• DEED announce Small Business Loan Program (SBEL).
• Independent contractors are eligible for both SBEL and the SBA’s Emergency Injury Disaster Loan (EIDL).

• Grove is gone this morning. McKinnon is helping lead the call.
• Small Business Emergency Loan Program (SBEL): yesterday Executive Order made to create program.
• Provide $2500-$35K for small business affected by EOs 20-04 and 20-08, ordered to be closed.
• Loans available thru 23 lenders, partners who have worked with DEED on the Emerging Entrepreneurs Loan Program. All across the state.
• Need help getting this $ out. Originally named these 23 lenders; in addition, there are other actions we can take should we need more.
• Terms: 0% interest, 6 mth deferral, 5-year terms, and possible forgiveness based on what happens to the business over the next 2 years from disbursement. Nonprofits are NOT eligible for the $ at this time.
• For businesses to apply, we expect they already have been turned down by a bank from being extended credit, and they also are/will apply for SBA Disaster Loan.
• If other financing ultimately is secured, we would expect this loan we are extending would be paid back.
• This is like a bridge loan, if you will, as the SBA program is available for many of these businesses but will take longer to process. In the case it is not, this loan can serve as assistance.
• Important: these loans are not available yet; will be a few days before we can get our lenders prepped and any funding available.
• Posted on our website, under COVID-19 Page, Info for Employers and Businesses.
• As more info becomes available and the program is "live," will be posted at that site.
• Lenders across the state are our key partners, and will help us get these funds out. A list of those lenders also is on our website.
• Another item from yesterday's EO: over the past 35 yrs, MIF has helped seed revolving loan funds (RLFs) across the state. As a result of yesterday's EO, over the next 90 days those cities are able to make loans to retail and service businesses. Approx 120 cities in the state with such RLFs with resources. There are also an additional 55 cities that had turned in their RLF resources to us and now can use the funds for any lawful purpose through some legislation passed a couple years ago.
• Important note that this is a local process, up to the local unit of government how they approach lending and their process for that. Cities and counties have been asking, so we've opened that resource as well.

• Economic Injury Disaster Loan (EIDL) is up and running in MN.
• Offers disaster loans directly from SBA, up to $2M, at 3.75% for for-profit, and 2.75% for nonprofit organizations. 30-year terms. Payment deferred for 12 months.
• We have online trainings going twice a day, and partnering with other ED partners across the state to prepare more training. Happy to partner with you if you reach out.

