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. Fiserv is a global financial technology and payments company. These recovery grants are for $10,000 and also include networking opportunities and technical support from KKR experts. Be in good standing with the Minnesota Secretary of State and the Minnesota Department of Revenue as of March 1, 2020. You can access the application here. Minnesota Department of Employment and Economic Development officials announced Friday that about 5,780 small businesses have been selected to receive relief grants. 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. Nonprofits are not eligible for this program. 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. 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. 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. Cloud, MN 56301. Companies can apply online or manually with form AD 3117. The funds could only be provided to Minnesota businesses with fewer than the equivalent of 250 employees. More than 27,400. February 2021 The maximum loan amount is $2 million. A total of $60.3 million is available for grant awards which will be selected through a computer-generated, randomized selection process. Governor Walz issued an executive order that suspends evictions and writs of recovery for the duration of the COVID-19 peacetime emergency. September 2021 Companies cannot receive multiple grants from this fund. January 2019 October 2021 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. These businesses can use PPP 3508S Loan Forgiveness Application & Instructions to apply in person or by mail.4. Minnesota workers affected by COVID-19 will have full access to unemployment benefits and taxpaying employers unemployment tax rate will not increase if their workers collect unemployment benefits because of COVID-19 according to Governor Tim Walzs executive order from March 16, 2020. Small businesses must file IRS Form 7004 to extend their tax payments, while individuals must file IRS Form 4868. They have until the loans final due date to apply. Tickets for the Great Minnesota Get-Together are on sale. 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. The program offered loans of up to $10 million for eligible businesses with fewer than 500 employees, and it allowed recipients to borrow 2.5 times their business average monthly payroll costs (excluding salaries of $100,000 or more). About 8,500 were approved, but after being screened for eligibility, he said about 6,000 were ultimately awarded grants. Immediate relief available for small businesses in Minnesota. The Unemployment Insurance Employer customer service phone line (651-296-6141) is currently unavailable. @ 2019-2020 North Risk Partners. Small business employers should also establish strategies with their employees and customers to avoid spreading the virus: For more guidelines, visit the CDCs website. 23, 2020Foundation Drives $1.3 Million-Plus in Local Grants, Dec. 10, 2020Grants Support Distance Learning for Vulnerable Children and Early Childhood Education TrainingSept. In March 2020, as the COVID-19 pandemic was spreading across the nation, the Initiative Foundation established the Central Minnesota Emergency Relief & Response Fund, which it seeded with $20,000. To apply, a small business is required to have: The Minority Micro-Grant has no requirements and provides $100 grants to one small business per month. 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. Taxpayers can request relief from late-filing or late-payment penalties and interest for reasonable causes like emergency declarations due to COVID-19. The definition of vulnerable includes: ethnic minorities and/or English as a second language; low-income; special needs; and/or those in rural areas who lack access to basic early childhood educational services. So if COVID-19 has presented financial challenges for you, your family or your small business, you may eligible for relief both at the state and federal levels. Relief Grant Partnership Sends $16.2 Million to Regional Small Businesses June 8, 2022 Foundation Awards $1 Million-plus, boosting 15 Central Minnesota nonprofits May 9, 2022 Microenterprise Grant Opportunity Announced Feb. 9, 2022 Transformative Funding for Nonprofits Announced Oct. 26, 2021 Read more about the SBAs Economic Injury Disaster Loan Program to see if your small business qualifies. Seventeen businesses in the Global Center received grants, in total $110,000. 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. The following documents are required to submit with an application: SBA Form 413 Personal Financial Statement, Greater than $500,000 $100 fee + real estate collateral. Find a financial advisor today. Basic information on how to prevent the spread of COVID - 19 February 2019 Though the programs first round of funding was exhausted, Congress approved an additional $310 billion in funding on April 23, 2020. Most of the funding for . January 2023 Hennepin County provides resources and information for small businesses. February 2020 These low-interest loans are targeted toward small businesses and nonprofits that have experienced severe economic injury due to the coronavirus. Our guide to Coronavirus Small Business Relief for Minnesotaprovides information on grants, loans, tax relief, and emergency assistance for all small businesses, both on a federal level and on a state level. For periodic state updates, visit the Minnesota Department of Healthwebsite. DEED Commissioner Steve Grove acknowledged there are certain businesses that suffered more than others during the pandemic. There will also be a 60-day extension for MinnesotaCare tax returns for organizations that request an extension for their March 16 return. The Initiative Foundation is one of nearly two dozen 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. Winners will be selected by a computer-generated randomized lottery. To see if your business is considered essential, read the Minnesota governors executive order. The 2020 effort ended with $7.4 million awarded to 742 small businesses. Blog Post Vaccines get an overhaul from FDA. 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. 12 are indoor event companies or entertainment venues. for small business relief grants. 