HF 4602 Summary

• Modifies loan forgiveness conditions for a $2,000,000 Minnesota investment fund loan to a Duluth paper mill for packaging paper manufacturing retrofit project.

• Reduces the full-time equivalent employee retention requirement from 200 to 150 employees for annual loan forgiveness of 25 percent over a five-year period.

• Company must still spend $20,000,000 on project activities by December 31, 2020, to remain eligible for the loan.

• Loan funds are available from July 1, 2019, to July 30, 2021, and may be used for materials, supplies, and equipment purchases.

• Amendment effective retroactive to July 1, 2019.