If you should find the doors locked, please ring the doorbell to the right of the front doors or call (877) 632-9255 for assistance. Recipients of Olmsted County/State of Minnesota small business relief grants A total of 169 small businesses met the eligibility criteria and were chosen as grant recipients. WASHINGTON - Minnesota's state and local governments, its ailing hospitality industry, struggling small businesses and the agricultural sector will get a financial boost from the $1.9 trillion . Employer contributions to employee health insurance and retirement plans; For small businesses that hold existing SBA loans approved on or before September 27, 2020, the SBA will cover six (6) months of principal, interest, and fees. Unemployment compensation has also been extended by 13 weeks. Because of the ever-changing nature of the coronavirus pandemic, its important to set business maintenance policies for you and your employees. Offered by the Minnesota Unemployment Insurance (UI) Program, the program splits available work hours among employees, allowing them to earn some unemployment benefits while they work reduced hours. At the state level, coronavirus-impacted individuals can take advantage of housing relief, food resources, unemployment benefits and various other relief efforts. If a lender is on, , the loan holder can apply for forgiveness directly through the, Small Business Administration PPP Direct Forgiveness Portal, PPP 3508S Loan Forgiveness Application & Instructions, If a lender is not on the list mentioned above, the loan holder will have to apply for forgiveness directly through the lender. The Minnesota Department of Employment and Economic Development (DEED) announced the opening of applications for the new Minnesota Small Business Relief Grants Program. The Initiative Foundation is one of nearly two dozen lenders for this program intended to provide partially forgivable loans to restaurants, bars, hair salons and other public accommodations impacted by Minnesota Executive Orders 20-04 and 20-08. To apply, a business has to: Be minority-owned by a person that is eighteen (18) years of age or older; Have annual revenue less than $1 million; Have been in business since before January 1, 2020; and, GoFundMe partnered up with Bill.com, GoDaddy, Intuit QuickBooks, and Yelp to create the. September 2022 The Initiative Foundation fielded more than 200 applications and 400-plus inquiries when the DEED Small Business Emergency Loan Program was announced. 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Small Business Assistance Office Our Small Business Assistance Office places a special emphasis on providing the in-depth information that is so crucial to business success yet too costly for many businessmen and women to obtain on their own. The ongoing spread of COVID-19 (Coronavirus) has had lasting impacts on US small businesses. Vaccines get an overhaul from FDA. Partnering with Pine County helped them award the CARES Act funds to the businesses that needed it most.. The loans resulted in $1.18 million in regional economic stimulation. ), Charley Walters: Way too early to judge Vikings' pick of Jordan Addison, NFL draft: Vikings swap down, then up, to nab pair of LSU defenders, 'Smiley-face killer' theorist accused of St. Paul sex assault at time of Zamlen search, Do Not Sell/Share My Personal Information. As a part of its COVID-19 relief effort, global investment firm KKR created the Small Business Builders Grant. Since May 2020, Hennepin County has approved $69.4 million in small business relief grants through five funding rounds: Round 1 (April 27-May 8): Grants up to $10,000 for businesses with 1-20 employees. Do I need the new COVID-19 booster? We work to grow the regional economy, create and retain jobs, develop a stable tax base, and enhance livability. Cloud Small Business Development Center. That effort saw a total of $8.8 million distributed to 785 Central Minnesota businesses. See how to apply here. The effect this situation has had on small businesses in the U.S. is well-known. 30, 2020Grants Support Distance Learning, Safety and Programming, Aug. 13, 2020Special Grant Cycle Focuses on Early Childhood Programs, Distance Learning, Safety, Aug. 11, 2020Foundation Helps to Deliver Up to $7.8 Million in Small Business Relief Grants, July 22, 2020Foundation Drives Nearly $700,000 in Regional Grants, June 23, 2020DEED to Host Small Business Relief Grant Webinars, June 19, 2020Foundation, DEED Partner to Deliver Small Business Relief Grants, June 16, 2020Foundation Extends Staff Remote Work Time, May 14, 2020Nonprofits Earn Challenge Awards During #GiveAtHomeMN Fundraiser, April 23, 2020Grants Supply Some Funding for Child Care Providers; Many Still in Need, April 22, 2020Farmers' Legal Action Group (FLAG) Releases Farmers' Guide to COVID-19 Relief, April 10, 2020Grant Guidelines Change in Response to COVID-19, April 2, 2020110 Receive Initiative Foundation Emergency Child Care Grants, March 27, 2020Minnesota Foundations Give Aid to Nonprofits to Help Residents During COVID-19(Star Tribune), March 26, 2020Initiative Foundation Partners in Statewide Emergency Child Care Grants Program, March 26, 2020How to help from home: St. Cloud-area organizations set up coronavirus relief funds (St. Weve compiled a list of ongoing options for businesses to take advantage of. Eligibility Applications for the Small Business Relief Grant Program are now open and will be accepted until 5:00 p.m. on Thursday, July 2. The tax credit allows these businesses to offset their payroll tax liabilities by up to $7,000 per employee per quarter.6It is only available to companies that meet the following criteria: AnnuityFreedom.net provides two different types of grants for small businesses in response to the pandemic: the BIPOC Small Business Grant and the Minority Business Micro-Grant. There will be a 30-day extension for the Sales and Use Tax for businesses required to suspend or reduce services and for the Lawful Gambling Tax payments for organizations that request an extension for their March 20 payment. The incident occurred on Sep. 24 of last year in the parking lot of a Blaine Cub Foods. They have established the. The Scott County Community Development Agency - SMB Loans. These recovery grants are for $10,000 and also include networking opportunities and technical support from KKR experts. DNA also linked her to the death of another infant found abandoned in 1999. Unlike loans, the grants do not need to be repaid. