S.F. No. 2 Summary

• Appropriates $60,000,000 from the coronavirus relief fund in fiscal year 2020 to the commissioner of employment and economic development for emergency small business relief grants, with funds available until December 30, 2020.

• Distributes grants through two channels: $31,250,000 to the Minnesota Initiative Foundations for greater Minnesota businesses and $31,250,000 to nonprofit corporations for seven-county metropolitan area businesses.

• Provides individual business grants up to $10,000 to eligible businesses with 50 or fewer full-time employees that can demonstrate COVID-19 financial hardship, with priority given to businesses restricted from operating by executive order on May 18, 2020.

• Requires minimum allocations of $18,000,000 for businesses with six or fewer employees, $15,000,000 for minority-owned/veteran-owned/women-owned businesses, and $2,500,000 for ethnic cultural retail markets and food markets.

• Transfers $20,000,000 from the Minnesota 21st century fund and $10,000,000 from the Minnesota investment revolving loan account to the small business emergency loan account, with loan repayments directed to the general fund after the 21st century fund is replenished to $20,000,000.