Business Resources

Starting a business can be exciting, but let’s face it: you’re going to need help at some point. Here, we’ll collect links to resources, both paid and free that can help you get off the ground.

NEW : BOI Reporting Requirements

TEMPORARY HALT ON CTA AND BOI FILINGS HAS BEEN REMOVED!

Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions

In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.

The BOI Reporting filings are due within 30 days of Registering a new business or if you are making changes to existing businesses!

The penalties for late filings are up to $591.00 per DAY, up to $10,000.00

Click on the BOI header below to take you to the FinCEN reporting page.

Paycheck Protection Program Flexibility Act (PPPFA) on June 5th, 2020 - EXPIRED

The PPPFA modifies the PPP to allow businesses whose PPP loans are forgiven to continue to defer Social Security taxes through the end of 2020. Prior to the passage of the PPPFA, PPP loan recipients were required to stop deferring Social Security taxes as soon as any portion of their PPP loan was forgiven.

The PPPFA also includes other provisions that expand the time periods to spend PPP loans and provides increased flexibility to spend PPP funds on expenses other than payroll costs. Some of the other key provisions include:

Reduction of the percentage of loan proceeds that must be spent on payroll costs from 75% to 60%;
Extension of the “covered period” for use of funds from eight weeks to 24 weeks (or 12/31/2020, if earlier);
Extension of the period of time for employers to reverse decreases in employment and/or wage levels that occurred between February 15 and April 26, 2020 from June 30, 2020 to December 31, 2020;
Lengthening the period of loan maturity from two years to five years; and
Permission for borrowers to defer payment until loan forgiveness is determined, instead of six months after loan disbursement.

Employers that received PPP loans prior to June 5, 2020, may elect to retain the original eight-week covered period to spend loan proceeds. Those that use the longer covered period of up to 24 weeks may need to demonstrate compliance with the requirements to maintain employment levels through the entire 24-week period or to restore wage and full-time equivalent employee levels by December 31, 2020.

COVID-19 Resources

Both the federal government and the state of Minnesota have passed legislation regarding the current outbreak of coronavirus. On the federal side, businesses can apply for disaster relief loans (EIDL) or a payroll protection loan (PPP) that includes a grant of up to $10,000. Minnesota also has a loan program (DEED) designed for businesses directly affected by the current stay-at-home order. Below, you’ll find more specific guidance on each program.

Our analysis has been that the EIDL is the easiest loan to qualify for with the least stringent terms, but generally least favorable terms. The Payroll Protection Program has significantly better terms, but will apply to fewer businesses. The Minnesota DEED loan program will be the most favorable for some businesses, but is only available to those that don’t qualify for another loan.

Economic Injury Disaster Loan: EXPIRES DECEMBER 31, 2021

3.75% API
30 Years Loan
Deferment of first payment up to a year
Loans for up to $2,000,000 based on working capital needs
Can be approved without collateral on only credit score if loan is less than $200,000
A portion may be forgivable based on loan terms
Apply at: www.SBA.gov/disaster

Payroll Protection Program: 2nd rounD EXPIRES 3/31/2021

Up to 4% API
10 Years
Up to 2.5 times average monthly payroll for employees making up to $100,000
NEW Rules Apply
Up to $10,000 is forgivable if used on payroll, rent, mortgage interest or costs relating to supply chain disruption
Apply with your local lender

Minnesota DEED Loan: EXPIRED

0% API
5 Years
Deferment of first payment up to 6 months
Loans for $2,500-$35,000
See eligibility at mn.gov/deed/business/financing-business/deed

Documents to have ready

This list isn’t exhaustive nor applicable to all lending institutions, these are items our partners and clients have requested in relation to these loan programs.