Subtraction allowed; individual filers. IFW created the, , which gives microgrants to companies that have an, As a part of its COVID-19 relief effort, global investment firm KKR created the. This is not a "first come, first served" or a "lottery" program. Full-Time. 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). There are two ways to apply, depending on the lender. The American Rescue Plan extended the Employee Retention Credit through December 2021. 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. 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. Overview The Minnesota Department of Employment and Economic Development (DEED) - Minnesota Small Business Relief Grants Program. Eligibility December 2022 Subscribe to our email newsletters and follow us on Facebook, Twitter, Instagram and LinkedIn. Applicants that have not received assistance through previous relief programs will also be prioritized for consideration. The grant administered by the Initiative Foundation requires that 50 percent of the award must be used to forgive the rent of existing tenants. News | 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. As COVID-19 community transmission levels continue to ebb, the Initiative Foundation has made the decision that staff can return to a home-and-office hybrid style of work. ), 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. A two-plus-year collaboration with the Minnesota Department of Employment and Economic Development (DEED) has culminated in more than $16 million delivered to 1,500-plus Central Minnesota small businesses and nonprofits affected by COVID-19. As part of the Coronavirus Aid Package (CARES Act), small businesses can also apply for forgivable loans that under the Paycheck Protection Program (PPP) can be used to pay employees and fund other day-to-day business operations. 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. November 2020 If a lender is not on the list mentioned above, the loan holder will have to apply for forgiveness directly through the lender. The Department of Labor also recommends that small business employers check if their employees sick leave is covered under the Family and Medical Leave Act (FMLA). Small businesses that want to be involved in the distribution of funds should use the contact form through the GoFundMe and express interest. The Small Business Administration (SBA) is providing disaster loan assistance in all states. is an ongoing fundraising effort that donates its proceeds to small businesses in the U.S. 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. Small businesses that missed the initial lending window are urged to save their application information to help them more quickly apply if additional funds become available. NOTE: The program concluded on 12/30/2020 and is no longer active. Now, eighteen months into the pandemic, many financial relief opportunities for small businesses have expired or will expire soon. Thrifty White Pharmacy is a 100% employee owned mid-sized pharmacy chain that is committed to small towns and cities in the rural Midwest. Tim Walz on June 16, 2020. The translations should not be considered exact and should only be used as a rough guide. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). All rights reserved. The Minnesota Department of Employment and Economic Development (DEED) established the Minnesota Small Business Loan Guarantee Program in response to COVID-19. Whether youd like to plan out your short- and long-term savings goals, or learn how to, Its never too early to start saving for retirement, even in the midst of the coronavirus pandemic. This program is available to businesses that produce, TikTok teamed up with the Hispanic Heritage Foundation to create. Gov. These recovery grants are for $10,000 and also include networking opportunities and technical support from KKR experts. The grant money will benefit businesses in greater Minnesota and the Twin Cities. Average Retirement Savings: How Do You Compare? The organization says it offers food solutions specific to each callers needs. 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. News | Testimonial, Minnesota Small Business Relief Grants Program, $18 million for businesses with six or fewer full-time employees, $10 million for minority business enterprises, $2.5 million for veteran-owned businesses, $2.5 million for operators of indoor retail and food markets with an ethnic cultural emphasis. Some private companies and organizations have established grants for small business relief. The only requirement for a business to apply is for it to be still paying its employees. Related Articles ONETIME INCOME TAX SUBTRACTION FOR SMALL BUSINESS RELIEF GRANTS. Our economic development programs and resources support the success of all our people, businesses, and cities, and help make this the ideal place to prosper. It is a low-interest, fixed-rate loan with a thirty (30) year term. Businesses can apply online through the SBAs application portal. The "Minnesota Main Street COVID relief grants" range from $10,000 to $25,000, depending on the size of the business. Individuals have access to paid coronavirus sick leave and family leave benefits. DNA also linked her to the death of another infant found abandoned in 1999. April 2022 Finally, the stimulus package also targets other areas of finance. August 2021 Read more about the SBAs Economic Injury Disaster Loan Program to see if your small business qualifies. The 2020 effort ended with $7.4 million awarded to 742 small businesses. 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. The EIDL is not eligible for forgiveness. The money will be parsed out in increments of $15,000, $25,000, $35,000, and $45,000 based on a business' size. Small business resources Hennepin County provides resources and information for small businesses. Companies with up to 200 employees are eligible to apply for the program, administered by the state Department of Employment and Economic Development. The effect this situation has had on small businesses in the U.S. is well-known. October 2020 However, payments are deferred for the first two (2) years of the loan term. Initiative Foundation staff also helped Pine County staff identify eligible nonprofits that had expenses associated to adapting to the COVID-19 pandemic or had been closed. Tim Walz on June 16, 2020. This regulatory update is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. But federal relief also serves as a viable option for those in need of financial assistance. Tickets for the Great Minnesota Get-Together are on sale. No problem. Translation of the Initiative Foundation website is performed by Google Translate, a third-party service. 