MN HF52

Amends the Lake Mille Lacs area economic relief program to authorize grants up to $50,000 per business and loans up to $100,000 per business, with or without interest.

Establishes that deferred or forgivable loans require borrowers to remain in the local community for a minimum of five years, with maximum deferral period of five years and maximum forgiveness of 50 percent of principal if business remains operational for at least ten years.

Requires Mille Lacs County to develop and submit criteria, procedures, and requirements for loan administration to the commissioner of employment and economic development for approval.

Directs the commissioner of employment and economic development to request that Mille Lacs County forgive all outstanding loans previously issued under the 2016 economic relief program.

Effective retroactively from July 1, 2016.