We know that small businesses and independent contractors throughout the state are facing significant challenges due to COVID-19.
Executive Order 20-15, announced by Governor Walz today, is intended to offer emergency help for business owners affected by the temporary closures under Executive Order 20-04 and 20-08 who do not have enough cash flow to meet their basic family needs.
You can find out more about this executive order here. The order does a few things:
First, it directs DEED to create a Small Business Emergency Loan Program by making available $30 million from special revenue funds. These dollars will be used by DEED’s lender network to make loans of between $2,500 and $35,000 for qualifying small businesses. The loans will be 50% forgivable, and offered at a 0% interest rate. These emergency loans will be made by an existing network of lenders DEED works with across the state. DEED expects loan applications will available later this week through our lender network. Notably, we are asking all small business who need loans to apply with the SBA as well, to ensure we’re taking advantage of all the federal dollars available for Minnesota businesses.
For more information on the specifics, please visit our COVID-19 hub for businesses.
Thank you for all that you’re doing to help the Minnesota economy during this unprecedented time.