COVID-19 business support

Updated 3-31-2021
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)

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.

Important notes:
A new round of forgivable PPP loans for qualified businesses was made available in early January, 2021.  View our Q&A on PPP loans that provides more information on your business’ eligibility and the application process.
 
Please note: On March 30, the President authorized extending the application deadline for PPP loans to May 31, 2021.

PPP loan forgiveness process:
If your business previously received a first-round PPP loan through Think, you must apply for PPP loan forgiveness.


 1. The borrower did not reduce annual salary or hourly wages of any employee by more than 25% during the covered period compared to the most recent full quarter before the covered period AND the borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the covered period.
 
OR

2. The borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the covered period compared to the most recent full quarter before the covered period AND the borrower was unable to operated during the covered period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issues between March 1, 2020 and the last day of the covered period) by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any work or customer safety requirement related to COVID-19. 


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