Tomorrow is the deadline for Freeborn County businesses to get COVID-19 relief

Businesses must have no more than 25 employees and must be able to prove that they've lost at least 50% of their revenue because of the pandemic.

Wednesday.

Floyd county now has 50.

New on daybreak new on daybreak ?

"* many small businesses took a huge hit while being forced to close this spring.

This morning, kimt news 3's annalise johnson is here to help struggling shop owners in freeborn county... explaining a loan program that's available.... but the deadline to apply is tomorrow!

Annalise?

Tyler ?

"* like you said, tomorrow is the last day for local businesses to apply for a freeborn county covid?

"* 19 relief forgivable loan.

Freeborn county ?

"* the city of albert lea ?

"* and the albert lea economic development agency ?

"* known as aleda ?

"* well as farmers state bank and home federal savings bank contributed to the fund for a total of 450?

"* thousand dollars.

To be eligible ?

"* you must have no more than 25 employees that have been affected by stay at home orders.

You must be able to show you lost at least 50% of revenue because of the pandemic.

Preference will be given to businesses who did not receive federal or state relief funds ?

"* but businesses who did receive funding but not enough to meet their needs are still highly encouraged to apply.

Loan amounts will range between 3?

"* thousand and 20?

"*thousand dollars.

The executive director of aleda tells me the goal of this money is to retain local businesses and get them back we want to help service as many businesses as possible during this time and help them recover and continue to move on and continue to stay in our community and hopefully move past this and thrive here's how the loan forgiveness works... for every year the business stays in freeborn county ?

"* 20% of the money is forgiven.

So ?

"* as long as thy stay in the area for five years ?

"* these loans are essentially free money for those local businesses.

Tyler.

Thank you annalise.

As of yesterday ?

"* roughly 30 businesses have applied ?

"* but aleda has had interest from about 90 businesses.

So ?

"* its expecting a big influx of applicants over today and tomorrow.

If you're still planning to apply ?

"* aleda's advice is to do so as soon as possible to make sure your application is