In Minnesota, businesses are the economic engines of our communitites - and even if you don't own one yourself, chances are you or someone you love depends on the goods, services, or employment that a Minnesota business provides. Please share this information with the businesses in your neighborhood and continue to support one another in these uncertain times.
Rep. Phillips and his staff will do their best to keep you informed and are focused on the mission to get us through this as healthy, economically sound, and prepared for the future as possible. We shall overcome - together.
Please sign up for updates from the U.S. Small Business Administration at sba.gov/updates
Click here to provide Rep. Phillips with critical feedback about how relief programs are working (or not working) for your business.
Implications of Federal Coronavirus Response Legislation
The U.S. Department of Labor will issue guidance as federal coronavirus response packages are signed into law at: https://www.dol.gov/agencies/whd/pandemic
- The bipartisan Families First Coronavirus Response Act was signed into law on March 18, 2020.
- The bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act passed the Senate on March 25, 2020 and is currently being considered by the House.
- Following the passage of the CARES Act, the SBA established the Paycheck Protection Program to help small businesses to keep their workers. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Click here for more information.
- Click here to download a Small Business Owner's Guide to the CARES Act
- Click here to download a step-by-step flowchart on accessing CARES Act small business assistance
Federal Resources For Minnesota Businesses
Minnesota has been approved for Economic Injury Disaster Loans (EIDL) through the Small Business Administration (SBA):
- EIDL loans of up to $2M are available for small businesses and private non-profits
- Funds can pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact
- The current interest rate is 3.75% for small businesses, non-profit rate is 2.75%
- The terms can be extended up to 30 years to keep it affordable
- These loans are only intended as working capital loans utilized to assist with impact caused by the coronavirus emergency efforts
- Loan applications will be evaluated by SBA loan officers. Criteria includes:
- Credit history acceptable to the SBA
- Repayment abilities
- Eligibility - business must be headquartered in a declared state and suffered working capital losses due to the declared disaster (not a general downturn in business due to the economy or other reasons)
To apply for an SBA loan, or for more information about the EIDL program, visit the links below:
- Applying for Disaster Loans
- Loan Training for COVID-19 Related Economic Disruptions
- If you can't attend a training, watch a training video here
- More Info on EIDL Loans
Additional information and resources:
- For information on all federal programs, visit www.usa.gov/coronavirus or https://www.usa.gov/espanol/coronavirus (en Español).
- The IRS has established a web page to help taxpayers, businesses and others affected by the coronavirus.
- The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave
- New guidance outlines flexibilities that states have in administering their unemployment insurance programs to help Americans affected by coronavirus.
State Resources for Small Businesses
Following Executive Order 20-15, the Minnesota Department of Employment and Economic Development (DEED) has established a loan program to assist small businesses affected by Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Loans will:
- Range from $2,500 to $35,000 and will be based on the firm’s economic injury and the financial need
- Be interest free
- Be paid back monthly over five (5) years and the first payment will be deferred six (6) months with potentially partial forgiveness
- Be provided to only Minnesota-based businesses
To apply for a loan, or for more information about small business emergency loans, follow the link below:
Information for Businesses Who Want to Help
For companies with medical supplies, equipment or services to donate, please visit FEMA’s “How to Help” page for more information:
In addition, if you would like to help but are facing obstacles in doing so, please fill out THIS SURVEY and a Phillips staff member will follow up with you.
Exemptions from Stay-at-Home Orders
Businesses seeking exemptions from a future stay-at-home or shelter-in-place order should contact the Governor’s office directly. The federal government does not issue such exemptions. If you have questions or need assistance, please email Zach Rodvold at firstname.lastname@example.org.