MN HF5

Appropriates $60,000,000 from the coronavirus relief fund plus $2,500,000 from the loan guarantee trust fund account for emergency small business relief grants totaling $62,500,000 available until December 30, 2020.

Allocates $31,250,000 to the Minnesota Initiative Foundations for greater Minnesota businesses and $31,250,000 to nonprofit lenders for the seven-county metropolitan area, with no more than $2,200,000 for administrative costs.

Provides grants of up to $10,000 per business with priority to businesses restricted from operating by executive order on May 18, 2020, requiring businesses to have 50 or fewer full-time employees and demonstrate COVID-19 financial hardship.

Establishes minimum allocations of $18,000,000 for businesses with six or fewer employees, $15,000,000 for minority and women-owned businesses and veterans, and $2,500,000 for ethnic cultural food markets with at least 25 tenants.

Transfers $20,000,000 from the Minnesota 21st century fund and $10,000,000 from the Minnesota investment revolving loan account to a small business emergency loan account, with loan repayments directed to the general fund after the fund reaches $20,000,000 in total transfers and repayments.