MN HF4643

Amends Laws 2020, chapter 71 to transfer $30,000,000 in fiscal year 2020 to the small business emergency loan account ($20,000,000 from the Minnesota 21st century fund and $10,000,000 from the Minnesota investment revolving loan account).

Appropriates $30,000,000 from the general fund in fiscal year 2020 to the Commissioner of Employment and Economic Development for small business emergency loans to businesses directly and adversely affected by the COVID-19 peacetime emergency.

Appropriates federal CARES Act funds (or general fund as backup) in fiscal year 2020 to the Commissioner of Employment and Economic Development for grants distributed through Minnesota Initiative Foundations and Otto Bremer Trust.

Requires grant recipients to distribute funds as grants up to $10,000 to Minnesota businesses with 50 or fewer full-time employees that can demonstrate financial hardship from COVID-19, with funds used for payroll, rent, mortgage, utilities, and similar operating expenses.

All provisions are effective the day following final enactment, with grant funds available until December 31, 2020.