SBA Offers Disaster Assistance to Minnesota Small Businesses Economically Impacted by the Coronavirus (March 20, 2020)

Summary

SBA news release 20-313 from the Disaster Field Operations Center East, dated March 20, 2020, offering low-interest federal disaster loans for working capital to Minnesota small businesses hurt by the Coronavirus (COVID-19). SBA declared the disaster under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act, after a request from Gov. Tim Walz on March 18, 2020. The declaration covers the entire state of Minnesota and contiguous counties in Iowa, North Dakota, South Dakota and Wisconsin. Businesses and private non-profits affected since Jan. 31, 2020 may qualify for Economic Injury Disaster Loans of up to $2 million, at 3.75 percent for small businesses and 2.75 percent for non-profits, with terms up to 30 years. The deadline to apply is Dec. 21, 2020.

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NEWS RELEASE
Disaster Field Operations Center East
Release Date: March 20, 2020 Contact: Michael Lampton (404) 331-0333
Michael.Lampton@sba.gov
Release Number: 20-313, MN 16365 Follow us on Twitter, Facebook, Blogs & Instagram

SBA Offers Disaster Assistance to Minnesota
Small Businesses Economically Impacted by the Coronavirus
(COVID-19)
ATLANTA – The U.S. Small Business Administration is offering low-interest federal disaster loans for
working capital to Minnesota small businesses suffering substantial economic injury as a result of the
Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. SBA acted under its
own authority, as provided by the Coronavirus Preparedness and Response Supplemental
Appropriations Act that was recently signed by the President, to declare a disaster following a request
received from Gov. Tim Walz on March 18, 2020.

The disaster declaration makes SBA assistance available in the entire state of Minnesota; and the
contiguous counties of Allamakee, Dickinson, Emmet, Howard, Kossuth, Lyon, Mitchell, Osceola,
Winnebago, Winneshiek and Worth in Iowa; Cass, Grand Forks, Pembina, Richland, Traill and Walsh in
North Dakota; Brookings, Deuel, Grant, Minnehaha, Moody and Roberts in South Dakota; and
Buffalo, Burnett, Douglas, La Crosse, Pepin, Pierce, Polk, Saint Croix, Trempealeau and Vernon in
Wisconsin.

“SBA is strongly committed to providing the most effective and customer-focused response possible
to assist Minnesota small businesses with federal disaster loans. We will be swift in our efforts to help
these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said
Administrator Carranza.

SBA Customer Service Representatives will be available to answer questions about SBA’s Economic
Injury Disaster Loan program and explain the application process.

“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and
small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus
(COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to
help meet financial obligations and operating expenses which could have been met had the disaster
not occurred,” said Carranza.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be
paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small
businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus
(COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-

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profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep
payments affordable, up to a maximum of 30 years and are available to entities without the financial
ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download
applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer
Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more
information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call
(800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration,
Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.

For more information about Coronavirus, please visit: Coronavirus.gov.

For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.

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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As
the only go-to resource and voice for small businesses backed by the strength of the federal
government, the SBA empowers entrepreneurs and small business owners with the resources and
support they need to start, grow or expand their businesses, or recover from a declared disaster. It
delivers services through an extensive network of SBA field offices and partnerships with public and
private organizations. To learn more, visit www.sba.gov.

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