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Update on SBA grant/loans and unemployment for the self-employed

| Apr 8, 2020 | Coronavirus, Firm News

The Minnesota Department of Employment & Economic Development (DEED, or unemployment department, if you eschew euphemistic titles) recently published this article which is a fairly good update on the programs available for small businesses and the self-employed. A good idea to check on insurance coverage for interruption of business provisions. As of this morning, there are no new updates for the self employed, they are still waiting for direction from the US Department of Labor, and you still need to reapply every week, even if it says your benefit is zero.

Unlike the $10,000 grant (which was supposed to be direct deposited within 3 days and now appears be have been an illusion) the paycheck protection program needs to go through a bank, and banks are having a hard time keeping up with demand. Wells Fargo had a small window of time on Saturday and Sunday when they were taking applications on a brief intake form on their website, and even those people like me who got their application in over the weekend. Wells Fargo is no longer taking applications as they have committed their allotted funds.