Business update on COVID-19
March 23, 2020

Chamber members. 

We will continue to update you the best we can, providing information on our local businesses, Small Business Administration options and area updates. Stay informed - stay healthy!

Marshall Area Chamber of Commerce
NEW! (Exec Order 20-15, 3/23)  
MN DEED

Small Business Emergency Loans:
$58 million in loans. Loans are $2500-$35000. 50% forgivable loan with 0% interest.  
Local Links

 
 

  • Senator Dahms-MINNESOTA LEGISLATURE APPROVES ADDITIONAL CORONAVIRUS FUNDING:  https://www.senate.mn/members/newsletter/1174_Dahms_Gary/031620.pdf




Small Business Administration

SBA Disaster Loan Basics:
·          This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
o     Maximum unsecured loan amount is $25,000.
o     Loans over $25,000 require collateral.
·          Loans may be used to pay fixed debts, payroll, accounts payable and other bills.
·          Current interest rate is 3.75% for small businesses. The non-profit interest rate is 2.75%.
·          Loans have long-term repayment options, up to a maximum of 30 years.
·          No cost to apply.
·          No obligation to take the loan if offered.

Now, online applications for these loans are open to Minnesota businesses at: https://disasterloan.sba.gov/ela/    


 
MN Unemployment Insurance
 
IRS Coronavirus Tax Relief: Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave


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Marshall Area Chamber of Commerce