SBA Provides Loans for Small Businesses and Private Non-profits Affected by COVID-19

Minnesota small businesses and private non-profits affected by the coronavirus pandemic can apply for low interest loans through the U.S. Small Business Administration (SBA) to assist with payroll and expenses.

DS+B Team March 21, 2020

Minnesota Governor Tim Walz has requested an Economic Injury Disaster Loan declaration from the U.S. Small Business Administration (SBA) for small businesses and private non-profits affected by the COVID-19 pandemic. Low interest loans of up to $2 million can be applied to payroll expenses, accounts payable and fixed debt payments. These loans have a long term payment option of up to 30-years.

The SBA has a number of available resources for small business:

SBA disaster loan information

Information for small businesses affected by coronavirus 

All coronavirus-related federal government resources

DEED’S COVID-19 information and resources for businesses
COVID-19 update page.

You can apply for a disaster loan on the SBA website.

There may be more tax related developments in the days to come. We are committed to providing you with proactive communications about these as they arise. You can follow DS+B on LinkedIn  and Twitter  to receive updates as they are made available.

Stay up-to-date on tax and accounting impacts of the coronavirus through our COVID-19 Clarity Center.