Small Businesses Now Eligible to Apply for Disaster Assistance Through the SBA
Governor Tim Walz Saturday announced that small businesses in Minnesota are now eligible to apply for disaster assistance through the Small Business Administration (SBA) for economic injury during the COVID-19 pandemic. This announcement comes after Governor Tim Walz sent a letter to the Director of the SBA’s Office of Disaster Assistance requesting that Minnesota businesses be eligible for this assistance.
“Small businesses across Minnesota are putting the health of their neighbors before their bottom line,” Governor Walz said. “This assistance will help our state’s businesses recover from the economic hardship caused by COVID-19.”
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 Wednesday, March 18, the state also granted a 30-day Sales and Use Tax grace period for businesses identified in Executive Order 20-04. Identified businesses with a monthly Sales and Use Tax payment due March 20, 2020, will have until April 20 to make that payment. These customers should still file their return by March 20. For more information, visit revenue.state.mn.us