On Monday March 23, Governor Tim Walz issued an emergency executive order to provide immediate relief to small businesses through the Minnesota Department of Employment and Economic Development (DEED) that have been directly and adversely affected by the peacetime emergency orders a week ago. This forced restaurants, bars, fitness centers, salons, golf courses and other various public accommodations to shutter their doors indefinitely. On Wednesday March 25, Mr. Walz issued a “Stay Home” order that extends this closure until at least May 1.
Under the order, DEED is now offering loans available to Minnesota-based businesses that will:
- range from $2,500 to $35,000
- be interest free
- feature deferred payment for 6 months
- potentially be eligible for partial forgiveness
Eligibility qualifications and further information is available here: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
Please reach out to a member of your MKS team with any questions regarding the Minnesota-specific loans. We are working with the certified lenders to assist with the applications in order to expedite the process for our clients.