• Visit Owatonna
  • Member Login
  • Business Resources
Owatonna Area Chamber Of Commerce & TourismOwatonna Area Chamber Of Commerce & TourismOwatonna Area Chamber Of Commerce & TourismOwatonna Area Chamber Of Commerce & Tourism
  • ABOUT
    • About Owatonna
    • Mission
    • Board of Directors
    • Chamber Team
    • Contact Us
  • Join Now
  • MEMBERS
    • Find Your Membership
    • Join Now
    • Business Directory
    • Chamber Events
    • Chamber Gift Certificates
    • Committees/Volunteer Opportunities
    • FAQs
    • Market Your Business
    • Member Login
  • SHOP LOCAL
  • ADVOCACY
    • Government Officials
    • Legislative Agenda
  • WORKFORCE
    • Find a Job
    • Made in Owatonna
    • SteeleCo.Works
    • Ted G. Ringhofer Scholarship
    • Workforce Experience Grant
  • EVENTS & PROGRAMS
    • Chamber Events
    • Annual Dinner
    • Business After Hours
    • Chamber Growth Breakfast Series
    • Golf
    • Owatonna Community Leadership Academy
    • Young Professionals
  • MAIN STREET
    • Banners, Flower Baskets, and Holiday Decorations
    • Downtown Clean Up
    • Downtown Thursdays
    • Economic Development Authority (EDA) Forgivable Loan Program
    • Holiday Lighted Parade
    • Owatonna Business Partnership
  • LIVING HERE
    • Area Churches
    • Chamber Gift Certificates
    • Community Calendar
    • Downtown Parking Restrictions
    • Housing Options
    • Landlord & Tenant Handbook
    • New Resident information
    • Owatonna Chamber Foundation
    • Request a Visitor’s Guide
    • Visit Owatonna
    • Welcome To Owatonna
  • NEWS
    • Business Brief
    • Chamber Blog

Small Business: What Are My Relief Options?

    Home Small Business: What Are My Relief Options?

    Small Business: What Are My Relief Options?

    Brad Meier
    Monday, December 28, 2020
    (0) Comments
    Small Business: What Are My Relief Options?

    The state and federal government recently passed legislation that may provide some much needed dollars to your small business.  So what do you need to do?  Here's a brief breakdown:

    State of Minnesota

        -If your business was shut down by the most recent governor's order, you are eligible for a direct payment from the MN Department of Revenue.  Your business doesn't have to do     anything to receive this money (no application).  The State of MN is using your recent sales tax filings and employee count to determine what you will receive, the range is     $10,000-$45,000.  If your business showed a 30% decrease in revenues then you qualify and the amount of money is based on your employee count.
        
        -The state is sending each county a pot of money.  For Steele County this is around $700,000.  The county can determine how to best get these dollars into the hands of impacted small     businesses.  These grants will be open to all businesses that qualify and there will be an application process.  We expect more details in the next two weeks.
        
    U.S. Stimulus Package

        -Paycheck Protection Program in this bill expands uses including Operations (technology, computers), Supplier Costs and Worker Protection items (PPE, safety items). 60% of the         
        dollars must still be used on payroll.  PPP runs until March 31, 2021.  For those who received PPP in the first stimulus plan, you are eligible for a second draw, but must show 25%     decrease in revenues, limit to businesses with less than 300 employees and is up to $2M. (*Note: if this is your first time using PPP, the % in revenue decrease is not a requirement)
        PPP will again be administered through your local banker, through the SBA and is still first-come, first-serve.  

        -If you received a portion of the $10,000 EIDL up front grant (no payback) promised in the initial CARES Act, you can apply to receive the remaining amount up to $10k.  Applications will     be submitted directly through the SBA website.  Also new this time around, businesses can use PPP dollars AND get full amount of EIDL.

        -Improvements have also been made to the Employee Retention Tax Credits.  Up to $10,000 per quarter can be credited (up from $10,000/year), 70% of qualifying payroll can be credited     (up from 50%), program extended through June 30, 2021 and this program can be used in conjunction with PPP as long as it’s not for the same expense.  Work with your accountant or      tax provider.
     
    The Chamber will continue to stay on top of these programs and provide the latest details on when and how your business can access them.

    Leave a Comment
    * Required field
    Business Directory News Releases Events Calendar Hot Deals Member To Member Deals Marketspace Job Postings Contact Us Information & Brochures Join The Chamber
    GrowthZone - Membership Management Software
    Share
    Print Email Facebook Twitter LinkedIn
    Tell a Friend

    ABOUT

    Our Chamber has approximately 530 members that invest their resources, employee volunteerism and confidence in the Owatonna Area Chamber of Commerce & Tourism and the business community.

    PARTNERS
    • Owatonna Development
    • Visit Owatonna

    https://www.uschamber.com/chamber-accreditation-program

    MEMBERS
    • Join Now
    • Benefits
    • Member Login

    CONTACT US

    Address
    Owatonna Area Chamber of Commerce & Tourism

    120 South Oak AVE
    Owatonna, MN 55060

    Email
    oacct@owatonna.org

    Phone
    507-451-7970

    Google Map

    Owatonna Area Chamber of Commerce & Tourism | All Rights Reserved © 2019 | Log In
    • ABOUT
      • Mission
      • Chamber Team
      • Board of Directors
      • About Owatonna
      • Main Street
      • Contact Us
    • MEMBERS
      • Find Your Membership
      • Benefits
      • Market Your Business
      • Member Login
      • Chamber Gift Certificates
      • FAQs
      • Business Directory
      • Business Resources
      • Chamber Events
      • Committees/Volunteer Opportunities
    • ADVOCACY
      • Legislative Agenda
      • Government Officials
      • Meet the 2024 Candidates
    • EVENTS & PROGRAMS
      • Chamber Events
      • Business After Hours
      • Annual Dinner
      • Chamber Growth Breakfast Series
      • Golf
      • Young Professionals
      • Owatonna Community Leadership Academy
    • MAIN STREET
      • About Main Street
      • Banners, Flower Baskets, and Holiday Decorations
      • Downtown Clean Up
      • Downtown Thursdays
      • Economic Development Authority (EDA) Forgivable Loan Program
      • Holiday Lighted Parade
      • Main Street
      • Owatonna Business Partnership
    • LIVING HERE
      • Area Churches
      • Chamber Gift Certificates
      • Community Calendar
      • Downtown Parking Restrictions
      • Landlord & Tenants Handbook
      • New Resident information
      • Owatonna Chamber Foundation
      • Request a Visitor’s Guide
      • Rental Information
      • Visit Owatonna
    • NEWS
      • In the News
      • Business Brief
      • Chamber Blog
    • MEMBER LOGIN
    Owatonna Area Chamber Of Commerce & Tourism