The information below was sent by the City of Minneapolis regarding resources available for Minneapolis small businesses.
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Businesses across Minneapolis have shut their doors or changed their operations to help prevent the spread of the Coronavirus. This presents an unprecedented challenge, but there are resources available to support small businesses, independent contractors, and non-profit organizations in this time. To stay up to date as new information is available, visit the City of Minneapolis Coronavirus FAQs for business and check out this excellent guide from Minnesota DEED.
- Payroll Protection Program: Forgivable loans for up to 2.5 months of payroll expenses for business who keep their employees
- SBA’s Economic Injury Disaster Loans: Long-term loans up-to-$2 million at 3.75%, includes an up-front $10,000 grant
- Pandemic Unemployment Assistance: Unemployment benefits for those who do not typically qualify, such as independent contractors and self-employed people.
- Minnesota Small Business Emergency Loan: Interest-free loans of $2,500-$35,000 for businesses impacted by the Governor’s temporary closure orders. Loans are partially forgivable.
- City of Minneapolis Forgivable, No-Interest Loan: $5,000-$10,000 forgivable, no-interest for small businesses and self-employed people with fewer than 20 employees or under $1 million in revenue and located in certain parts of the city. The deadline is Monday, April 20 at 12:00 p.m. (Noon). Apply today!
More web resources
- To stay up to date as new information is available
- MN DEED has an excellent guide to the federal and state programs above.
- Visit the City’s Coronavirus website and review the FAQs for business.
- Join a weekly conference call with the office of Mayor Frey at Noon each Friday. You can also submit your questions in advance online.
- Subscribe to the Plan. Launch. Grow. newsletter for small businesses
This information may feel overwhelming, but you do not have to navigate it alone. The City of Minneapolis has expanded Business Technical Assistance Program services to make sure that you have an expert to talk to about your specific situation. You can also contact the City’s Small Business Team at 612-673-2499 or smallbusiness@minneapolismn.gov. We are all in this together.
