COVID-19 Information and Resources for Businesses
Below are a resources available for Apple Valley Businesses in response to COVID-19. Many of these resources are being updated daily. Open To Business continues to provide free advice for the best sources of emergency funding for your specific business. The Open To Business Dakota County contact information is below.
Tyler Hilsabeck Open to Business - Business Advisor
612-789-8838 (work) 312-402-6954 (cell)
Small Business Administration Paycheck Protection Program Resumes Monday, April 27
The Paycheck Protection Program(PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Currently, Minnesota is number three in the nation for the number of PPP loans recieved per capita.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Executive Order 20-40 begins the process of safely returning Minnesotans to work, starting with workers in non-customer facing industrial and office-based businesses who cannot work from home. Guidance on what businesses are allowed to return to work under EO 20-40 can be found here.
A FAQ for Minnesota Businesses on Governor’s Waltz’s executive order 20-20.
Resources for businesses to understand "Critical Sector Worker Exceptions" and "Critical Business List"
The Minnesota Department of Employment and Economic Development (DEED) now offers the Minnesota Small Business Loan Guarantee Program. This temporary program, established in response to the 2020 public health emergency, will help Minnesota lenders provide capital to small businesses in Minnesota affected by COVID-19.
Includes information on unemployment insurance, additional loans and financing options, and guidance on how to manage and avoid layoffs.
The U.S. Small Business Administration is offering a low-interest federal disaster loans and a one-time emergency grant of up to $10,000 for working capital to small businesses and private non-profits suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Two SBA emergency capital programs are available today and more will be coming soon:
- Low interest, long term Economic Injury Disaster Loans for up to $2 million: The first payment is deferred for 12 months. The application has been simplified and can be completed 100% online through our improved web portal at www.sba.gov/disaster.
- Economic Injury Disaster Loan Advance for up to $10,000: The form to apply is part of the economic injury disaster loan application. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.