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. The crash occurred just before 1 p.m. Saturday on Highway 33 in St. Louis County. But so does the federal government. Cloud Times), March 24, 2020Patience Needed As DEED, Staff Develop Emergency Loan Criteria, March 20, 2020COVID-19 Update: Loan Payment Deferrals Offered, March 19, 2020Help Those Hardest Hit by CoronavirusMarch 16, 2020COVID-19 Update: Staff Moves to Remote Work. To apply, a small business is required to have: The Minority Micro-Grant has no requirements and provides $100 grants to one small business per month. IFundWomen (IFW) is a fundraising platform catered towards women-owned businesses. Average Retirement Savings: How Do You Compare? Companies can apply online or manually with form AD 3117. Minnesota Department of Employment and Economic Development officials announced Friday that about 5,780 small businesses have been selected to receive relief grants. direct access to the website editor or CMS. The Economic Injury Disaster Loan (EIDL) program is another heavily funded relief option, allowing borrowers to receive an emergency cash advance of $10,000, with loans of up to $2 million. For more information, you can read the Families First Coronavirus Response Act. These direct cash payments go out to all Americans within certain adjusted gross income (AGI) limits. However, C corporations will receive an automatic extension to file their Minnesota return to the end of 7 months after the due date or until the date of any federal extension. In addition to supporting DEED and its Small Business Emergency Loan program, the Initiative Foundation has reached out to existing loan clients to offer deferred payments for 90 days. This is not a "first come, first served" or a "lottery" program. To date, the Initiative Foundation has processed 53 loans for Central Minnesota businesses as part of the Minnesota Department of Employment and Economic Development's (DEED) Small Business Emergency Loan Program. ONETIME INCOME TAX SUBTRACTION FOR SMALL BUSINESS RELIEF GRANTS. Were required to close by Executive Order 20-99 (the four-week "pause"). Available 7 a.m. to 7 p.m. Current hospitalizations due to COVID sit at over seventy-thousand (70,000) while nearly one-hundred eighty-five million (185,000,000) American citizens and residents have been fully vaccinated against the virus.1. The program offers monthly grants starting at $4,500, but licensed providers with at least 15 children qualify for an additional amount of up to $15,500, according to Child Care Aware of Minnesota. NOTE:Workers cannot file for unemployment if they are receiving any kind of direct financial help from your business. As part of the Paycheck Protection Program, the federal government has provided hundreds of billions in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. For instance, individuals with an AGI of $75,000 or less receive a flat $1,500, but they wont earn anything if they make above $99,000. Sunday is the restaurant's last day in business. Small Business Relief Grant Program shortcut. March 2023 SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. What you need to know about COVID variant arcturus and a new, odd symptom Tim Walz's four-week "pause.". Most of the funding for . Overview Global Center is the only entity outside of the Twin Cities metropolitan area to receive a cultural mall grant. Claimants also receive an additional 13 weeks of benefits (plus a federal boost of $600 per week) from the federal government, so Minnesotans can now utilize 39 weeks of unemployment compensation (UC). They are available to businesses globally. November 2021 It is a low-interest, fixed-rate loan with a thirty (30) year term. Our team at North Risk Partners will continue to monitor regulatory updates and guidance related to the COVID-19 outbreak and send you information as it becomes available. October 2021 Subscribe to our email newsletters and follow us on Facebook, Twitter, Instagram and LinkedIn. One-Time Checkup with a Financial Advisor, Coronavirus Aid, Relief, and Economic Security (CARES) Act, Supplemental Nutrition Assistance Program, Minnesota Administrative Rules, chapter 9502, Minnesota Administrative Rules, chapter 9503, coronavirus relief for rent and mortgage payments, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. The grant money will benefit businesses in greater Minnesota and the Twin Cities. Learn more here. Finally, the stimulus package also targets other areas of finance. Walz is prepared to call a special session and pass the package immediately. Governor Walz issued an executive order that suspends evictions and writs of recovery for the duration of the COVID-19 peacetime emergency. Half of the total money will be allocated to businesses owned by women, military veterans, people of color, and companies with six or fewer