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
https://disasterloan.sba.gov/ela/Information/Index

Information for small businesses affected by coronavirus
www.sba.gov/coronavirus 

All coronavirus-related federal government resources
www.usa.gov/coronavirus

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

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

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