News | Some of the money from the $2.2 trillion package went to counties to support local grants. Companies with up to 200 employees are eligible to apply for the program,. June 2022 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.1. . These low-interest loans are targeted toward small businesses and nonprofits that have experienced severe economic injury due to the coronavirus. These organizations include Minnesota Initiative Foundations, local community foundations, tribal foundations, coalitions, community development financial institutions (CDFIs), networks, associations or other grant-making intermediaries. 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. The ongoing spread of COVID-19 (Coronavirus) has had lasting impacts on US small businesses. When readers purchase services discussed on our site, we often earn affiliate commissions that support our work. May 2021 September 2021 The BCA is asking other potential victims to come forward. 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. Clay County C.A.R.E.S. Small Business COVID-19 Relief Grant Round 2 Some private companies and organizations have established grants for small business relief. The Minnesota Department of Employment and Economic Development (DEED) - Minnesota Small Business Relief Grants Program. Any that had to close due to Gov. Any business is only eligible for a one-time grant. If your business is able to provide remote work opportunities for its employees, consider the following strategies: Minnesota Chamber of Commerce - Resource Toolkit, Minnesota Unemployment Insurance Information, "Providing actionable and accessible guides and tools to help you succeed". The Initiative Foundation is certified as a Community Development, accountability and transparency from CharityNavigator and is, standards for accountability and openness, The Initiative Foundation has been recognizedas a Well Workplace, Initiative Foundation's general endowment, Relief Grant Partnership Sends $16.2 Million to Regional Small Businesses, Foundation Awards $1 Million-plus, boosting 15 Central Minnesota nonprofits, Microenterprise Grant Opportunity Announced, Transformative Funding for Nonprofits Announced, Foundation, DEED Partner to Distribute Minnesota Main Street COVID Relief Grants, Grants Support Small Early Childhood Educators, Foundation Drives $1.3 Million-Plus in Local Grants, Grants Support Distance Learning for Vulnerable Children and Early Childhood Education Training, Grants Support Distance Learning, Safety and Programming, Special Grant Cycle Focuses on Early Childhood Programs, Distance Learning, Safety, Foundation Helps to Deliver Up to $7.8 Million in Small Business Relief Grants, Foundation Drives Nearly $700,000 in Regional Grants, DEED to Host Small Business Relief Grant Webinars, Foundation, DEED Partner to Deliver Small Business Relief Grants, Foundation Extends Staff Remote Work Time, Nonprofits Earn Challenge Awards During #GiveAtHomeMN Fundraiser, Grants Supply Some Funding for Child Care Providers; Many Still in Need, Farmers' Legal Action Group (FLAG) Releases Farmers' Guide to COVID-19 Relief, Grant Guidelines Change in Response to COVID-19, 110 Receive Initiative Foundation Emergency Child Care Grants, Minnesota Foundations Give Aid to Nonprofits to Help Residents During COVID-19, Initiative Foundation Partners in Statewide Emergency Child Care Grants Program, How to help from home: St. Cloud-area organizations set up coronavirus relief funds, Patience Needed As DEED, Staff Develop Emergency Loan Criteria, COVID-19 Update: Loan Payment Deferrals Offered, COVID-19 Update: Staff Moves to Remote Work, View the 2020 Small Business Relief Grant Distribution, View Small Business Relief Grant Distribution, 53 loans for Central Minnesota businesses, SBA Economic Injury Disaster Loans (EIDL), Minnesota DEED Small Business Loan Guarantee Program, North Central Small Business Development Center, St. Learn more about Minnesota Food Helpline here. NOTE: The program concluded on 12/30/2020 and is no longer active. However, payments are deferred for the first two (2) years of the loan term. Last Updated: January 7, 2023 by the TRUiC Team. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. The deal will help businesses shut down during Gov. Some Minnesota businesses have received some relief through stimulus earlier in the pandemic, and it's possible that state legislators pass another stimulus bill next week. Funding sources included: $45.3 million in federal funds from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and $24.6 million in funding from the State of Minnesota 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. January 2020 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. If you should find the doors locked, please ring the doorbell to the right of the front doors or call (877) 632-9255 for assistance. "It's not mine," host Jason Matheson joked. Part of our mission is to invest in local businesses and organizations that create quality jobs in our region, said Don Hickman, Initiative Foundation vice president for community and workforce development. 