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.
Albert Lea Area Dining Options During COVID-19
Resources for Businesses
SBA Economic Injury and Disaster Loan (EIDL) and Loan Advance In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories 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. This loan advance will not have to be repaid.
SBA Paycheck Protection Program (PPP) – The SBA PPP is a new federal $350 billion loan program at SBA for small businesses, self-employed people, and gig workers to help them from going under due to the COVID-19 pandemic. If employers maintain payroll, the loans would be forgiven.
Small Business Emergency Loans – 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. Learn more about the loan and how to apply here; https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
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).