The SBA approved eligibility for coronavirus relief loans for small businesses in Minnesota. Loans can be as high as $2 million.
Small businesses experiencing slowed — or even stalled — revenue in Minnesota can now apply for coronavirus relief loans from the Small Business Administration (SBA).
Previously, certain businesses in counties that neighbored other eligible states were able to apply. The loans were part of a program announced by President Donald J. Trump. But many small businesses were confused about how to apply for the coronavirus relief loans.
The new declaration provides eligibility statewide.
That’s the result of a recent change in policy the SBA put in place specifically for dealing with the coronavirus outbreak. The relaxed policy allows governors to seek statewide eligibility for coronavirus loans rather than for individual counties.
Small businesses in Minnesota that have experienced losses can apply for up to $2 million with interest rates of 2.75% for nonprofits and 3.75% for small businesses. Repayment plans can be as long as 30 years.
Minnesota joins a growing list of approved states and counties for coronavirus relief loans.
The SBA said that small businesses can apply for the loans directly on their website at www.sba.gov/disaster. Business owners can call the disaster customer service center at 800-659-2955, or email [email protected]. The deaf and hearing impaired may call 800-877-8339.
Editor’s Note: Neither Workest or Zenefits is affiliated with the Small Business Administration (SBA) or a lending organization. This article is intended for informational purposes only.