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? Available 7 a.m. to 7 p.m. Current loan requests have exceeded funding availability. Any business that currently has a PPP loan may be eligible for loan forgiveness. 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. 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. For more information, you can read the Families First Coronavirus Response Act. The only requirement for a business to apply is for it to be still paying its employees. The program was funded by the Legislature with a $30 million allocation. Businesses that qualify include publicly-held companies, privately-held companies, non-profit organizations and government entities. 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 loans resulted in $1.18 million in regional economic stimulation. Find a financial advisor today. Minnesota Department of Employment and Economic Development 332 Minnesota Street, Suite E200 Businesses who demonstrated that they had been affected by closure orders, loss of revenue or increased costs received between $5,000 and $10,000 based on the number of people employed. Get business advice delivered straight to your inbox! The landscape for emergency programs is shifting rapidly, and application processes and guidelines often cannot keep up with official announcements. The American Rescue Plan extended the Employee Retention Credit through December 2021. Readers should contact legal counsel for legal advice. The ongoing spread of COVID-19 (Coronavirus) has had lasting impacts on US small businesses. This program will make available $10,000 grants to Minnesotan owned and operated businesses that can demonstrate financial hardship as a result of the COVID-19 outbreak. DEED Commissioner Steve Grove acknowledged there are certain businesses that suffered more than others during the pandemic. The maximum loan amount is $2 million. The Minnesota Department of Employment and Economic Development (DEED) announced the opening of applications for the new Minnesota Small Business Relief Grants Program. 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. All loans greater than $25,000 require collateral, and all loans greater than $250,000 also require a personal guarantee. The money is being offered to companies hit the hardest by the most recent shutdown, which ends this Friday, though parts of it . Thank you for continuing to trust us with your business and doing your part to help protect our communities by controlling the spread of COVID-19. PAUL, MN] - Today, Governor Tim Walz signed the tax bill, the final bill in Minnesota's COVID-19 Recovery BudgetMinnesota's state budget for the next biennium, into law, providing direct relief to small businesses, essential workers, and working families across the state. August 2018, All March 2019 In partnership with the Minnesota Department of Employment and Economic Development, the Initiative Foundation distributed 766 Central Minnesota Small Business Relief Grants with a total value of $7.66 million. March 2023 The U.S. Small Business Administration released data Monday that shows nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. As the largest county in Minnesota, Hennepin County is an economic and cultural epicenter with Midwest appeal and global reach. Present a qualified business plan for moving forward. April 28, 2023. These grants didnt completely solve the economic strain on local businesses, but we hope they offered some relief to help them get through the disruptions.. The Coronavirus Food Assistance Program (CFAP) is specifically designed for agricultural producers that deal with COVID-19 related market disruptions. That effort saw a total of $8.8 million distributed to 785 Central Minnesota businesses. Greater Pequot Lakes Community Relief Fund, Morrison County Area Emergency Recovery Fund, Staples-Motley Area Emergency Relief & ResponseFund, Sherburne County Outdoor Capacity Relief Fund, Three Rivers Community Foundation Emergency Relief Fund. The Minnesota Department of Employment and Economic Development (DEED) announced the opening of applications for the new Minnesota Small Business Relief Grants Program. This coverage applies to all 7(a), 504, and Microloans but doesnt apply to PPP or EIDL loans. The program is comprised of three parts: Main Street Business Revitalization Historically Disadvantaged Business Revitalization Program Loan payment deferment and loss reserve I hear business owners tell me that these funds, when they came around last time, were really what kept them afloat over a really difficult year, and kept their businesses open, and allowed them to continue to pay people and just to stay in operation, he said, so that when they got through the most difficult hours of the pandemic, they could come back stronger.. Northern Waters Smokehaus employee Tyler Bonam organizes delivery orders in March 2020 in Duluth, Minn., as their regular dining area was converted to a space to organize delivery and carryout orders. In response to the coronavirus pandemic, both federal and state governments are actively providing tax assistance for small businesses as well as updated employee leave policies. Public media is independent, community-supported media for the public good. The maximum loan amount is $2 million. Extra COVID-19 booster now open to some high-risk Americans Immediate relief available for small businesses in Minnesota. 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. This is not an offer to buy or sell any security or interest. However, heads of household receive a maximum rebate of $1,200 if they make $112,500 or less. