Coronavirus In Minnesota: Applications For New Forgivable Small Business Loans Due In One Week

MINNEAPOLIS (WCCO) -- Minneapolis Mayor Jacob Frey announced Friday that applications for the city's new forgivable $5,000 and $10,000 small business loans are now open, and the deadline to submit is by April 20.

The city's new forgivable loans are available to businesses with 20 or fewer employees and/or less than $1 million in revenue. The loans have no-payment and no-interest and are 100% forgivable after 12-months if the business continues to operate in Minneapolis and remains in good standing.

These loans allow eligible businesses to meet immediate working capital needs -- payroll and employee benefits, rent or mortgage payments, accounts payable and payments due to supply chain, and other critical working capital needs. The city is also working to launch a modified 2% loan program as part of the gap funding package.

On April 3, Frey and City leadership announced the new funding as part of the Minneapolis Gap Funding Package for small businesses, renters, and families. Eligible businesses must be located in targeted areas, such as cultural districts, promise zones, green zones or ACP 50 neighborhoods.

The application is available here. For questions about the application, contact Minneapolis 311.