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Legislative News and Views - Rep. Paul Marquart (DFL)

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U.S. Small Business Administration (SBA) disaster loans now available

Saturday, March 21, 2020

Dear Neighbors,

Today the U.S. Small Business Administration (SBA) began accepting applications for low-interest loans. Financial assistance is badly needed for our employers and workers right now as a result of temporary closures caused by the COVID-19 pandemic. More information about this announcement is below.

Please reach out to me if I can be of help in navigating the application process. You can email rep.paul.marquart@house.mn or call my office at 1-800-551-5520 (please be prepared to leave a voicemail message -- staff are tele-commuting in order to comply with public health guidance). Hopefully you are finding these daily updates helpful. Please contact me with any questions you might have.

Minnesota is facing many challenges as a result of COVID-19, and we expect more challenges in the weeks ahead. By supporting and caring for one another, we will get through this together. 

Sincerely,

Paul Marquart
State Representative 

 

Helpful Phone Numbers and Contacts:

MN Dept. of Health hotline number is 651-201-3920.

DPS has a hotline to field questions about the many issues associated with community mitigation, including schools and child care. That line is open 7-7 daily, # is 1-800-657-3504.

New CDC online tool that can help people determine whether to stay home given symptoms, etc. Find it at https://www.cdc.gov/coronavirus/2019-nCoV/index.html.

 

U.S. Small Business Administration (SBA) disaster loans now available:

Earlier this week, Governor Walz requested an Economic Injury Disaster Loan declaration from the SBA. Now, online applications for these loans are open to Minnesota businesses at: https://disasterloan.sba.gov/ela   

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.

Click here to download the three step process for disaster loans information sheet 

 

Additional Resources:

SBA disaster loan information at https://disasterloan.sba.gov/ela/Information/Index  

Information for small businesses affected by coronavirus at www.sba.gov/coronavirus  

All coronavirus-related federal government resources: www.usa.gov/coronavirus 

DEED’S COVID-19 information and resources for businesses COVID-19 update page.