MN SF28

Amends the Lake Mille Lacs area economic relief program to require the commissioner of employment and economic development to request that Mille Lacs County forgive all outstanding loans issued under the original 2016 relief program.

Authorizes grants up to $50,000 per business and loans up to $100,000 per business, with loans available with or without interest and with deferral or forgiveness options.

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

Requires recipients to submit a business plan documenting the probable success of continued operation until the walleye fishing resource recovers and ability to repay the loan.

Makes the amendment effective retroactively from July 1, 2016, and directs the commissioner to modify grant terms to Mille Lacs County as necessary to implement the loan forgiveness provision.