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Arkansas Department of Human Services Rental Assistance, California Small Business COVID-19 Relief Grant Program, COVID-19 Relief and Assistance for Small Business, Colorado Small Business Development Center, Denver Small Business Emergency Relief Fund, Guide for Georgias Second Congressional District, DeKalb County Better Business Loan Program, Cook County COVID-19 Community Recovery Initiative, Illinois Humanities COVID-19 Emergency Relief and Recovery Grants, Indianapolis Pandemic Community Resource Bank, Iowa Credit Union Foundation Emergency Relief Fund, Iowa Economic Development Authority Relief Programs, Kansas Department of Labor Shared Work Program, Louisville Forwards Small Business COVID-19 Relief Grant Program, Maine Department of Economic & Community Development, Maryland COVID-19 RELIEF Programs for Businesses, Maryland Department of Labor Financial Relief Guide for Marylanders, Citizens Housing and Planning Association COVID-19 Assitance, City of Worcester Employment and Financial Assistance Programs, Michigan Small Business Development Center Comeback Kit, State of Michigan Small Business Resources, City of Jackson Request for Disaster Assistance, Mississippi Small Business Development Center, Millions Available in Emergency Grants Via Montana Programs, Montana Community Foundation Response to COVID-19, NH Governors Office for Emergency Relief and Recovery, New Hampshire Small Business Development Center, Portsmouth COVID-19 Response Resources for Businesses & Employees, Oregon COVID-19 Economic Relief Resources by City, OneStar Foundation Texas COVID Relief Fund, Utah Resources for Employers and Businesses, Vermont COVID Emergency Mortgage Assistance Program, COVID-19 Relief Fund for Undocumented Individuals in Washington State, StartUp Washington COVID-19 Small Business Resources, Washington State Department of Revenue Business Relief, Washington State Employment Security Department, COVID-19 Support for Libraries and Librarians: WV Coronavirus Resources, West Virginia Economic Development COVID-19 Business Relief Resources and Information, Destination Marketing Organizations Grant Program, Duluth Superior Area Community Foundation, Live Event Small Business Assistance Grants, Minor League Sports Teams Assistance Grants, Wisconsin Response and Recovery Program Investments, Wyoming Low Income Energy Assistance Programs, Wyoming Small Business Development Center Network, Ongoing Pandemic Relief Options for Small Businesses. We are here to help you through this and face the risk of this virus head on, which to us is about helping you proactively control what you can control with facts and evidence-based information. Any business is only eligible for a one-time grant. 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. It is a low-interest, fixed-rate loan with a thirty (30) year term. September 2021 Foresight and collaboration are key as the Minneapolis-St. Paul region continues to grow. See how we're investing for regional success. If you have questions related to this update, please contact your North Risk Partners advisor. 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. Stay connected during this time. Companies cannot receive multiple grants from this fund. 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. The Barstool Fund is an ongoing fundraising effort that donates its proceeds to small businesses in the U.S. There will also be a 60-day extension for MinnesotaCare tax returns for organizations that request an extension for their March 16 return. IFW created the IFW Covid-19 Relief Fund, which gives microgrants to companies that have an active fundraising campaign on their site. Walz is prepared to call a special session and pass the package immediately. Of the businesses receiving awards: 74 are restaurants, bars, or other places of public accommodation. Thanks to a special grant from the Otto Bremer Trust, one-time grants of up to $10,000 will be awarded to businesses that suffered pandemic-related disruptions and losses. Weve compiled a list of ongoing options for businesses to take advantage of. Learn more about Minnesota Food Helpline here. Any that had to close due to Gov. Sign up today to have the bulletin delivered to your inbox. Jackie Rahm Little, 36, has already been charged in connection to one of the fires. help small businesses, neighbors who are experiencing lost wages, and those who struggle with food access or who risk losing housing during the COVID-19 outbreak. DEEDs Brandon Toner said about 27,000 businesses applied for the first round of grants distributed last fall. See more information about eligibility requirements and grant details here. January 2021 If a lender is on this list, the loan holder can apply for forgiveness directly through the Small Business Administration PPP Direct Forgiveness Portal. Geraldine Tyler's lawyer argued that because Hennepin County made a profit when it foreclosed her home in 2015, her Constitutional rights were violated. Have suffered in any way in direct response to a pandemic-related government mandate; Not hold any national market dominance in its given field of operations; and. To provide you with timely information on small business assistance programs, we are creating a new Small Business Finance Bulletin. But only certain child care programs qualify. They have established the. Minnesota established this program as a response to the COVID-19 pandemic. From May 2020 through March 2021, Hennepin County provided more than 6,500 Small Business Relief grants totaling $69.9 million. December 2021 These businesses can use PPP 3508S Loan Forgiveness Application & Instructions to apply in person or by mail.4. Unemployment compensation has also been extended by 13 weeks. Our guide to Coronavirus Small Business Relief for Minnesotaprovides information on grants, loans, tax relief, and emergency assistance for all small businesses, both on a federal level and on a state level. Small businesses must file IRS Form 7004 to extend their tax payments, while individuals must file IRS Form 4868. direct access to the website editor or CMS. February 2020 We work to grow the regional economy, create and retain jobs, develop a stable tax base, and enhance livability. Among the most significant business relief programs was the the Small Business Administrations (SBA) Paycheck Protection Program (PPP). Awards will be disbursed and administered by qualified local and regionally based nonprofit organizations. The program closed on May 31, 2021. The BIPOC Small Business Grant is a marketing-focused grant that includes free SEO evaluations, advice, and planning services.