Coronavirus In Minnesota: Gov. Walz Announces MN Small Businesses To Receive Federal Support
MINNEAPOLIS (WCCO) -- The Small Business Administration (SBA) wants to help Minnesota businesses hurting from the coronavirus (COVID-19) pandemic.
Gov. Tim Walz announced Saturday that small businesses in Minnesota are now eligible to apply for disaster loans through the SBA for economic injury during the COVID-19 outbreak.
This announcement proceeds Walz' letter sent to the Director of the SBA's Office of Disaster Assistance requesting that Minnesota businesses be eligible for this assistance.
"Small businesses across Minnesota are putting the health of their neighbors before their own bottom line," Walz said. "This assistance will help our state's businesses recover from the economic hardship caused by COVID-19."
The SBA's Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing during the pandemic, according to a release.
These loans are also available in surrounding counties in Iowa, North Dakota, South Dakota and Wisconsin.
Small businesses may apply for a loan at https://disasterloan.sba.gov/ela/.