News & Resources

Updated: Apr 4

I have had a lot of questions regarding business loans, relief and options for the self-employed. I am going to keep an updated list of news stories and links here. I haven't fact-checked any of this information and only provide it as a resource for those who have questions to see what I have read. I will update as often as I come across news.




General Info and FAQs about the Paycheck Protection Program (PPP)

Also known as the 7(a) option

https://www.varnumlaw.com/newsroom-publications-sba-issues-interim-rules-on-paycheck-protection-program


Excellent Loan Resource Breakdown

This is compiled by the SBDC

https://docs.google.com/spreadsheets/d/12xv4xcsg_9xoVeEE_Y1j2sicNbCvl2GAVinSowU2zgg/htmlview?usp=sharing


Local Resources

https://www.greaterfergusfalls.com/

Has information on local restaurants and breweries hours and services available.


Also, GFF has a Facebook page devoted to FF employment opportunities:

https://www.facebook.com/groups/GFFEmploymentOpportunities


http://www.fergusfalls.com/covid-19---business-information

The Fergus Falls Chamber of Commerce has a page with information for employers and employees. They also provide a job board for those looking for work.



SBA Disaster Relief

For those looking for funding the Small Business Administration has its disaster relief loans available. This is a loan and the application is long. The application has changed a few times in the last couple of weeks, so I am not sure how the process is working currently.


Some of the items you will need for the SBA Disaster Assistance Loan are:


Previous 2 years tax returns in digital format

Business Returns

Personal Returns


List of All Assets 

Real Estate

Vehicles

Stocks/Bonds

Retirement Accounts

Bank Balances

Savings Accounts


List of all debts - Mortgages, Lines of Credit, Loans, Credit Cards

Beginning Balances

Current Balance

Monthly Payments

Origination Date

Pay-Off Date


2019 Income and Cost of Goods Sold


You can find out more information here:

https://www.sba.gov/funding-programs/disaster-assistance


SBA Loan Program 2

The CARES act is the act that was recently passed by congress. My understanding is it is related to section 7a of the SBA act. This loan is based on last year's expenses and comparing them to this years and will only cover certain portions. Additionally to qualify for this loan you must apply through a banker.


The SBA portion can be found at the following link. Scroll to section 7(a):

https://www.sba.gov/sites/default/files/Small%20Business%20Act_0.pdf


A summary of the CARES act is available here:

https://www.natlawreview.com/article/summary-cares-act


Q&A on the Stimulus Package that includes info for self-employed

https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html


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