09 Oct The SBA and Treasury Have Just Announced an Expedited Forgiveness Process for PPP Loans of $50,000 or Less

The US Small Busines Administration and Department of the Treasury have announced that an expedited process has been created to apply for loan forgiveness for those who received Paycheck Protection Program Loans of $50,000 or less. With the exception of employers who, together with their affiliates, received loans totaling $2,000,000 or more, those who received loans of $50,000 or less can utilize SBA Form 3508S.

This new process has waived the reduction in loan forgiveness for eligible employers who did not maintain their employee headcount or were forced to reduce wages. Employers are also no longer required to show the calculations they used to determine their loan forgiveness amount. It has also reduced the amount of documentation required to be submitted along with the loan application; however, all records related to the PPP loan must be retained for six years after the loan forgiveness date as representatives of the SBA can request to view the file.

For businesses needing assistance with this form we recommend partnering with the Small Business Development Center. Businesses can receive assistance by going to myminnesotabusiness.com and choosing "Apply for Services".

08 Oct Kicking off the 2020 Tour of Manufacturing

The South Central Tour of Manufacturing Partnership has been working hard to bring manufacturing to the public and to schools in a virtual format. Virtual tours can be viewed at TourofManufacturing.com.

22 Sep Blue Earth County’s Business Assistance Grant Program Eligibility Expanded

At today’s Blue Earth County Board of Commissioners meeting, the Commissioners voted to expand the eligibility of the Business Assistance Grant Program. The program will now be offered to home based businesses (provided conformance with other criteria). The maximum full-time equivalent (FTE) employees has increased from 20 to 50.  Lastly, there is no longer a cap on annual revenue.  

13 Aug Greater Mankato Economic Status through COVID-19

Since the beginning of the COVID-19 Crisis, one of the most common questions we have received is "How is the economy of Greater Mankato doing?" Unfortunately, many of the primary indicators designed to show economic performance have a significant lag period, particularly when attempting to...