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Small Businesses - COVID-19

 

 

Small Business Administration (SBA) / CARES Act Programs

SBA Small Business Paycheck Protection Program (PPP)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. 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. The Paycheck Protection Program will be available through June 30, 2020. This program is available through SBA-qualified lenders, including United Prairie Bank.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), 501C(3) private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Initial program details and qualifications

Application - Complete and turn in to your United Prairie lender

SBA COVID Economic Injury Loan Program through the CARES Act

In response to the Coronavirus (COVID-19) pandemic, small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. 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.

The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Initial program details and qualifications

To apply for assistance

Minnesota Department of Employment and Economic Development (DEED) Programs

MN DEED – MN Small Business Loan Guarantee Program (SBLG)

This temporary program, established in response to the 2020 public health emergency, will help Minnesota lenders provide capital to small businesses in Minnesota affected by COVID-19. These loans can be used for a variety of purposes and can be subordinate to other financing. Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.

United Prairie Bank is an approved lender to support enrollment of this loan program. 

Program details 

MN DEED – Small Business Emergency Loan

Following Executive Order 20-15, DEED has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time.

Program details and to apply

Please contact your United Prairie Bank lender to discuss your needs in this challenging time. We are here to help.

 

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