The grant is directed toward minority-owned businesses. September 2019 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 Coronavirus Aid Package (CARES Act) is providing extended unemployment benefits to workers who are ineligible for regular unemployment programs but are out of work solely because of the coronavirus pandemic. 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). Subtraction allowed; individual filers. As for programs that are currently available, small businesses can take advantage of the SBA Debt Relief Program, the SBA 7(a) loan program, Community Advantage loans and several other forms of coronavirus relief for businesses. 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. Tim Walz's four-week "pause.". View alist of emergency relief grantsawarded by Initiative Foundation-held Partner Funds. The deal will help businesses shut down during Gov. Existing loan holders can apply for an increase to their loan here. Because of the ever-changing nature of the coronavirus pandemic, its important to set business maintenance policies for you and your employees. document.write(new Date().getFullYear()); Hennepin County, Minnesota. The inaugural TC Summer Fest is set for July 14-15. The funds could only be provided to Minnesota businesses with fewer than the equivalent of 250 employees. Dine-in service at bars and restaurants was banned, and gyms and entertainment venues were required to close between Nov. 18-Dec. 18, with the ban on indoor dining set to continue through Jan. 11. ONETIME INCOME TAX SUBTRACTION FOR SMALL BUSINESS RELIEF GRANTS. November 2018 The American Rescue Plan extended the Employee Retention Credit through December 2021. If an employee or their family is incapacitated due to the coronavirus (or any pandemic illness), their employer is required to provide job-protected, unpaid leave. Below, we look further into the available relief programs. Minnesota Department of Employment and Economic Development officials announced Friday that about 5,780 small businesses have been selected to receive relief grants. And heads of household wont receive a check if they make $136,500 or more. These are grants and no repayment will be required. 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. 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. About 8,500 were approved, but after being screened for eligibility, he said about 6,000 were ultimately awarded grants. To apply, a small business is required to have: a Google account; an active website; and direct access to the website editor or CMS. 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. However, payments are deferred for the first two (2) years of the loan term. Companies cannot receive multiple grants from this fund. The program provided an 80% guarantee up to a maximum of $200,000. S corporations, partnerships, and fiduciaries will also receive an automatic extension to file their state return to the date of any federal extension to file. 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. The "Minnesota Main Street COVID relief grants" range from $10,000 to $25,000, depending on the size of the business. For more information on the FMLA, check out the Department of Labors website. Companies with up to 200 employees are eligible to apply for the program,. The federal government has extended the payment deadline for all first-quarter tax payments from April 15th, 2020 to July 15th, 2020. The Minnesota Department of Employment and Economic Development announced the opening of the 10-day application period for the new Minnesota Small Business Relief Grants Program. Present a qualified business plan for moving forward. We're committed to keeping our website and social media channels up to date on any changes to office hours, programs or services, and other important information. April 2020 Minnesota Small Business Relief Grants The Minnesota Department of Employment and Economic Development (DEED) will oversee the Minnesota Small Business Relief Grants Program approved by the Minnesota State Legislature and signed by Gov. The Minnesota Department of Revenue has released more details about which businesses are eligible for the $216 million COVID relief package passed by the Legislature, and how much they can get. Businesses can apply online through the SBAs, . 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. The following documents are required to submit with an application: Applications for this loan follow this fee structure: The EIDL also has the following credit score requirements: The Paycheck Protection Program (PPP) is a loan program established by the CARES Act. Pay-off the emergency loan if financing is received subsequent to loan approval. The Unemployment Insurance Employer customer service phone line (651-296-6141) is currently unavailable. The Initiative Foundation is certified as a Community DevelopmentFinancial Institutionby the U.S. Departmentof the Treasuryand proudly bears certificationfrom the U.S. Small BusinessAdministration as a CommunityAdvantage Lender. December 2019 January 2022 Qualified expenses include but are not limited to business debt, payroll, mortgage payments, rent payments, and utilities. Hennepin County provides resources and information for small businesses. 12 are indoor event companies or entertainment venues. Global Center is the only entity outside of the Twin Cities metropolitan area to receive a cultural mall grant. 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November 2021 DEED provided initial lists of grantees to local and regional nonprofits that will evaluate and conduct eligibility verifications. News | Many Americans are also consulting their financial advisors to protect their finances during challenging times. And the effort is ongoing. The Minnesota Department of Employment and Economic Development (DEED) announced the opening of applications for the new Minnesota Small Business Relief Grants Program. 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. 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. The Barstool Fund is an ongoing fundraising effort that donates its proceeds to small businesses in the U.S. 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. 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. If additional funds are appropriated, and if the lending capital is substantial enough to cover backlogged loan clients and potential new loan clients, the Foundation will re-open the application process using a new and secure web form. 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. 