MN SF12

Establishes a forgivable loan program for small recreational businesses within 75 miles of the U.S.-Canadian border that are only accessible by land through Canada and experienced greater than 50 percent revenue loss between March 1, 2020, and September 7, 2020.

Maximum loan amount equals 75 percent of the business's 2019 gross annual receipts, capped at $500,000 per eligible business, with loans to be made by December 30, 2020.

Loans are forgiven at 100 percent if the business remains in operation for at least one year after receiving the loan, reduced by any amount received from other loan forgiveness programs or CARES Act advances.

Requires the commissioner of employment and economic development to report to legislative committees with jurisdiction over economic development and finance by January 15, 2021, regarding loans provided under this program.

Appropriates $5,000,000 from the coronavirus relief fund in fiscal year 2021 for the forgivable loan program, as a onetime appropriation available until December 30, 2020.