Sep 02 , 2021

Small Business Relief Packages – COVID-19

This guide was created to provide insight and help small businesses determine eligibility for relief packages due to the COVID-19 pandemic. It includes:

  • Economic Injury Disaster Loans (EIDL)
    • Emergency Grants through EIDL
  • MN DEED Loans
  • Coronavirus Aid, Relief, and Economic Aid Act (CARES Act)

More programs, payment extensions, and other relief available on our COVID-19 Relief page here.

Economic Injury Disaster Loans (EIDL)

Offered by the SBA, Economic Injury Disaster Loans, or EIDL’s, are loans available to those in a declared disaster. Approval for these loans is quicker and easier than traditional loans.

There are two programs tied to EIDL’s.

The first option is a low interest, long-term loan of up to $2 million. Interest rates are 3.75% for small businesses and 2.75% for non-profit organizations. The first payment is deferred for 12 months.

The second option is an EIDL Advance of up to $10,000. If approved, funds can be used for payroll and other operating expenses. The advance is forgivable. If an application for the loan option was denied or is still pending, the advance may still be available and forgivable. The form to complete is part of the EIDL application.

To qualify under EIDL, you must meet these requirements:

  • Business with 500 employees or less, a sole proprietor with or without employees, or an independent contractor
    • Non-Profit Organization that is a non-governmental agency and a 501(c), (d), or (e)
    • No principal on the application with 50% or more ownership may be more than sixty days delinquent on child support
    • Business does not participate in lobbying

To learn more or apply for an EIDL please visit


MN DEED has established a loan program to assist small businesses directly affected by closures and business impacts from COVID-19 within Minnesota. These loans are for those that may not qualify for a traditional loan through a bank.

Loan amounts range from $2,500 to $35,00 depending on economic injury and financial need, with 0% interest. Partial forgiveness of the loan may be available. Any amount not forgiven would be paid back monthly over 5 years with the first payment deferred 6 months.

The following types of businesses are eligible:

  • Restaurants, food courts, cafes, coffeehouses, and other accommodations serving food and beverages
    • Bars, taverns, brewpubs, breweries, microbreweries, distilleries, wineries, tasting rooms, clubs, and other places service alcoholic beverages for on-premise consumption
    • Hookah bars, cigar bars, and vaping lounge offering their service for on-premise consumption
    • Gymnasiums, fitness centers, recreation centers, indoor sports facilities, indoor exercise facilities, exercise studios, tanning salons, body piercing and tattoo parlors, massage therapy or similar spa services, spas, salons, estheticians’ salons, nail salons, cosmetology salons, eyelash salons, and barbershops
    • Amusement parks, arcades, bingo halls, bowling alleys, indoor climbing facilities, skating rinks, trampoline parks, and other similar recreational or entertainment facilities
    • Country clubs, golf clubs, boating or yacht clubs, sports or athletic clubs, and dining clubs

To qualify, the business must be current on financial obligations as of March 1, 2020. A personal guarantee or collateral on at least 20% of the loan is required. Pay off the emergency loan would be required if other financing is received after MN DEED loan approval.

To apply, click HERE for the application. 

A list of trusted lenders that can provide funding can be found HERE. Click on the apply tab. Applications must be submitted only to lenders on this list.

Upon approval, the following documents will require signature:

  • Loan agreement
    • Promissory Note
    • Security Agreement
    • Personal Guarantee(s)
    • Business operations data prior to emergency declaration

For more information on MN DEED –

Coronavirus Aid, Relief, and Economic Aid Act (CARES)

The Cares Act was recently passed in Congress to supply $350 billion in aid to small businesses and non-profits through a program called the Paycheck Protection Program (PPP). The PPP is a forgivable loan program aimed to provide relief during the COVID-19 pandemic.

Reach out to your financial institutions right away to see if they are accepting applications. Many banks, credit unions, and other lenders are accepting applications through this program.

To qualify, you must be one of the following entities types:

  • A small business or 501(c)(3) non-profit with less than 500 employees, or otherwise meet SBA size standards
    • An individual that operates as a sole proprietor or independent contractor
    • A tribal business or organization with less than 500 employees, or otherwise meets SBA size standards

Loan amounts are calculated as 2.5x the average monthly payroll for the company and exclude salaries over $100,000 annually. Money may be used for payroll costs for up to eight weeks, as well as mortgage payments, rent payments, interest payments, and utilities. There is no personal guarantee or collateral required.

Loans are forgivable. Forgiveness is based on the number of employees you retain on your payroll and how funds are spent. Only 25% of the forgiven loan may be used for non-payroll costs. If employee headcount is reduced, loans may still be forgiven if employees are brought back by June 30th, 2020.

The application for a CARES loan can be found HERE. More information on the Paycheck Protection Program:

At All In One Accounting, we take businesses from financial chaos to business clarity and beyond. Our elite team of Accountants, Controllers, and CFOs are ready to help you in these uncertain times. Visit our website here for a free consultation with one of our accounting professionals.

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