Small Business Relief Fund
The Minnesota Legislature has approved a $217 million relief package for businesses impacted by COVID-19 executive orders. About half of the package will be given to counties to distribute through grant programs to local businesses by March 15, 2021.
Through the package, Ramsey County will receive $10.7 million to distribute to businesses. At this time, we anticipate that most of the funding will be used to supplement the Small Business Relief Fund.
Launched in June, the Small Business Relief Fund has been investing $15 million of CARES Act funding into Ramsey County businesses and self-employed entrepreneurs / sole proprietors. A third round of applications for the program opened on Nov. 18, the same week that Governor Walz issued Executive Order 20-99, which dialed back restrictions on bars, restaurants and gyms. Applications closed Dec. 4.
The volume of applications received during late November and early December exceeded the original $15 million budget for the fund. We estimate the outstanding applications total around $8-9 million in funding requests. The new $10.7 million in state funding will be prioritized to fulfill these outstanding applications.
Information on future application periods for the Small Business Relief Fund or other grant programs will be available once we’ve further reviewed existing applications to determine the amount of remaining funds available.
To receive an alert as to when Ramsey County might begin accepting applications for funding, please provide an email address and description of your business here: https://www.ramseycountymeansbusiness.com/covid-19/covid-19-inquiries
Business4Business MSP Regional Coalition
MSP Counties and Private Sector Leaders Unite to Support Small Businesses recovering from COVID-19 pandemic
A broad alliance of Twin Cities counties, chambers of commerce, community development agencies and other partners are building a local support network to help small businesses survive and recover from the COVID-19 pandemic.
The Business4Business Minneapolis-Saint Paul (B4B MSP) coalition will connect small businesses with local resources from public agencies and private sector partners, including technical and financial assistance to provide immediate relief.
Priority outreach will be conducted in partnership with community-based organizations working in low-wealth communities, communities of color, and areas with barriers to access other small business resources.
More information available at www.Business4BusinessMSP.com