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. As the largest county in Minnesota, Hennepin County is an economic and cultural epicenter with Midwest appeal and global reach. February 2022 The business kept its employees on payroll for the extent of the pandemic. Small business employers should also establish strategies with their employees and customers to avoid spreading the virus: For more guidelines, visit the CDCs website. 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. Last Updated: January 7, 2023 by the TRUiC Team. Small Business Relief Grant Program shortcut. Eligibility Small business resources Hennepin County provides resources and information for small businesses. December 2018 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. November 2020 Extra COVID-19 booster now open to some high-risk Americans 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. We will continue to monitor community health indicators from the Centers for Disease Control (CDC) and the Minnesota Department of Health and take actions as warranted. Work continued in late 2021 on a second round of small business relief grants and wrapped up in June 2022. Some child care providers may qualify for monthly grants under the Minnesota Peacetime Emergency Child Care Grants. Nonprofits are not eligible for this program. 2018 Initiative Foundation 405 First St. S.E. (a) For taxable years beginning after December 31, 2019, and before January 1, 2021, the amount of any grant received by The Supplemental Nutrition Assistance Program (SNAP) provides monthly benefits, but these depend on household size and monthly income. September 2022 Read more about the SBAs Economic Injury Disaster Loan Program to see if your small business qualifies. 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. December 2020 Businesses have through Sept. 29 to apply. 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. A business can quality in two ways: Theyre eligible if they experienced at least a 10 percent loss in revenue from 2019 to 2020. Small Business COVID-19 Relief Grant Program application opens Thursday, October 1st starting at 9:00 am. March 2023 All investing involves risk, including loss of principal. Do I need the new COVID-19 booster? However, heads of household receive a maximum rebate of $1,200 if they make $112,500 or less. 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. 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.. Following Executive Order 20-15, DEED has established the Small Buisness Emergency Loans program to provide working capital to help small businesses. Certain credit card companies and banks, like Bank of America, are also offering economic relief for their small business members. The Initiative Foundation has been recognizedas a Well WorkplaceGold winnerby the Wellness Council of America (WELCOA).Well Workplace Gold organizations are recognizedfor having builtexceptional and comprehensiveworksite wellness strategies groundedin WELCOAs 7 Benchmarks. See more about the program here. The BCA is asking other potential victims to come forward. 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. Explore our programs to support businesses, cities, and developers: Strong partnerships with the public and private sectors are key to the enduring success of the diverse people and businesses who make Hennepin County home. Minnesota Main Street COVID relief grants, General Mills issues flour recall after salmonella discovery, Tracking the impact of U.S.-China tensions on global financial institutions, JPMorgan Chase buys troubled First Republic Bank. 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. Funding will be split half and half between the Twin Cities metro area and greater Minnesota. Winners will be selected by a computer-generated randomized lottery. See how we're investing for regional success. And if you cant leave your home, you can authorize a representative to shop for you. April 2023 The suspect was arrested over the weekend. The Initiative Foundation does not share or sell email addresses entrusted to us. The Minnesota Department of Revenue announced that, at this time, Minnesota Individual Income Tax returns will still be due April 15, 2020. 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. Any that had to close due to Gov. KKR is particularly looking for companies that provide essential community services, are operated by historically underrepresented groups, or are pivoting their business in some way as a direct result of the pandemic. It is a low-interest, fixed-rate loan with a thirty (30) year term. April 2019 Married couples can earn a maximum of $2,400 (plus $500 per dependent) if they make $150,000 or less, and the maximum income cut-off is $198,000. 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. They have until the loans final due date to apply. Public media is independent, community-supported media for the public good. For a complete breakdown of Small Business Emergency Loans in Central Minnesota, visit the DEED website. October 2019 At heart, Thrifty White is a patient-focused, technology-enabled, health care services company focused on utilizing . The BIPOC Small Business Grant is a marketing-focused grant that includes free SEO evaluations, advice, and planning services. 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. 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. April 2022 The best way to prevent the spread of the virus in your business is to create a work from home policy. Though currently out of funding, the Minnesota Small Business Emergency Loan Program offered coronavirus-impacted small businesses loans ranging from $2,500 to $35,000, depending on the businesss economic injury, according to the Minnesota Department of Employment and Economic Development. September 2018 (source 2). The bars are violating the governor's executive order designed to reduce the spread of COVID-19. Here, we explore. 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. And Minnesota also offers small businesses multiple programs to aid in their recovery. "It's not mine," host Jason Matheson joked. The program closed on May 31, 2021. The Department of Employment and Economic Development expects to release a full list of the recipients of the small business grants in late August. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Subscribe to our email newsletters and follow us on Facebook, Twitter, Instagram and LinkedIn. July 2020 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. MINNEAPOLIS (WCCO) -- Businesses that suffered hardships due to the COVID-19 pandemic can now apply for the Minnesota Main Street COVID Relief Grant program. 