To slow the spread of COVID-19 across the state, Governor Tim Walz signed Executive Order 20-20 directing Minnesotans to stay at home and limit movements outside of their home beyond essential needs. This order is in effect until 5:00 p.m. on Friday, April 10th. More information can be found at www.mn.gov. The Worthington Area Chamber of Commerce and Convention & Visitors Bureau office will be closed during this time. If you have questions or need assistance please email firstname.lastname@example.org.
SBA Economic Injury Disaster Loans Available
Thanks to a concerted effort by our partners throughout the state, Minnesota small businesses can now apply for SBA Economic Injury Disaster Loans (EIDL).
What's an EIDL?
EIDL loans of up to $2M are now 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
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.
How do I apply?
Online at SBA.gov/disaster
Still need help? Call the SBA's Disaster Customer Service Center at 800-659-2955 or email email@example.com. Individuals who are deaf or hard-of-hearing can call 800-877-8339.
Department of Labor Info for Employers
The Department of Labor is providing information on how small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
Additionally here's info on the Families First Coronavirus Response Act, which requires certain employers to provide employees with paid sick or family leave for specified reasons related to COVID-19.
IRS Tax Deferral Info
The IRS announced on Saturday March 21:
Filing deadline extended to July 15, 2020. No need to file Form 4868 or 7004.
This applies to all tax returns due on April 15, 2020. For example:
Form 1040, 1120, estate, or trust, etc.
What is NOT extended:
This does not apply to partnership and S-corporation returns that were due on 3-16-2020. Those needed to be filed or extended.
Form 941 (employment tax) is still due on 4-30-2020.
W-2’s, 1099’s, 1095’s, etc: “No extension is provided in this notice for the filing of any Federal information return.”
Each state is making their own decision. The IRS urges taxpayers to check with their state tax agencies for those details.
Payment deadline extended to July 15, 2020 with no limitation on amount
Form 1040 for 2019 balance due payments normally due on 4-15-2020 are now due on 7-15-2020.
Form 1040 estimated tax payments for 2020 normally due on 4-15-2020 are now due on 7-15-2020.
This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
What is NOT extended:
Form 1040 Estimated tax payment due on 6-15-2020. Those payments are still due on 6-15-2020. No extension is provided in this notice for the payment or deposit of any other type of Federal tax
Please continue to check the Coronavirus Tax Relief page on IRS.gov.
Further resources for Small Businesses
Info from SBA Partners and Other Agencies
We will continue to share additional resources as they become available. This is by no means an all-inclusive list, but we hope it gives you a good starting point to get the help you need to deal with the crisis at hand.
Local Partner Info
SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
WomenVenture is open, ready to help and has created a COVID 19 Update Hub with details.
Minnesota DEED has created a Covid 19 webpage with Minnesota specific information to help small businesses.
WBDC/WBENC Covid 19 resources for Women Owned Businesses
Federal Program Info
The IRS has established a web page to help taxpayers, businesses and others affected by the coronavirus.
New guidance outlines flexibilities that states have in administering their unemployment insurance programs to help Americans affected by coronavirus.