Minnesota Small Businesses Eligible for Disaster Assistance
ST. PAUL, Minn. – Minnesota Gov. Tim Walz announced Saturday that small businesses in the state are now eligible for disaster assistance through the Small Business Administration (SBA) for economic injury during the COVID-19 pandemic.
“COVID-19 is placing significant economic strains and unforeseen hardships on our business community,” said Department of Employment and Economic Development Commissioner Steve Grove. “The Governor’s disaster declaration ensures that Minnesota’s small businesses can access key financial assistance to help them recover from losses brought on by these hard times.”
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing during the pandemic. Small businesses may apply for a loan at https://disasterloan.sba.gov/ela/.
On March 18, the state also granted a 30-day Sales and Use Tax grace period for certain small businesses. Identified businesses with a monthly Sales and Use Tax payment due March 20, 2020 will have until April 20 to make that payment.