bill in Minnesota's COVID-19 Recovery BudgetMinnesota's state budget for the next biennium, into law, providing direct relief to small businesses, essential workers, and working families across the state. Our hope is that this will ease the strain on local businesses as we all work together to manage through the COVID-19 outbreak and the shelter-in-place restrictions that are affecting our small business partners. September 2019 Some of the money from the $2.2 trillion package went to counties to support local grants. The tax credit allows these businesses to offset their payroll tax liabilities by up to $7,000 per employee per quarter.6It is only available to companies that meet the following criteria: AnnuityFreedom.net provides two different types of grants for small businesses in response to the pandemic: the BIPOC Small Business Grant and the Minority Business Micro-Grant. is an ongoing fundraising effort that donates its proceeds to small businesses in the U.S. Because of the ever-changing nature of the coronavirus pandemic, its important to set business maintenance policies for you and your employees. A business can quality in two ways: Theyre eligible if they experienced at least a 10 percent loss in revenue from 2019 to 2020. This is not an offer to buy or sell any security or interest. These grants didnt completely solve the economic strain on local businesses, but we hope they offered some relief to help them get through the disruptions.. Chapter 1, Section 4 appropriating $60 million in federal Coronavirus Relief Fund (CRF) dollars and $2.5 million in state dollars from the Small Business Loan Guarantee Trust Fund account. News | Businesses can apply online through the SBAs application portal. The Minnesota Legislature passed a $216 million package. Companies with up to 200 employees are eligible to apply for the program, administered by the state Department of Employment and Economic Development. By June 30, the end of the second quarter, the Initiative Foundation and its Partner Funds that engaged in relief fund efforts (listed below) had disbursed 320 grants worth nearly $700,000 to provide local relief. Once they come to an agreement, Walz will call a special session to pass the legislation. The money is being offered to companies hit the hardest by the most recent shutdown, which ends this Friday, though parts of it have been extended through the holidays. In the event that your small business undergoes financial difficulties during the coronavirus spread, consider implementing these guidelines for the good of your business and its employees: For more business solutions, visit the SBA website. May 2022 The Coronavirus Aid, Relief, and Economic Security (CARES) Act ensures that all states receive federal relief in areas such as unemployment, small business assistance, taxes and more. The fixed-rate is 3.75% for for-profit businesses and 2.75% for non-profits. The program is comprised of three parts: Main Street Business Revitalization Historically Disadvantaged Business Revitalization Program Loan payment deferment and loss reserve December 2018 In response to the coronavirus pandemic, both federal and state governments are actively providing tax assistance for small businesses as well as updated employee leave policies. This is the second round of COVID-19 relief grants distributed by the state. Hennepin County Small Business Relief Fund impacts To apply, a business has to: Be minority-owned by a person that is eighteen (18) years of age or older; Have annual revenue less than $1 million; Have been in business since before January 1, 2020; and, GoFundMe partnered up with Bill.com, GoDaddy, Intuit QuickBooks, and Yelp to create the. The deal will help businesses shut down during Gov. The nonprofits administering the grants will contact businesses directly. In July 2021, the Initiative Foundation was awarded $250,000 in funding from the Minnesota Department of Education (MDE) and the Governors Emergency Education Relief (GEER) fundtosupport vulnerable children impacted by COVID. How Much Do I Need to Save for Retirement? Walz's four week "pause," which includes: The DOR says businesses to which the following applies qualify for a grant: Walz has acknowledged that the relief being provided to businesses isn't a silver bullet, and that more substantial assistance needs to come from a stimulus deal