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 American Rescue Plan extended the Employee Retention Credit through December 2021. News | And heads of household wont receive a check if they make $136,500 or more. Be current on financial obligations as of March 1, 2020, Be an existing small business (whatever the form of their organization), Have been operating in Minnesota long enough to demonstrate financial viability, Be willing to provide collateral or personal guarantee for at least 20% of loan, Be unable to qualify for a standard loan through a bank, credit union, or nonprofit lending organization. December 2020 SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. The Coronavirus Food Assistance Program (CFAP) is specifically designed for agricultural producers that deal with COVID-19 related market disruptions. Any business that currently has a PPP loan may be eligible for loan forgiveness. June 2021 Specifically, the package enacted enhanced coronavirus unemployment benefits, coronavirus relief for rent and mortgage payments, a tax deadline extension and various other programs. 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. For more information, you can read the Families First Coronavirus Response Act. 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. Dont have an advisor? There are two ways to apply, depending on the lender. 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. November 2021 DEED provided initial lists of grantees to local and regional nonprofits that will evaluate and conduct eligibility verifications. To qualify, businesses were required to: The program may receive additional funding. NOTE: The program concluded on 12/30/2020 and is no longer active. NOTE: The State of Minnesota has issued a shelter-in-place executive order shutting down non-essential businesses starting at 11:59 p.m. on March 27 and extended to May 4. All loans greater than $25,000 require collateral, and all loans greater than $250,000 also require a personal guarantee. The program was funded by the Legislature with a $30 million allocation. The landscape for emergency programs is shifting rapidly, and application processes and guidelines often cannot keep up with official announcements. Beginning June 1, our offices will be open to the public from 8 a.m. to 4:30 p.m. Mondays and by appointment on Tuesdays through Fridays. Small businesses are defined based on what type of industry they belong to. Once they come to an agreement, Walz will call a special session to pass the legislation. Subdivision 1. The Minnesota Small Business Relief Grants and the Coronavirus Relief Fund payments from local governments all must be added into businesses' gross income for 2020, according to the Minnesota Department of Revenue. December 2022 Thanks to a special grant from the Otto Bremer Trust, one-time grants of up to $10,000 will be awarded to businesses that suffered pandemic-related disruptions and losses. 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 Legislature had previously passed a $200 million package to fight the virus. Spotlight Videos To apply, a small business is required to have: a Google account; an active website; and direct access to the website editor or CMS. Unlike loans, the grants do not need to be repaid. 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. 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. To apply, a business has to: GoFundMe partnered up with Bill.com, GoDaddy, Intuit QuickBooks, and Yelp to create the Small Business Relief Initiative. August 2021 Plan to use the funds to pay for basic business expenses or care for its employees well-being. 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. Financial advisors can provide guidance that may be especially useful during economically turbulent times. There are no guarantees that working with an adviser will yield positive returns. 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. September 2019 They are available to businesses globally. If you have questions related to this update, please contact your North Risk Partners advisor. . Employ the equivalent of 50 or fewer full-time workers. The CARES Act coronavirus stimulus package includes several major provisions that benefit individuals and families affected by COVID-19. This is not a "first come, first served" or a "lottery" program. Dec 17, 2020. Be a private for-profit business that has a permanent physical location in Minnesota. Existing loan holders can apply for an increase to their loan. The Minnesota Department of Employment and Economic Development (DEED) announced the opening of applications for the new Minnesota Small Business Relief Grants Program. Sess. So long as employers are covered, they are required to abide by federal FMLA and state FMLA laws. (EIDL) provides capital to help small businesses cover necessary operating expenses. Public media is independent, community-supported media for the public good. It is a low-interest, fixed-rate loan with a thirty (30) year term. And the effort is ongoing. To learn more, visit our guide to the CARES Actor read about the Paycheck Protection Program in particular. The program closed on May 31, 2021. It accesses $30 million from special revenue funds, according to DEED Commissioner Steve Grove, and will allow small businesses to . The Department of Revenue on Thursday released guidance laying out how the financial help will be provided, and which businesses qualify from it. They have established the. If a lender is on this list, the loan holder can apply for forgiveness directly through the Small Business Administration PPP Direct Forgiveness Portal. All rights reserved. Some of the money from the $2.2 trillion package went to counties to support local grants. Current loan requests have exceeded funding availability. 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. Visit our, Encourage sick employees and customers to stay home, Separate sick employees from the rest of the employees and encourage them to go home, Clean all work environments routinely and thoroughly, Trust in your employees ability to stay on track. Small Business Relief Grant Program shortcut. The loans resulted in $1.18 million in regional economic stimulation. How Much Do I Need to Save for Retirement? Since the onset of the pandemic, the Initiative Foundation, through collaborative partnerships with state and federal organizations, has pivoted to drive grants and loans to where they are most needed. The U.S. Treasury says that money. This coverage applies to all 7(a), 504, and Microloans but doesnt apply to PPP or EIDL loans. 