Small Business Resources

So many options, so many questions.
Clarity and guidance changing every day.

Below are some great resources that we have found and/or made.

What if my business has no income coming in and/or I've already furloughed employees? Unemployment is now an option. The uimn.org site still says they are awaiting guidance, but this step-by-step instruction on how to file as Self-Employed showed up on their website today. While applying for unemployment, we also suggest you look at one of the LOAN OPTIONS below (some of which may convert to grants and/or be forgiven).
What if my employees or I are not able to work due to mandated closure or closure of children's schools or daycare? We wrote about this in two previous emails that you can find here. There are tax credits for Sick Pay and Child Care Leave for employees OR yourself for dates starting 4/1.
What if I'm still working and/or employing workers but struggling to pay wages and other bills? There are two federal SBA loans. Each has different rules, restrictions and possible forgiveness options. We created this chart to compare the two SBA loans. There are also some state loan/grant programs available.

We were going to write more on these programs but we received this earlier today, which says it better than we could: notice from MN Employment and Economic Development Office.

If you have more questions, we ask that you first read their article all the way to the end. We really liked their "Summary" followed by "Why this might make sense for you" format. They also end with a "Where do I start?" section with some additional steps/resources to get you going.

If you have employees and plan on trying to keep them all on staff, we highly suggest you look into the Payroll Protection Program (PPP). Applications through banks begin on April 3rd and may come with huge loan forgiveness. Even if you've temporarily laid off employees, you could still get loan forgiveness if you rehire to previous workforce levels by the end of June. For faster access to money, the Economic Injury Disaster Loan (EIDL) is probably the better option AND although you can't take out both loans, you can refinance into the PPP loan if you later qualify for that program and want to switch.

Thanks for sticking with us through this.
We hope you're all doing your part and staying safe at home. We apologize if our response times have slowed, but we're pulling double-duty trying to file last year's tax returns AND stay current on the rapidly changing laws of 2020.

Every day more guidance and information is appearing as these programs are being mobilized. We ask that you check back often on our Newsletter Archives, FAQs and Special COVID-19 Links sections before emailing us with questions. We know everyone is anxious to know what to do next. We're doing our best to update these resources as fast as we can and they are your best place to find our most up-to-date info.

-- Mark, Alyssa and The Fox Tax Team

MN DEED GUIDE FOR SMALL BUSINESSES

NEWSLETTER ARCHIVE

ADDITIONAL LINKS / RESOURCES

We are very grateful for your patience and understanding in this strange time.

Please check the links above often as we are updating them daily!