employees. In August 2020, the Initiative Foundation began awarding grants to businesses hardest hit by the pandemic through DEEDs Small Business Relief Grant program. There are two ways to apply, depending on the lender. The money is being offered to companies hit the hardest by the most recent shutdown, which ends this Friday, though parts of it have been extended through the holidays. These grants support businesses and owners who navigated severe disruptions and challenges over the past two years, and in many cases werent eligible for or able to access other forms of relief, said Brian Voerding, Initiative Foundation vice president for inclusive entrepreneurship. These are grants and no repayment will be required. The Minnesota Department of Employment and Economic Development (DEED) - Minnesota Small Business Relief Grants Program. The number of employees included parent company and all locations. We urge small business owners to monitor these emergency finance programs and options: Help Those Hardest Hitby the Coronavirus, goes a long way to cover expenses as we work to. Eligible programs include family and group family programs licensed under Minnesota Administrative Rules, chapter 9502, child care centers licensed under Minnesota Administrative Rules, chapter 9503; and tribally licensed child care programs. , which provides $500 matching grants to businesses that raise at least $500 with a GoFundMe fundraiser created in response to the pandemic. The Supplemental Nutrition Assistance Program (SNAP) provides monthly benefits, but these depend on household size and monthly income. The Legislature had previously passed a $200 million package to fight the virus. There are two ways to apply, depending on the lender. The program is comprised of three parts: Main Street Business Revitalization Historically Disadvantaged Business Revitalization Program Loan payment deferment and loss reserve Formed by the Minnesota Council on Foundations and the Saint Paul and Minnesota Foundation, the MDRF raises money to offer financial support to communities in need. The businesses were picked through a random drawing. These organizations include Minnesota Initiative Foundations, local community foundations, tribal foundations, coalitions, community development financial institutions (CDFIs), networks, associations or other grant-making intermediaries. Any business is only eligible for a one-time grant. In July 2021, the Initiative Foundation was awarded $250,000 in funding from the Minnesota Department of Education (MDE) and the Governors Emergency Education Relief (GEER) fundtosupport vulnerable children impacted by COVID. To learn more, visit our guide to the CARES Actor read about the Paycheck Protection Program in particular. We also encourage you to check out these small business resource pages: Minnesota Department of Education Grants Support Learning Recovery; Food Assistance and Crisis Child Care Services. You can create your own guidelines poster. Cloud, MN 56301. Employ the equivalent of 50 or fewer full-time workers. Since March 2020, the Initiative Foundation has partnered with nearly 2,400 Central Minnesota businesses and local nonprofits to help with the financial strain caused by the pandemic. Minnesota workers affected by COVID-19 will have full access to unemployment benefits and taxpaying employers unemployment tax rate will not increase if their workers collect unemployment benefits because of COVID-19 according to Governor Tim Walzs executive order from March 16, 2020. Minnesota Department of Health COVID-19 website MDH COVID-19 Public Hotline: 1-833-431-2053 Monday-Friday: 9 a.m. to 7 p.m. Saturday: 10 a.m. to 6 p.m. COVID-19 Hotline: 1-833-431-2053 Minnesota Department of Health school and child care questions: 651-297-1304. Isaac Paul Russell-Hart, 42, was found dead in the Mississippi River near Diamond Bluff, Wisconsin, after he was reported missing last month. These recovery grants are for $10,000 and also include networking opportunities and technical support from KKR experts. Chapter 1, Section 4 appropriating $60 million in federal Coronavirus Relief Fund (CRF) dollars and $2.5 million in state dollars from the Small Business Loan Guarantee Trust Fund account. Dont have an advisor? The BIPOC Small Business Grant is a marketing-focused grant that includes free SEO evaluations, advice, and planning services. Walz's four week "pause," which includes: The DOR says businesses to which the following applies qualify for a grant: Walz has acknowledged that the relief being provided to businesses isn't a silver bullet, and that more substantial assistance needs to come from a stimulus deal at the federal level, if one can be struck. Readers should contact legal counsel for legal advice. The only requirement for a business to apply is for it to be still paying its employees. Thrifty White Pharmacy is a 100% employee owned mid-sized pharmacy chain that is committed to small towns and cities in the rural Midwest. October 2022 If the lender doesnt have their own application form, a loan holder can use one of the following4: It is often required to include the following documentation with any of the previously mentioned applications: For small businesses that hold existing SBA loans approved on or before September 27, 2020, the SBA will cover six (6) months of principal, interest, and fees. | <a href . September 2019 The fixed-rate is 3.75% for for-profit businesses and 2.75% for non-profits. If your business is able to provide remote work opportunities for its employees, consider the following strategies: Minnesota Chamber of Commerce - Resource Toolkit, Minnesota Unemployment Insurance Information, "Providing