Multiple Economic Relief Provisions to Protect Workers and Small Businesses
The City of Princeton wants to ensure all of our small businesses and their employees have access to accurate and update information. Below you will find resources for programs designed to help businesses survive and pay employees. The fluid situation the COVID-19 emergency is presenting has caused programs to make rapid adjustments. Below are some of the available programs with links to the respective websites. In the right had side bar buttons link you to more information about guidelines and local partners who are able to assist with accessing these new programs.
Most important: the staff and elected officials at the City of Princeton want to help our businesses remain strong through this situation. Please feel free to contact Stephanie Hillesheim, Community Development Specialist at firstname.lastname@example.org
The City of Princeton has developed a small business emergency assistance grant program to provide financial assistance to locally owned and operated businesses adversely impacted by the COVID-19 pandemic. The Princeton City Council is concerned about the impact of the Covid-19 pandemic on business in the city, especially small businesses. The City desires to use some of the CARES Act funding it has received from the State of Minnesota to provide some Covid-19 relief assistance for small business. The City may provide assistance under the grant if it can show that a business had Covid-19 related expenditures after March 1, 2020 and prior to November 3, 2020 with required supporting documentation. Applications are accepted on a FIRST COME FIRST SERVE BASIS with a maximum award of $3,000. The deadline to apply is NOVEMBER 3, 2020.
Paycheck Protection Program Loans (PPP): This attractive new federal program was created as part of the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act recently passed by Congress. The intent is to cover payroll and some other operating costs during the emergency. If the loan is used for payroll purposes as outlined in the guidelines, it may be forgiven. Although this program was intended to start on April 3, there are indications banks may need to analyze updated guidelines before accepting applications. We encourage businesses to monitor SBA’s website and news from your bank or credit union as this program develops.
SBA Economic Injury Disaster Loans (EIDL): This was the first emergency loan program publicized by the U.S. Small Business Administration (SBA), and it carries highly advantaged interest rates and terms. The program also contains a provision for a rapid advance of $10,000 that may be forgivable. It appears that SBA is still accepting applications for this program, and we have heard that after a rocky start the application process is working more smoothly. Learn more about the program and how to apply at the SBA website.
Minnesota DEED Small Business Emergency Loans: The Initiative Foundation is one of 19 nonprofit lenders for this program intended to provide partially forgivable loans to restaurants, bars, hair salons and other public accommodations impacted by Minnesota Executive Orders 20-04 and 20-08. Loans are intended to cover up to three months of operating expenses, and can range from $2,500 to $35,000. The program was funded by the Legislature for $30 million. At this time it appears that the number of eligible applicants exceeds the available dollars, but applications are still being accepted in case the program receives more funding. Details on eligibility and how to apply can be found at the Minnesota Department of Employment and Economic Development website.
We also encourage you to check out these COVID-19 small business resource pages:
The Initiative Foundation serves the following communities and counties: Benton; Cass; Chisago; Crow Wing; Isanti; Kanabec; Leech Lake Band of Ojibwe; Mille Lacs; Mille Lacs Band of Ojibwe; Morrison; Pine; Sherburne; Stearns; Todd; Wadena; and Wright. Learn more at ifound.org .
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