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<br />LISC - Small Business Relief Grants <br />Relief & Recovery Fund programs. These programs help businesses deal with immediate financial <br />impact due to the pandemic. Applications must be completed by Tuesday, April 28th, at 11:59 <br />p.m ET (10:59 p.m. CT). Grants will be made to qualified businesses and based on accurate and <br />complete submission and verification of required documentation. <br />https://www.research.net/r/LISCreliefgrant <br /> <br />**Both the SBA EDIL & Paycheck Protection Funds are in high demand and continue to need <br />additional appropriations. Talk to a local banker and check back on the SBA website for the <br />latest info. https://www.sba.gov/disaster-assistance/coronavirus-covid-19 <br /> <br />** To check the status of an application that was submitted and not funded for either program <br />contact: disastercustomerservice@sba.gov | 800-659-2955 or Minneapolis.mn@sba.gov <br />612.370.2324 <br /> <br />SBA Paycheck Protection Program <br />The purpose of the Paycheck Protection Program is to help employers with less than 500 <br />employees retain employees, at their current base pay. Loans can be used for payroll expenses <br />from Feb 15, 2020 - June 30th, 2020. If employers keep all employees, the entirety of the loan <br />will be forgiven. If an employer keeps a portion of employees, the loan forgiveness will be <br />reduced by the percent decrease in the number of employees. The amount any small business <br />is eligible to borrow is 250 percent of their average monthly payroll expenses, up to a total of <br />$10 million. <br />SBA - Small Business Loans <br />The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for <br />working capital to small businesses suffering substantial economic injury as a result of <br />Coronavirus (COVID-19). This program is for small businesses and most non-profit organizations <br />that have suffered directly by this disaster. Find out more by visiting DisasterLoan.sba.gov <br /> <br />There is no cost to apply and no obligation to take the loan if approved. Please contact our <br />Northeast Minnesota SBDC consultants for assistance with the application process if needed. <br />They can be contacted directly or by signing up for service at www.nesbdc.org <br /> <br />Additional Grants <br />Many corporations and non-profits have developed grant programs to assist companies affected <br />by COVID-19. Contact Jacquel Hajder for a full list of grant options for businesses. <br /> <br /> <br /> <br /> <br /> <br /> <br />Updated 4-24-2020 <br /> <br />