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 fixed-rate is 3.75% for for-profit businesses and 2.75% for non-profits. This temporary program helps Minnesota lenders provide capital to affected small businesses with less than 250 total employees. June 2020 Blog Post Be majority owned by a permanent resident of Minnesota. 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. Accessibility |News & Events | IQ Magazine | About | Careers|Contact UsGrants | Economy | Community | Generosity | Your Privacy |Staff | Board. The number of employees included parent company and all locations. When readers purchase services discussed on our site, we often earn affiliate commissions that support our work. The tax credit allows these businesses to offset their payroll tax liabilities by up to $7,000 per employee per quarter. The state approved the Minnesota Small Business Relief Grants Program in June, which has been supervised by the Minnesota Department of Employment and Economic Development. The Initiative Foundation partnered with Pine County to deliver CARES Act grants throughout September, October and November 2020. Among the most significant business relief programs was the the Small Business Administrations (SBA) Paycheck Protection Program (PPP). In the event that your small business undergoes financial difficulties during the coronavirus spread, consider implementing these guidelines for the good of your business and its employees: For more business solutions, visit the SBA website. Sess. is a loan program established by the CARES Act. Access free advising and consulting from marketing, legal, and financial experts to help grow your business: Elevate Hennepin SM Find current events and resources for small businesses: Resources for small businesses September 2021 Small businesses in Pennsylvania can tap the $225 million the state has set aside for COVID-19 business relief by applying for this grant through a qualified CDFI. Subdivision 1. (EIDL) provides capital to help small businesses cover necessary operating expenses. The programs first round of funding was exhausted, but it reopened to agribusinesses. October 2020 Tim Walz also signed into effect the Cultural Mall Operator Grant Program, which will award grants of up to $250,000 to owners of indoor retail space and food markets with an ethnic cultural emphasis. 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. Minnesota has implemented several relief programs to benefit its employees and small business owners adversely affected by COVID-19. More than 27,400. The BIPOC Small Business Grant is a marketing-focused grant that includes free SEO evaluations, advice, and planning services. AnnuityFreedom.net provides two different types of grants for small businesses in response to the pandemic: the. 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. Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right Loading Home Buying Calculators IFW created the IFW Covid-19 Relief Fund, which gives microgrants to companies that have an active fundraising campaign on their site. Translation of the Initiative Foundation website is performed by Google Translate, a third-party service. See more information about eligibility requirements and grant details here. 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. May 2021 If the lender doesnt have their own application form, a loan holder can use one of the following, PPP 3508 Loan Forgiveness Application + Instructions, PPP 3508EZ Loan Forgiveness Application + Instructions. Specifically, the package enacted enhanced coronavirus unemployment benefits, coronavirus relief for rent and mortgage payments, a tax deadline extension and various other programs. This coverage applies to all 7(a), 504, and Microloans but doesnt apply to PPP or EIDL loans. If youd rather not lay off your employees during the coronavirus economic crisis, you should consider the Unemployment Insurance Shared Work Program. News | The only requirement for a business to apply is for it to be still paying its employees. @ 2019-2020 North Risk Partners. Immediate relief available for small businesses in Minnesota. 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. The incident occurred on Sep. 24 of last year in the parking lot of a Blaine Cub Foods. The maximum loan amount is $2 million. But [developing] some sort of a pain meter or an assessment of the degree to which you were damaged, for this program, felt both difficult and onerous enough such that a lottery is actually the most fair amongst all the options to get the money out, he said. Once they come to an agreement, Walz will call a special session to pass the legislation. The government offers these for those who either have a coronavirus medical diagnosis, or for those caring for a dependent or household member impacted by the virus or a virus-related shutdown. All loans greater than $25,000 require collateral, and all loans greater than $250,000 also require a personal guarantee. | Little Falls, Minn. 56345 (877) 632-9255 | info(at)ifound.org, Satellite Offices:501 West St. Germain St., Suite 101St. 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. Had at least $10,000 in taxable sales in 2019. 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. At the state level, coronavirus-impacted individuals can take advantage of housing relief, food resources, unemployment benefits and various other relief efforts. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Most of the funding for . Isabel Saavedra-Weis is a summer 2022 reporting intern at the Pioneer Press and a student at Macalester College. You can find more information about eligibility and frequently asked questions on DEEDs website here. Some private companies and organizations have established grants for small business relief. More than 27,400 Minnesota small businesses applied for the program, which will distribute $10,000 grants to small businesses struggling due to the coronavirus pandemic. Employ the equivalent of 50 or fewer full-time workers. Walz will formalize guidance at a 2 p.m. press conference. . This fall, the Initiative Foundation partnered with Pine County to help deliver $1.6 million in relief grants to 244 businesses. For a larger list, visit our guide to private grants for small business relief. Another option is the Minnesota Food HelpLine.

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