COVID-19 business support

Updated 6-1-20
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.
 
What makes this program different:
  • Easy, streamlined application with no fees and a quick decision
  • Up to 6 months before the first payment is due
  • 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. How much of your loan is forgiven can get complicated. We can help you understand what it would mean for your business.
  • Businesses that have already received a PPP loan through Think are now able to request and begin completing an Application for Loan Forgiveness. PPP loan recipients should contact their Think Business Advisor for resources that can help guide them in completing their application.
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% for a term of two years beginning after the six month deferment period. During the 6 month payment deferment, no interest is accrued.

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.
 

Small Business Emergency Loan Program

Program overview:
The Minnesota Department of Employment and Economic Development (DEED) has created a Small Business Emergency Loan Program to help Minnesota small business owners who need immediate assistance during COVID-19 closures.
 
Who can apply:
These loans are targeted specifically to businesses, including sole-proprietorships, forced to close temporarily to combat COVID-19 such as: restaurants, bars, health clubs, spas, and theaters. To be eligible, a business must have been denied credit at a bank.

Loan uses:
Rent, mortgage payments, working capital.

Rates and terms:
Interest free (with first payment deferred six months) up to five years.

Loan amounts/limits:
$2,500-$35,000
 
More information about the loans, eligibility, and how to apply can be found 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.
 
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 about the loans, eligibility, and how to apply can be found here.