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. Small Business Relief Grants available - ALEXANDRIA, MN December 2022 They are available to businesses globally. Coronavirus Disease 2019 (COVID-19) | Mille Lacs County, MN September 2018 Governor Walz Signs Omnibus Tax Bill Providing Support to Working (source 2). The Foundation meets rigorous national standards established by the CouncilonFoundations,has attained the highest four-star rating on financial health,accountability and transparency from CharityNavigator and is recognized for meetingstandards for accountability and opennessthrough the CharitiesReview Council. 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. The inaugural TC Summer Fest is set for July 14-15. January 2019 Plan to use the funds to pay for basic business expenses or care for its employees well-being. 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. To apply, a business has to: Be minority-owned by a person that is eighteen (18) years of age or older; Have annual revenue less than $1 million; Have been in business since before January 1, 2020; and, GoFundMe partnered up with Bill.com, GoDaddy, Intuit QuickBooks, and Yelp to create the. All investing involves risk, including loss of principal. If the lender doesnt have their own application form, a loan holder can use one of the following4: It is often required to include the following documentation with any of the previously mentioned applications: 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. , Senate Counsel, Research & Fiscal Analysis, Joint Departments, Offices, and Commissions, Legislative Coordinating Commission (LCC), Legislative-Citizen Commission on MN Resources (LCCMR), Legislative Commission on Pensions & Retirement (LCPR), Schedules, Calendars, and Legislative Business, Multimedia Audio, Video, Broadcast TV, News, & Photos, Legislative Research, Reports & Information. 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. They have until the loans final due date to apply. Small businesses are defined based on what type of industry they belong to. 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. Were grateful these businesses are able to continue meeting community needs and creating opportunities for entrepreneurs across our region.. Sunday is the restaurant's last day in business. See more about the program here. November 2022 In addition to supporting DEED and its Small Business Emergency Loan program, the Initiative Foundation has reached out to existing loan clients to offer deferred payments for 90 days. SF 2374 as introduced - 92nd Legislature (2021 - 2022) - Minnesota More than 27,400. 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. Hennepin County Economic Development Loans are intended to cover up to three months of operating expenses, and can range from $2,500 to $35,000. May 2019 February 2020 The maximum loan amount is $2 million. Companies can apply online or manually with form AD 3117. The fixed-rate is 3.75% for for-profit businesses and 2.75% for non-profits. To provide you with timely information on small business assistance programs, we are creating a new Small Business Finance Bulletin. DEEDs Brandon Toner said about 27,000 businesses applied for the first round of grants distributed last fall. 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. April 2019 12 are indoor event companies or entertainment venues. is a loan program established by the CARES Act. 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.. Grant funds received by individual businesses shall be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar expenses that occur or have occurred since March 1, 2020, in the regular course of business. 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. The programs first round of funding was exhausted, but it reopened to agribusinesses. The Initiative Foundation does not share or sell email addresses entrusted to us. Tim Walz on June 16, 2020. 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. The order went into effect on March 24, 2020, and it applies to those in their homes as of March 1, 2020. Sess. 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. This program provides $5,000 cash rewards to individual business owners that meet the following criteria: Active in the operation of their business; The business began operating before September 15, 2020; Business is in good standing with the IRS and any relevant regulatory bodies; and. February 2021 April 28, 2023. Below, we look further into the available relief programs. Present a qualified business plan for moving forward. Now, eighteen months into the pandemic, many financial relief opportunities for small businesses have expired or will expire soon. Small Business COVID-19 Relief Grant Program application opens Thursday, October 1st starting at 9:00 am. The money is being offered to companies hit the hardest by the most recent shutdown, which ends this Friday, though parts of it have been extended through the holidays. April 2020 They have established the Back2Business Grant that awards $10,000 to eligible Black- and minority-owned small businesses affected negatively by the pandemic. Among the most significant business relief programs was the the Small Business Administrations (SBA) Paycheck Protection Program (PPP).
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