COVID-19 Resources for Businesses
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COVID-19 RESOURCES FOR BUSINESSES

Updated 4/21/2021

Relief Programs:

 

  • Shuttered Venue Operators Grant
    • The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
    • Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
    • Questions on eligibility and how to apply? Click here.


  • Restaurant Revitalization Fund Grant
    • The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023
    • Questions on eligibility and how to apply? Click here.

  • SBA Express Bridge Loans
    • Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
    • These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
    •  If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
    • Terms:
      • Up to $25,000
      • Fast turnaround
      • Will be repaid in full or in part by proceeds from the EIDL loan
  • SBA Debt Relief
    • As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. It will be automatically provided as follows:
      • For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
      • For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
      • For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.
    • Borrowers should contact their lender if they have any questions regarding this payment relief.
  • Coronavirus Food Assistance Program 2 (USDA)
    • USDA’s Farm Service Agency will accept CFAP 2 applications from September 21 through December 11, 2020.
    • Any individual or legal entity who shares in the risk of producing a commodity may apply for CFAP 2.
    • Click on the link above for more information.

  • US Chamber of Commerce Main Street Lending Program
    • An eligible business must:
      • Have been established before March 13, 2020
      • Not be an ineligible business according to Small Business Administration (SBA) regulations
      • Have no more than 15,000 employees or 2019 annual revenues of no more than $5 billion
      • Have been created or organized in the U.S. with significant operations in and a majority of its employees based in the U.S.
      • Not also participate in one of the other Main Street loan facilities, as well as the Primary Market Corporate Credit Facility
      • Not have received specific support pursuant to the CARES Act (Subtitle A of Title IV for air carriers, air cargo, and businesses critical to national security)
    • To apply, eligible borrowers must submit an application and other documentation required by an eligible lender. Borrowers should contact lenders for more information on whether the lender plans to participate in the program and for more information on the application process. Additional information about the application process will be announced in the future.
    • Eligible lenders are U.S. federally-insured depository institutions (including banks, savings associations, and credit unions) as well as any U.S. branch or affiliate of a foreign bank. Nonbank financial institutions are not considered eligible lenders at this time, although the Federal Reserve is considering options to expand this list in the future.
    • Click here for a table of Main Street Lending Program loan options (loan amounts, terms, rates, etc.)


  • 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.
    • These loans can be used for a variety of purposes and can be subordinate to other financing.
    • Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.
    • All loans will be made by lenders enrolled in the program - no loans will come directly from DEED.
    • DEED is accepting applications from lenders who would like to participate in the program.
    • If your business is seeking funding, please check back to this site to obtain contact information for enrolled lenders as it becomes available. (12/4)
  • Cross-program Eligibility on SBA COVID-19 Relief Options
    • With all of the options of the COVID-19 business relief funding that is available, it can be difficult to discern which program(s) are best for your business. Click here for an informational chart to help you navigate through the options. 

Information Resources: