Attention Business Owners Impacted by the Coronavirus!
Do you need help? You are in the right place. The Owatonna Area Business Development Center operates as a satellite office of the SouthEast Minnesota Small Business Development Center (SBDC).
The Small Business Administration (SBA) has two programs specifically designed to provide help. The Economic Injury Disaster Loan (EIDL) program is presently open for qualified small businesses and U.S. Ag businesses. This program can provide low-interest loans of up to $2 million to businesses and private non-profits. This is an SBA direct lending program. If you need assistance in completing the application please contact your local SBDC consultant Bill Owens at firstname.lastname@example.org or your local SCORE office at www.scmnscore.org For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
The SBA's Payroll Protection Program (PPP) is open for applications until August 8th, 2020. This is being offered through SBA approved 7 (a) lenders. You will deal directly through your bank but don't hesitate to contact the SBDC or SCORE for help.
The Owatonna Area Chamber of Commerce and Tourism is another source of information for local businesses. www.owatonna.org/covid-19-resources/
• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
• 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. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
• SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
• SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals - regardless of filing status - and other unincorporated entities.
Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020. Notice 2020-17 will be in IRB 2020-15, dated April 6, 2020. See Notice 2020-17;
Payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. The IRS established a special webpage on IRS.gov/coronavirus to include all of the available tax-related information. This page will be updated as more information is available.
Treasury News Release:
Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak Other Coronavirus business information and resources The national office, the American SBDC, has also created a webpage providing up-to-date information and resources as they become available.
Please visit and feel free to check back often: https://americassbdc.org/coronavirus-information/
Owatonna Area Business
Whether you are starting a new business or expanding an existing one, you'll find what you need at the Owatonna Area Business Development Center.
Well Appointed Manufacturing Area
Modern Office Suites
On-site Business Guidance
Break Room - Reception/Waiting Area