actionable and accessible guides and tools to help you succeed". Small business resources Hennepin County provides resources and information for small businesses. Be current on financial obligations as of March 1, 2020, Be an existing small business (whatever the form of their organization), Have been operating in Minnesota long enough to demonstrate financial viability, Be willing to provide collateral or personal guarantee for at least 20% of loan, Be unable to qualify for a standard loan through a bank, credit union, or nonprofit lending organization. Had at least $10,000 in taxable sales in 2019. All rights reserved. This program provides $5,000 cash rewards to individual business owners that meet the following criteria: Active in the operation of their business; The business began operating before September 15, 2020; Business is in good standing with the IRS and any relevant regulatory bodies; and. See more about the program here. They have until the loans final due date to apply. When readers purchase services discussed on our site, we often earn affiliate commissions that support our work. The SBA will process these payments automatically, so there is no need for businesses to apply for debt relief.5. Recipients of the Cultural Mall Operator Grant Program will be announced in late July. February 2019 Our hope is that this will ease the strain on local businesses as we all work together to manage through the COVID-19 outbreak and the shelter-in-place restrictions that are affecting our small business partners. It is only available to companies that meet the following criteria: The business experienced a revenue decline of more than 50% in at least one quarter of 2020 compared to the same quarter in 2019; or, The business had to partially close in response to a government mandate; and, The business has less than one hundred (100) employees; and. Funding will be split half and half between the Twin Cities metro area and greater Minnesota. June 2021 Stay connected during this time. Winners will be selected by a computer-generated randomized lottery. Coronavirus Small Business Relief for Minnesota, Minnesota Small Business Loan Guarantee Program, New Yorks Emergency Planning Process Sheet, Communicate with customers regarding business closures, reduction of hours, or maintenance changes, Diversify your suppliers or stock inventory with an adequate amount of supplies to last an extended period of time, Contact your insurance agent to review any business interruption policies that your business may have in place, Prepare a plan with your employees regarding present and future business actions regarding the virus, Determine whether your business is considered essential or nonessential. (source 2). August 2018, All Current loan requests have exceeded funding availability. The nonprofits administering the grants will contact businesses directly. The program will disburse more than $60 million in grants of $10,000 to small businesses across the state that have been impacted by the COVID-19 pandemic. DEEDs Brandon Toner said about 27,000 businesses applied for the first round of grants distributed last fall. "It's not mine," host Jason Matheson joked. A 10-day window opens Monday for applications for a new state program that offers grants to Minnesotan-owned small businesses that suffered economic hardship because of the COVID-19 pandemic. However, payments are deferred for the first two (2) years of the loan term. MN small business relief grant winners selected, Click to share on Facebook (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Twitter (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Tumblr (Opens in new window), Submit to Stumbleupon (Opens in new window), MN small business relief grant winners selected from pool of 27,400 applicants, See how COVID deaths are plummeting this spring, What you need to know about COVID variant arcturus and a new, odd symptom, Extra COVID-19 booster now open to some high-risk Americans, Do I need the new COVID-19 booster? Access current data on Hennepin Countys labor market, including employment, unemployment, wages, occupations, and industries. They have established the Back2Business Grant that awards $10,000 to eligible Black- and minority-owned small businesses affected negatively by the pandemic. Minnesota Coronavirus Relief Programs - SmartAsset Minnesota offers numerous relief programs for individuals and small businesses impacted by COVID-19. January 2019 To apply, a business has to: GoFundMe partnered up with Bill.com, GoDaddy, Intuit QuickBooks, and Yelp to create the Small Business Relief Initiative. Companies cannot receive multiple grants from this fund. Minnesota families and individuals can also utilize several low-cost food resources. Small businesses that want to be involved in the distribution of funds should use the contact form through the GoFundMe and express interest. Well help you find one. 405 FIRST STREET SELITTLE FALLS, MN 56345, We're Here for You:COVID-19 News & Updates, Aug. 3, 2022Relief Grant Partnership Sends $16.2 Million to Regional Small Businesses, June 8, 2022Foundation Awards $1 Million-plus, boosting 15 Central Minnesota nonprofits, May 9, 2022Microenterprise Grant Opportunity Announced, Feb. 9, 2022Transformative Funding for Nonprofits Announced, Oct. 26, 2021Foundation, DEED Partner to Distribute Minnesota Main Street COVID Relief Grants, March 23, 2021Grants Support Small Early Childhood EducatorsDec. By June 30, the end of the second quarter, the Initiative Foundation and its Partner Funds that engaged in relief fund efforts (listed below) had disbursed 320 grants worth nearly $700,000 to provide local relief.