COVID-19 Weekly Update - #2
To our valued members,
We are now in week 2 of the COVID-19 Response. The shock of closing yours or others’ business may have worn off, or is just setting in. It can be overwhelming. Please know that the Elk River Chamber of Commerce is here ready to serve you. While we, as many of you, are choosing to limit people to people contact, with the ability to work remotely and step up our own use of technology, we can offer support. Whether it’s our new website resource page, to be an advocate with our statewide connections, or a listening ear for you to bounce ideas off, we are here serving you and your business throughout all of this.
I will do my best to provide you with a weekly (maybe more) update on what is happening and important resources you need to keep your business update to date with action steps you can take. In between, be sure to check out our COVID-19 Resource page, which is updated daily with vetted facts about actions being taken and resources available.
The Elk River Area Chamber of Commerce has signed onto this letter to the Walz Administration, encouraging him to consider the impacts on businesses as important decisions are made to help lessen the impact on our health care system.
New Small Business and Independent Contractor Loan Program
The Governor and Department of Employment and Economic Development Peter Grove announced a small business and independent contractor loan program designed to be a resource that can be accessed quickly, even before Federal Small Business Administration loans are available. The details of the program are:
- Eligible businesses are those impacted by Executive Order 20-04 relating to dine-in service restrictions at bars and restaurants and other public accommodation businesses.
- Loan amounts available range from $2,500 and $35,000.
- The loans are 50 percent forgivable with a zero percent interest rate.
- More information on applying for these loans will be available later this week.
- The Executive Order also allows cities and counties to use State revolving loan funds to assist businesses.
Small Business Administration approved Economic Injury Disaster Loans for Minnesota late Friday which provides up to $2 million to small businesses at 3.75% interest up to a maximum of 30 years. Non-profits are eligible at 2.75% interest. Check it out: SBA.gov/disaster.
Minnesota Chamber updates daily their COVID-19 Business toolkit here. This includes information and webinars with timely information about programs as they become available.
The latest webinar has great information on Small Business Economic Recovery & Financing Resources with input from the SBA. Take a listen for yourselves.
Consider completing the following survey from Sherburne County Economic Development to help them get a handle on what the needs of local businesses are: https://www.surveymonkey.com/r/SHERBURNECOVID19
Other quick updates include:
Sales tax is due on April 20, 2020 a 30 day extension. We are asking to Governor’s office to extend the March payments by 30 days as well.
Following the Federal government's change to July 15 last week, the Governor announced Minnesota's individual income tax day has changed to July 15.
Unemployment Insurance (UI) –
- The UI department recommends using their online system for an easier and more efficient service.
- DEED is encouraging employers to look into the Shared Work Program – This program allows employers to receive UI benefits for their employees if they are reducing hours for multiple employees rather than looking into layoffs.
- Keeping employees on payroll with just health insurance or a leave option is encouraged – employees can still apply for UI in this situation.
Please reach out if you have specific questions and need to know how to get them answered. I have broad statewide and national resources available to me. We are #StrongerTogether and we will come through this together.
Sincerely,
Debbi Rydberg
Executive Director
Elk River Area Chamber of Commerce
