This page contains resources from the Federal government, Minnesota government, and private sector partners to help you navigate the COVID-19 crisis from a business standpoint.
Updates to PPP loan program — Updates provisions and operations related to the federal Paycheck Protection Program.
CARES Act FAQ (AIA Virginia) — AIA Virginia shared advice about how to take advantage of the programs and resources created under the CARES Act.
AIA CARES Act Webinar (April 2) — Legal experts affiliated with the architecture industries shared insights about the different programs created under the Federal CARES Act. Sponsored by AIA.
AIA CARES Act Webinar Presentation PPT (April 2) — These slides were shared during the AIA presentation on the CARES Act.
Paycheck Protection Program Resources (Federal) — This is the Small Business Administration website for the Paycheck Protection Program, part of the CARES Act. According to member communications and the New York Times the following banks and lenders are accepting new accounts: Bremer Bank, Highland Bank, Ready Capital, Kabbage.
SBA Disaster Loans — This program can provide low-interest loans of up to $2 million to businesses and private non-profits. These loans may be used to pay fixed debts, payroll, accounts payable and other bills.
SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
The U.S. Treasury Department provides guidance on CARES Act programs for small businesses.
The U.S. Consumer Finance Protection Bureau has issued guidance for both consumers and small businesses on Protecting Your Finances During the Coronavirus Pandemic.
The Brookings Institution has produced resources to help employers understand how unemployment insurance works, and how the CARES Act has impacted it.
Shared Work – Alternative to Layoffs – Shared Work is offered by the MN Unemployment Insurance (UI) Program to help employers avoid a layoff. Interested companies can submit an application and a list of the selected employees that will work reduced hours during a temporary slowdown. They are paid unemployment benefits to offset part of their reduced wages.
Benefits of Shared Work:
– Keep experienced and trained staff
– Avoid future hiring and training costs
– Increase operations quickly when business conditions improve
– Avoid a layoff which creates goodwill and financial stability for the workforce and the community
Minnesota DEED Guide for Minnesota Small Businesses Who Need Help
Minnesota DEED has created a COVID-19 webpage with Minnesota specific information to help small businesses.
The Entrepreneur Fund has information on a variety of relief resources, including some specific to the northern Minnesota area and one specific for small Duluth businesses.
Private Sector Resources:
Free Book: Coronavirus and Business: The Insights You Need (Harvard Business Review)
These resources were created by the Minnesota Chamber of Commerce to help Minnesota businesses navigate the current crisis.
WomenVenture has created a COVID-19 Update Hub with details.
WBDC/WBENC COVID-19 resources for Women-Owned Businesses
“Understand the Paycheck Protection Program” (from Economic Innovation Group)
“Evaluating COVID Business Relief Strategies” by Dr. Bruce Corrie provides an overview and comparison of options available to small businesses.
“Tax reprieves that may help cushion the current economic storm” from AIA partner Engineered Tax Services provides a succinct overview of tax credits and other forms of assistance.