A variety of resources are available to help businesses, employers, and workers dealing with the impacts of COVID-19.
Unemployment Insurance Information for Employers
The State of Minnesota asks that workers who are unemployed or who have hours reduced due to the COVID-19 outbreak apply for unemployment benefits online
SBA Paycheck Protection Program
The Paycheck Protection Program helps employers with less than 500 employees retain employees at their current base pay. Proceeds can be used for payroll expenses from February 15 to June 30, 2020. If employers keep all employees, the entirety of the loan will be forgiven. If an employer keeps a portion of employees, the loan forgiveness will be reduced by the percent decrease in the number of employees. The amount any small business is eligible to borrow is 250% of their average monthly payroll expenses, up to a total of $10 million.
SBA Disaster Assistance Loans
The SBA is providing up to $2 Million in Disaster Assistance Loans for Small Businesses affected by COVID-19. The SBA will also provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
State of Minnesota Small Business Emergency Loans
This program assists small businesses directly and adversely affected and whose industry was temporarily closed under a series of Minnesota Executive Orders. It is administered by certified lenders around the State. Interested Coon Rapids businesses can contact Central Minnesota Development Company at 763-784-3337.
State of Minnesota Small Business Loan Guarantee Program
This program enables a small business to obtain a term loan when it cannot otherwise qualify for a loan. It is also administered by certified lenders around the State.
Many banks and credit unions have established new loan programs or are offering modified repayment options on existing loans for both personal and business loans. In addition, the recent Federal CARES Act passed provides a 6-month debt forgiveness to the borrower for all 504, 7a, Community Advantage, Microloan borrows and Disaster Loans from the SBA.
Open to Business Technical Assistance
The Open to Business program can provide free technical assistance to businesses as they navigate the current situation. This includes working with lenders on restructuring payments or negotiating temporary relief; navigating employee or payroll matters; utilizing tax credits; and shifting business models temporarily to online sales, gift certificates, or delivery. Businesses can contact Business Advisor Carrie Mikkonen by email.
Local Chambers of Commerce
Both the Metro North Chamber of Commerce and Anoka Area Chamber of Commerce list a variety of resources online.
Minnesota Shared Work Program
This program offers an alternative to layoffs for employers facing a temporary downturn in business.
State Sales Tax Deferral
The State Revenue Department is deferring the collection of Sales Tax payments due on March 20, 2020, with no late fees or penalties.
Other State and Federal Resources
The State of Minnesota is providing up-to-date information to employers regarding unemployment insurance, workplace health and safety and other important matters.
Sick Leave Policy Guidance
The Minnesota Department of Health offers resources regarding sick leave policies.
CDC Guidance for Business
The Centers for Disease Control offers additional guidance for businesses and employers.