Passing along some important information from the U.S. Small Business Administration on disaster loans, and the MNsure special enrollment period:
The COVID-19 pandemic has affected everyone in our economy, but we know small businesses have been particularly hard hit. That’s why Governor Walz requested an Economic Injury Disaster Loan declaration from the SBA earlier this week.
Now, online applications for these loans are open to Minnesota businesses at: https://disasterloan.sba.gov/ela/
A few more details:
- This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
- These loans can go toward working capital to meet needs including payroll, accounts payable, and fixed debt payments that can’t be paid due to the COVID-19 pandemic.
- The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%.
- These loans have long-term repayment options, up to a maximum of 30 years.
For more information visit the SBA’s Economic Injury Disaster Loan web page.
Also, quick reminder that MNsure is offering a special enrollment period for qualified individuals who are currently without insurance in response to the potential growth of coronavirus (COVID-19) cases. This special enrollment period runs Monday, March 23 through Tuesday, April 21.
Who Qualifies?
- This special enrollment period is for eligible Minnesotans who do not have current health insurance.
- You do not need to be sick to qualify.
- If you are currently enrolled in a plan through MNsure, you cannot use this special enrollment period to change plans.
You can enroll here.
Brad Tabke, State Representative|Rep.Brad.Tabke@house.mn
Eric Petersen, Legislative Assistant|Eric.Petersen@house.mn
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Minnesota Legislature