at the federal level, if one can be struck. Coronavirus Disease 2019 (COVID-19) | Mille Lacs County, MN Alaska COVID-19 Waivers and Flexibilities, Alaska Department of Health and Social Services, Arizona COVID-19 Waivers and Flexibilities, Arkansas COVID-19 Waivers & Flexibilities, Colorado COVID-19 Waivers & Flexibilities, Colorado Department of Public Health and Environment, Delaware COVID-19 Waivers and Flexibilities, Florida COVID-19 Waivers and Flexibilities, Georgia COVID-19 Waivers and Flexibilities, Hawaii COVID-19 Waivers and Flexibilities, Illinois COVID-19 Waivers and Flexibilities, Kansas COVID-19 Waivers and Flexibilities, Kansas Department of Health and Environment, Kentucky COVID-19 Waivers and Flexibilities, Kentucky Cabinet for Health and Family Services, Louisiana COVID-19 Waivers and Flexibilities, Massachusetts COVID-19 Waivers and Flexibilities, Michigan COVID-19 Waivers and Flexibilities, Minnesota COVID-19 Waivers and Flexibilities, Mississippi COVID-19 Waivers and Flexibilities, St. Louis Emergency Resources for Individuals and Families, Montana COVID-19 Waivers and Flexibilities, Montana Department of Health and Human Services, Coronavirus Relief Fund (CRF) Program Administration, Nebraska COVID-19 Waivers and Flexibilities, Nebraska Department of Health and Human Services, New Hampshire OVID-19 Waivers and Flexibilities, New Jersey COVID-19 Waivers and Flexibilities, New York COVID-19 Waivers and Flexibilities, North Carolina Department of Health and Human Services, North Dakota COVID-19 Business and Employer Resources, North Dakota COVID-19 Waivers and Flexibilities, Oklahoma COVID-19 Waivers and Flexibilities, Oregon COVID-19 Waivers and Flexibilities, Pennsylvania COVID-19 Waivers and Flexibilities, Rhode Island COVID-19 Waivers and Flexibilities, Richland County COVID-19 Pandemic Relief Grants, South Carolina COVID-19 Waivers and Flexibilities, South Dakota COVID-19 Waivers and Flexibilities, Tennessee COVID-19 Waivers and Flexibilities, Washington D.C. COVID-19 Waivers and Flexibilities, West Virginia Department of Health and Human Resources, Wisconsin COVID-19 Waivers and Flexibilities, Wyoming COVID-19 Waivers and Flexibilities, https://www.kff.org/coronavirus-covid-19/issue-brief/state-covid-19-data-and-policy-actions/, https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/covid-19-eidl, https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program, https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness, https://www.sba.gov/funding-programs/loans/covid-19-relief-options/sba-debt-relief, https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/small-business-tax-credit-programs, https://home.treasury.gov/system/files/136/ERC-Flyer-4.13.21.pdf, https://www.pgpf.org/understanding-the-coronavirus-crisis/coronavirus-funding-state-by-state?utm_term=covid-19%20program&utm_campaign=COVID+State+Tool&utm_source=adwords&utm_medium=ppc&hsa_acc=1523796716&hsa_cam=11185911289&hsa_grp=113208885521&hsa_ad=467197551728&hsa_src=g&hsa_tgt=kwd-904240186230&hsa_kw=covid-19%20program&hsa_mt=b&hsa_net=adwords&hsa_ver=3&gclid=CjwKCAjwqeWKBhBFEiwABo_XBvWlJ8GrSJTa3Hl_3zGDUHKsEqqp_ouCtDFX-pOUrJ7VPgCbpXutORoCQiQQAvD_BwE, Californias Coronavirus Mortgage Relief Program, Explained, Extra $600 in Unemployment is Over (And an Executive Order is Here). To learn more, visit our guide to the CARES Actor read about the Paycheck Protection Program in particular. This is not a "first come, first served" or a "lottery" program. Taxpayers can request relief from late-filing or late-payment penalties and interest for reasonable causes like emergency declarations due to COVID-19. Funding will be split half and half between the Twin Cities metro area and greater Minnesota. Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right Loading Home Buying Calculators Grant funds received by individual businesses shall be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar expenses that occur or have occurred since March 1, 2020, in the regular course of business. You can find more information about eligibility and frequently asked questions on DEEDs website here. The government offers these for those who either have a coronavirus medical diagnosis, or for those caring for a dependent or household member impacted by the virus or a virus-related shutdown.

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