MN SF7

Establishes a forgivable loan program administered by the Commissioner of Employment and Economic Development for remote recreational businesses that experienced greater than 50 percent revenue loss between March 1, 2020, and September 7, 2020, compared to the same period in 2019.

Defines eligible businesses as small business concerns operating in the recreational industry located within 75 miles of the United States-Canadian border and accessible by land only via Canada.

Sets maximum loan amount at 75 percent of the business's 2019 gross annual receipts, not to exceed $500,000 per business, with loans to be made by December 30, 2020.

Provides 100 percent loan forgiveness if the business remains in operation for at least one year after loan receipt, reduced by amounts received from other loan forgiveness programs including CARES Act programs.

Appropriates $5,000,000 from the coronavirus relief fund in fiscal year 2021, with funds available until December 30, 2020, and requires a report to legislative committees by January 15, 2021.