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. As of October 1, 2021, there have been over forty-three million (43,000,000) cases of COVID-19 in the United States and almost seven-hundred thousand (700,000) deaths. Interest will accrue in those first years, but there are no penalties for prepayment. 2018 Initiative Foundation 405 First St. S.E. Applications will be accepted until midnight October 15th. Partnering with Pine County helped them award the CARES Act funds to the businesses that needed it most.. 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. Available 7 a.m. to 7 p.m. However, payments are deferred for the first two (2) years of the loan term. 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. A business can quality in two ways: Theyre eligible if they experienced at least a 10 percent loss in revenue from 2019 to 2020. May 2022 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. The suspect was arrested over the weekend. 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. Latinx that owns at least fifty-one percent (51%) of their business. On Monday, the Minnesota Department of . See more about the program here. Tim Walz's four-week "pause.". November 2018 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. Businesses that qualify include publicly-held companies, privately-held companies, non-profit organizations and government entities. Qualified expenses include but are not limited to business debt, payroll, mortgage payments, rent payments, and utilities. To empower people throughout Central Minnesotato build a thriving economy, vibrant communitiesand a lasting culture of generosity. A 10-day window opens Monday for applications for a new state program that offers grants to Minnesotan-owned small businesses that suffered economic hardship because of the COVID-19 pandemic. The programs first round of funding was exhausted, but it reopened to agribusinesses. Eligibility Be majority owned by a permanent resident of Minnesota. This is the second round of COVID-19 relief grants distributed by the state. , 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. The initiative established the Small Business Relief Fund, which provides $500 matching grants to businesses that raise at least $500 with a GoFundMe fundraiser created in response to the pandemic. The EIDL is not eligible for forgiveness. See how COVID deaths are plummeting this spring So far, the program has raised $11 million, which it in turn offers to grant-making organizations leading disaster recovery efforts throughout the state. Recipients of the Cultural Mall Operator Grant Program will be announced in late July. The Minnesota Small Business Relief Grants Program is now accepting applications. The translations should not be considered exact and should only be used as a rough guide. No problem. See how we're investing for regional success. 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. In response to the coronavirus pandemic, both federal and state governments are actively providing tax assistance for small businesses as well as updated employee leave policies. Stay connected during this time. August 2019 Small businesses that want to be involved in the distribution of funds should use the contact form through the GoFundMe and express interest. Recipients of Olmsted County/State of Minnesota small business relief grants A total of 169 small businesses met the eligibility criteria and were chosen as grant recipients. Geraldine Tyler's lawyer argued that because Hennepin County made a profit when it foreclosed her home in 2015, her Constitutional rights were violated. February 2022 The Initiative Foundation partnered with Pine County to deliver CARES Act grants throughout September, October and November 2020. 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. Central Minnesota business owners have suffered losses, supply chain challenges and other difficulties as weve navigated through these times, said Matt Varilek, Initiative Foundation president. The federal government has extended the payment deadline for all first-quarter tax payments from April 15th, 2020 to July 15th, 2020. April 2020 Offered by the Minnesota Unemployment Insurance (UI) Program, the program splits available work hours among employees, allowing them to earn some unemployment benefits while they work reduced hours. Any business is only eligible for a one-time grant. The program allowed state lenders to provide funding to small businesses, and it promised a 80% loan guarantee for loans up to $250,000. 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 money is being offered to companies hit the hardest by the most recent shutdown, which ends this Friday, though parts of it . These grants support businesses and owners who navigated severe disruptions and challenges over the past two years, and in many cases werent eligible for or able to access other forms of relief, said Brian Voerding, Initiative Foundation vice president for inclusive entrepreneurship. The Minnesota Main Street COVID relief grants range from $10,000 to $25,000, depending on the size of the business. We work across sectors with partners at all levels to drive inclusive economic growth that creates shared prosperity. If youd rather not lay off your employees during the coronavirus economic crisis, you should consider the Unemployment Insurance Shared Work Program. Facebook is one such company. | <a href . For a complete breakdown of Small Business Emergency Loans in Central Minnesota, visit the DEED website. The BIPOC Small Business Grant is a marketing-focused grant that includes free SEO evaluations, advice, and planning services. Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration. In August 2020, the Initiative Foundation began awarding grants to businesses hardest hit by the pandemic through DEEDs Small Business Relief Grant program. The grants can be used to pay for rent, mortgage, utility bills, and other expenses in the regular course of business. These recovery grants are for $10,000 and also include networking opportunities and technical support from KKR experts. Extra COVID-19 booster now open to some high-risk Americans 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. The program is comprised of three parts: Main Street Business Revitalization Historically Disadvantaged Business Revitalization Program Loan payment deferment and loss reserve

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