COVID-19 business support

Updated 7-8-20
We’re here to help businesses during this difficult time. Please call one of our Business Advisors at 1-800-288-3425. We’ll listen to your challenges and help you figure out a plan to get through this.
 
Along with our standard options for assisting small businesses, some new programs that could be helpful to you were designed in response to COVID-19. We are available to help you determine if one of these programs is right for you.

Paycheck Protection Program (PPP)

Program overview:
This program is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES) through a partnership with banks and the Small Business Administration (SBA). The goal of this program is to help businesses retain employees, get through this time, and get back to business. 
 
Important notes:
  • The deadline for applying for a Paycheck Protection Program loan through Think Bank is Friday, August 7 at 6 pm CST. Get the application here
  • If you've already received a PPP loan through Think, please scroll down for information on how to apply for PPP loan forgiveness.
What makes the Paycheck Protection Program different:
  • Easy, streamlined application with no fees and a quick decision
  • Deferred payments
  • Loan forgiveness in many circumstances. If you use the loan for things like payroll, rent, utilities and mortgage interest all or some of the loan may be forgiven. This means you won’t have to pay it back. How much of your loan is forgiven can get complicated. We can help you understand what it would mean for your business.
Who can apply:
Almost any business with 500 or fewer employees, including sole proprietorships and independent contractors that were in business as of February 15, 2020 are eligible.
 
Loan uses:
Payroll, mortgage interest, health care benefits, rent, utilities
 
Rates and terms:
Interest rate will be 1%. The loan term is five years. 
 
Loan amounts/limits:
Average monthly payroll expense times 2.5 or $10,000,000 - whichever is less. Additional factors apply and can get complicated. Call our Business Advisors at 1-800-288-3425 and we will help determine the maximum loan you are eligible for.
 
PPP loan forgiveness process:
Businesses that received a PPP loan through Think must complete an Application for Loan Forgiveness. There are two versions of the loan forgiveness application – a standard PPP loan forgiveness application and a shorter "EZ" PPP loan forgiveness form that requires less documentation and fewer calculations, giving many borrowers with fairly straightforward cases an easier path to having their debt eliminated.

The EZ Form (Form 3508EZ) applies if you meet any one of these three criteria:
  1.  You applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.

    OR

  2. You did not reduce salary or wages for any employee by more than 25% and did not reduce the number or hours of your employees.

    You will be granted an exception if a laid-off employee declines an offer to return.

    OR

  3. You did not reduce salary or wages for any employee by more than 25% and your company experienced reductions in business activity because of shutdown orders or as a result of health directives related to COVID-19.

    This provision allows borrowers to simply state they were unable to operate “at the same level of business activity” they had before the crisis because of government requirements or safety guidelines, including social distancing rules.
If your business meets any of the above three criteria, you can have your loans fully forgiven if you meet the program’s other rules. Borrowers with more complicated cases who are not able to use the EZ form will still need to fill out the standard, lengthier loan forgiveness application. Please talk to your Think Business Advisor if you have questions. 


Minnesota Small Business Loan Guarantee Program

Program overview:
The Minnesota Department of Employment and Economic Development (DEED) has created a Small Business Loan Guarantee Program to help Minnesota small business owners who need immediate assistance during COVID-19 closures.
 
Who can apply:
Any Minnesota business with less that the equivalent of 250 employees statewide.

Loan uses:
Equipment purchases, maintenance, or repair; Minnesota moving expenses; and working capital when the working capital is secured by fixed assets when possible.  All uses must be exclusively for Minnesota operations.

Rates and terms:
Rates and terms vary based on the business and loan purpose.

Loan amounts/limits:
Amounts and limits vary based on the business and loan purpose.
 
More information can be found here