ST. PAUL – State Rep. Paul Anderson, R-Starbuck, said added state and federal options are available as businesses try to mitigate the damage they are suffering from the COVID-19 outbreak.
At the state level, Anderson said the new Minnesota Small Business Emergency Loan Program is now up and running. The Minnesota Department of Employment and Economic Development has details at www.mn.gov/deed.
At the federal level, Congress has approved $350 billion in emergency loans for small businesses to help them keep workers employed. A guide and checklist are available from the U.S. Chamber of Commerce at www.uschamber.com.
“So many businesses are searching for financial help right now and these programs are some of the best ways to get some badly needed money for the basics such as making payroll or paying rent,” Anderson said. “Nobody wants to take on added debt, but the terms of some programs being made available appear to be very favorable. From zero interest to loan forgiveness options, it’s worth a look to see what’s available and what you qualify for.”
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