- New PPP Eligible Lenders
- Interim Issued Final Rule for Paycheck Protection Program Facility
- MN Communities Hosting SBA Disaster Loan Trainings
- Info from SBA Partners and Other Agencies
- Stay Updated
New PPP Eligible Lenders
The SBA has been working to quickly on-board additional lenders who will be able to submit Payroll Protection Plan loans in their communities. Seven new lenders were added to our Minnesota PPP Eligible Lender List just this morning. See the updated list here.
Interim Issued Final Rule for Paycheck Protection Program Facility
The federal bank regulatory agencies today announced an interim final rule to encourage lending to small businesses through the Small Business Administration’s Paycheck Protection Program, or PPP. The PPP was established by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, and provides loans to small businesses so that they can keep their workers on the payroll during the disruptions caused by the coronavirus.
The interim final rule modifies the agencies’ capital rules to neutralize the regulatory capital effects of participating in the Federal Reserve’s PPP facility because there is no credit or market risk in association with PPP loans pledged to the facility. Consistent with the agencies’ current capital rules and the CARES Act requirements, the interim final rule also clarifies that a zero percent risk weight applies to loans covered by the PPP for capital purposes.
The rule is effective immediately and comments will be accepted for 30 days after publication in the Federal Register.
MN Communities Hosting SBA Disaster Loan Trainings
The Minnesota SBA’s District Office is presenting on our funding programs to help small businesses respond to the coronavirus crisis. In addition to hosting regular trainings, we are also joining other groups on their hosted trainings.
If you’re a member of their organization or community, please check these out and join us.
MNC Hosts: Call with Senator Tina Smith and the SBA for Non-Profits Impacted by COVID-19
April 10, 11:00 a.m.; Register
Open for Business Hosts: COVID-19 Survival Webinar for Ramsey County Small Businesses
April 10, 10 a.m.; Register
Hmong Chamber Hosts: Providing SBA Disaster Funding for the Hmong Community
April 13, 11:00 a.m.; Register
Mill City Times Hosts: SBA COVID Relief Programs for Restaurant Owners & Managers
Apr 13, 9:00 a.m.; Register
WIN Hosts: SBA Options Straight from the Source for Women Small Business Owners
April 15, 1 p.m.: Register
Info from SBA Partners and Other Agencies
We will continue to share additional resources as they become available. This is by no means an all-inclusive list, but we hope it gives you a good starting point to get the help you need to deal with the crisis at hand.
Local Partner Info
- SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
- Get help from SCORE mentors via the Coronavirus Business Resource Center.
- Entrepreneur Fund has COVID-19 Updates & Resources and offering 30-minute consult with a Lender or Advisor by email or phone.
- WomenVenture is open, ready to help and has created a COVID 19 Update Hub with details.
- Minnesota DEED has created a Covid 19 webpage with Minnesota specific information to help small businesses.
- WBDC/WBENC Covid 19 resources for Women Owned Businesses
- DEED has created a Small Business Emergency Loan Program.
- LegalCORPS can help small businesses with legal needs for free. Contact them for brief phone advice from an attorney or for full legal representation.
- USDA Rural Development) has provided assistance to help rural residents, businesses and communities affected by COVID19.
- Minnesota COVID-19 Unemployment Benefits Info.
Federal Program Info
- For information on all federal programs, visit www.usa.gov/coronavirus or https://www.usa.gov/espanol/coronavirus (en Español).
- The IRS has established a web page to help taxpayers, businesses and others affected by the coronavirus.
- The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave