To our valued clients from President & CEO Chuck Mueller
At the center of our company’s purpose is a commitment to help our clients, this is why we have been working hard to keep our operation seamless so we can be ready to support you and your business. To that end, we have set-up this COVID-19 resource page to host state and federal loan program information along with business resources, based on customer questions.
We will continue to update this page based on the quick changing resources and customer questions so we recommend bookmarking the page and visiting it often.
We also encourage you to stay in close contact with your banker as that person knows your business well and is ready to be your partner through this unprecedented time.
Note: This email address will connect you with a member of our SBA team. This is not a secure email system. Do not send confidential information, including application related information, through this email. As a reminder, Fidelity Bank is a local, independent bank located in Edina, MN, serving the MN-based business communities.
Special State and Federal Loan Programs
DEED Emergency Loan Program
The Minnesota Department of Employment and Economic Development (DEED) has created an emergency loan program to help Minnesota-based small business owners who need immediate assistance to meet their families’ basic needs during COVID-19 closures. Click here to learn more about the DEED emergency loan program.
Paycheck Protection Program (PPP)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The $2 Trillion Federal economic stimulus package included a $349B measure called the Paycheck Protection Program (PPP). The PPP has been governed by the U.S. Small Business Administration (SBA) and fulfilled through lenders. Details about the program can be found here.
Disaster Loan (EIDL)
The U.S. Small Business Administration (SBA) was offering designated states, including Minnesota, low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19. The SBA Economic Injury Disaster Loan (EIDL) program details have been summarized for our clients here.
Frequently Asked Questions
Q: What government-based loan programs might I have access to?
A: The following are primary government-based financing resources available to businesses. Fidelity Bank is continuing to follow updates to ensure we’re able to support customers as soon as the additional information is available. The current government-based financing resources include SBA – Economic Injury Disaster Loan (EIDL), the Paycheck Protection Program (PPP), and the DEED Program.
Q: What additional government-based resources are available?
A: Minnesota Unemployment Insurance – Shared Work Program: This program gives small business employers an alternative to layoffs. The program allows employers to divide available work hours among a group of employees vs. a full layoff of some jobs.
For more information and to apply visit the MN Unemployment Insurance website.
Q: What State and Federal tax changes should I be aware of?
A: There are several State and Federal tax changes including:
- Changing income tax deadlines
- Business taxes
- Property tax
- In-person services
- Free tax preparation services
For more details, visit the State of Minnesota’s COVID-19 Response page.
Still Have Questions?
Contact your banker directly.
Call Fidelity Bank at (952) 831-6600.
Send the Fidelity Bank team at firstname.lastname@example.org.
This is not a secure email system. This email address is for inquiries only. Do not send confidential information, including application related information, through this email. We are not accepting applications through this email. As a reminder, Fidelity Bank is a local, independent bank located in Edina, MN, serving the MN-based business communities.