MN SF4481

Appropriates $57,600,000 from the coronavirus relief fund to the commissioner of employment and economic development for emergency small business grants, available until December 30, 2020.

Distributes grants through $30,000,000 to the Minnesota Initiative Foundations for greater Minnesota businesses and $30,000,000 to nonprofit corporations for seven-county metropolitan area businesses, with individual grants up to $10,000 per business.

Requires a minimum of $18,000,000 awarded to businesses with six or fewer full-time workers and $15,000,000 to minority-owned, veteran-owned, or women-owned businesses.

Establishes that once the Minnesota 21st century fund receives $20,000,000 in total transfers and repayments, all further loan repayments are transferred to the general fund instead of the original accounts.

Amends budget reserve forecast calculation to add the Minnesota 21st century fund as a priority allocation recipient for up to $5,000,000 in positive unrestricted general fund balance.