Minneapolis Mayor Jacob Frey unveiled Friday a plan to give $5 million in assistance for tenants and small businesses struggling with the financial fallout of the coronavirus pandemic.
The plan sets aside roughly $3 million for rental assistance and $2 million for small businesses.
“We are not under the impression that the $5 million in assistance is a cure-all,” Frey told City Council members during a meeting Friday morning. “Sadly, we do not have the finances at the city to provide a cure-all without assistance from our federal and state partners.”
The city’s emergency rental and housing assistance program will offer payments up to $1,500, with some households receiving $2,000 “under extraordinary circumstances,” the mayor told council members.
To qualify, families must live in Minneapolis, make 30% or less of the area median income and have experienced “a significant loss of income...due to COVID-19.”
The city is also adding up to $1 million to the existing Stable Homes, Stable Schools Housing Stability Fund to help families struggling with homelessness or housing instability. In most cases, payments would be limited to $1,500 per household. To qualify, families would need to have at least one child enrolled in an elementary school in the Minneapolis Public Schools and make 50% or less of the area median income.
For both programs, payments would go directly to the property owner or to a utility company if some of the money is being used for bills.
The city will not consider immigration status in determining eligibility for either program, Frey said.
The plan also calls for the city to allocate $2.2 million for small businesses with 20 or fewer employees and people who are self-employed.
The city will offer forgivable no-interest loans ranging from $5,000 to $10,000, depending on their pandemic-related needs. The money can be used to help cover payroll and employee benefits, rent or mortgage payments and other “critical working capital needs.”
To qualify, the businesses need to be located in an area designated by the city, such as Cultural Districts, the Promize Zone, Green Zone or ACP50. They must make $1 million or less in annual revenue. Self-employed workers are eligible.
The city is also revamping its existing 2% Participation Loan program for small businesses by dropping the interest rate to 0% and expanding the types of costs that the loan can be used to cover.
The city is finalizing its application process for those programs and expects to announce further details in the coming weeks, Frey said.
On Wednesday, the St. Paul City Council approved Mayor Melvin Carter’s aid plan for low-income families and small businesses in the Capital City. That plan included $1,000 cash grants for families and up to $7,500 for small businesses.
This story is developing and will be updated.
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