Albert Lea Economic Development Agency will be supportive and help get information to our local businesses about how to best be prepared and proactive in regards to Coronavirus (COVID-19). We will also keep this page up-to-date with resources for businesses including financial resources and news on programs and opportunities as they become available.
Resources for Businesses
SBA Economic Injury and Disaster Loan (EIDL) In response to the Coronavirus (COVID-19) pandemic, small businesses, including agricultural businesses, and non-profit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan (EIDL). The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.
On June 15, SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and non-profit organizations.
SBA 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 employee retention criteria are met, and the funds are used for eligible expenses.
The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program’s extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.
Shared Work Option Program – MN Employment and Economic Development Program as alternative to layoff
Minnesota Unemployment Insurance – COVID-19 (Coronavirus) and Unemployment Benefits
Corona Virus Tax Relief – On Friday, March 20, the U.S. Treasury Department, IRS and U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them for the cost of providing COVID-19 related leave to their employees. Additional guidance, including how to claim the credits in advance, is being prepared and will be posted to the Coronavirus Tax Relief page on IRS.gov as soon as it is available.
U.S. Small Business Administration – Guidance for Businesses and Employees to Plan and Respond to Coronavirus 2019 (COVID-19)
U.S. Chamber of Commerce – COVID-19 Business Preparedness Checklist
U.S. Department of Labor – Occupational Safety and Health Administration
Is Your Business COVID-19 Ready? – COVID-19 Resources from the MN Chamber of Commerce
Main Street America – COVID-19 Main Street District Resources
If you have any questions please contact Albert Lea Economic Development Agency staff, Phillip Johnson and Noelle Hagen. (firstname.lastname@example.org, email@example.com or 507-373-3930).