• How does the SBA loan ww the Small Business Emergency Loan? Kevin: businesses will first talk to their bank. If bank isn't extending credit, they are eligible to apply for DEED's program. Simultaneously, or shortly thereafter, business also should fill out EIDL paperwork with the SBA. That is the first line businesses should apply for. If SBA is provided, DEED money is expected to be paid back. If they are denied from SBA, then the DEED $ would be the interim loan $. Brian: that makes complete sense. We're hearing it will be 3-4 weeks for SBA EIDL funding. We are getting unprecedented response from small businesses across the country. So get your application in asap, because it's first come first served. No concern about shortage of funds; it's simply timing. The sooner you apply, the sooner you get a loan officer working with you. Other bridge loan programs, including DEED's, are great complements to get $ into small business hands faster.
• If a MN business has retail locs in other states, do they need to apply to SBA in all states or will the MN app provide umbrella coverage? Brian: apply in the state the business is registered in.
• Where is the list of lenders for the SBEL program? Kevin: on the website, COVID-19, see tab "Information for Employers and Businesses." n that page you will see link directing you to small business emergency loan program. 1 of the 5 tabs has the application and the list of lenders. Again, funding not yet available; hopefully later this week it will be available.
• Will that $ be first come first served for businesses deemed eligible? Kevin: not necessarily a competitive process. Each lender will have a certain amount to begin with. As they need more, they can request from DEED. There is a limited amount of $ we have access to, ultimately - $30M. If every business is $30K loan, that's 1000 loans.
• Can nonprofits apply for the SBEL Program? Kevin: NPs not named in the EO. This is for businesses that have been adversely affected by previous EOs the Governor has made, 20-04 and 20-08. eligible businesses are listed on our website as well, "Eligible Businesses" linked. 
• Yesterday question re multiple loans. Business needs loan for payroll now, can they apply for additional loan later? Answer was, once you've been approved for an SBA EIDL Loan, if they need additional loan, can call SBA and ask for increase in that loan rather than getting a second. Confirming if that's right? Brian: needs to confirm that to give you a clear answer. My understanding of the process is that the business owner would apply for an amount that would offset the loss they are encountering to pay bills. During the time they submit that application, will be assigned a loan officer who will assess how much they actually need and will determine the term. Could be lower than 30 years. Best advice from is that business owner should get the application in, with the best assessment of current bills, and work out the exact size of loan with officer. No application fee if you work directly with the SBA. If they get other sources of funds at some point, can opt out of the SBA at any point, and can adjust that number down at any point as well.
• If there is a Shelter In Place order, what will be considered Essential and how does a company apply for an exemption to that and when? Kevin: a lot of questions like this. have been collecting the thousands of emails we are getting on this topic. Important to know: 1) this has not been ordered, nor have we developed a process for an exemption. If the Governor does look at more restrictions on activities, we will do an assessment of essential activities that will not be restricted and there will be opportunities for businesses to submit for clarifications on activities that will be covered by an exemption. If we get to that point, we will certainly want to have a process and a formal way that we might do that. If you've looked at how other states have proceeded with this, there is guidance from the federal govt on critical industries… all will be taken into consideration to put into place a process that is most efficient.
• Question for DLI: the adoption of most or all of the MN 2020 Building Code is scheduled to take effect 3/31/2020. Will code adoption continue as scheduled? Any guidance? Nicole: I do not know the answer right now, will check with our CCLD Division. Will get back to the group tomorrow, Wed morning.
• DEED's redevelopment grant program: any changes in timeframe for award notices, originally expected EOM March? Kevin: good question. I had my meeting with them a while back, have not heard the final - if those have been finalized. Will look into that.
• SBEL can't be provided to businesses who get any of their $ from gambling or adult activities. Does pull tabs also disqualify them? Kevin: good question, will try to get that answer for tomorrow.
• Re encouraging lodging properties to shut down… they are having an issue with cancelling bookings. Intermediaries like Expedia.com can cancel reservations without penalty. But they are penalizing hotels when they close down. Can anything be done to stop this? Anna: will find out where to get that answer.
• FAQ's for DEED? Anna: COVID-19, select Businesses, see FAQs there.
• If a Shelter in Place is given, will DEED broaden the type of business for Small Business Emergency Loan? Kevin: if that were to happen, there would need to be some authority granted to the agency to do that. I suspect at that point we would have to make a decision that would require Governor or legislative approval in order to do that.
• Once the Small Business Emergency Loan application is submitted, how long to receive allotment? Kevin: we believe that, by the end of the week, our lenders will be able to start enrolling businesses in this program. Depending on how quickly the lenders can react, could be a week or so, that sort of timeframe. We can get more information on that, but our lenders have their processes to go through as well. Will take a little time, but lenders are prepared.
• Are independent contractors eligible for the Small Business Emergency Loan Program? Kevin: whatever the form of their organization, so any business structure, affected by the order, is eligible. Independent contractors, I think of a hair stylist renting space in a salon, they are eligible. Brian: it's the same for the SBA EIDL loans. As long as it's not a "hobby" business. If they have business income, they are considered a business.
• Serious wait time on the SBA call line. Brian: SBA is aware of some of the call wait times at our call centers. Our Administrator announced yesterday we are bringing additional call centers online. We have 1-800-659-2955, open 24 hours/day. And Administrator announced yesterday we have partnered with Quicken Loans and Rocket Mortgage, to help with that. Announced publicly yesterday.
• Any consideration to use SBA community banks to help with the loans? Brian: with Rocket partnership, that should start in the next few days alleviating the wait times. Again, unprecedented demand. EIDL is a direct loan from SBA, different from typical guaranteed loans. We are clearly aware of legislation at US Congress right now, but I'm only able to talk about this disaster $. That new legislation would address working with community lenders; until the President signs, I don't have any information.