MN SF4538

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

Reduces the full-time equivalent employee retention threshold from 200 to 150 employees required to qualify for annual 25% loan forgiveness over a five-year period.

Maintains other existing performance goals and contractual obligations as conditions for loan forgiveness under Minnesota Statutes, section 116J.8731.

Applies retroactively to July 1, 2019, and amends Laws 2019, First Special Session chapter 7, article 1, section 2, subdivision 2.