Small businesses to receive federal support during COVID-19 pandemic
Minnesota Gov. Tim Walz on Saturday announced that small businesses in Minnesota are now eligible to apply for disaster assistance through the Small Business Administration for economic injury during the COVID-19 pandemic.
This announcement comes after Walz sent a letter to the director of the SBA’s Office of Disaster Assistance, requesting that Minnesota businesses be eligible for this assistance.
“Small businesses across Minnesota are putting the health of their neighbors before their bottom line,” Walz said in a press release. “This assistance will help our state’s businesses recover from the economic hardship caused by COVID-19.”
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing during the pandemic. Small businesses may apply for a loan at https://disasterloan.sba.gov/ela/.
“COVID-19 is placing significant economic strains and unforeseen hardships on our business community,” said Department of Employment and Economic Development Commissioner Steve Grove in the release. “The governor’s disaster declaration ensures that Minnesota’s small businesses can access key financial assistance to help them recover from losses brought on by these hard times.”
On Wednesday, the state also granted a 30-day sales and use tax grace period for businesses identified in Executive Order 20-04. Identified businesses with a monthly Sales and Use Tax payment due March 20, 2020, will have until April 20 to make that payment.
These customers should still file their return by March 20. For more information, visit revenue.state.mn.us.