COVID-19 business support
Updated 5-5-2021
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)
As of May 5, 2021, Paycheck Protection Program funding has been exhausted and the Small Business Administration has stopped accepting applications for loans.
Program overview:
This program is administered 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.
This program is administered 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.
Loan forgiveness:
If your business previously received a PPP loan through Think, you must apply for PPP loan forgiveness. Learn about the forgiveness process and access a forgiveness application here.
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.
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.
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.