MN HF4742

Lake of the Woods County shall establish a forgivable loan program for remote recreational businesses that experienced greater than 30 percent revenue loss between March 15, 2021 and March 15, 2022, compared to March 15, 2019 and March 15, 2020.

Eligible businesses must be small business concerns operating in the recreational industry within 75 miles of the U.S.-Canadian border, only accessible by land via Canada, and in operation on March 15, 2021.

Maximum loan amount equals 75 percent of the business's gross annual receipts for fiscal years 2020 and 2021, not to exceed $500,000 per business.

Loans shall be made before December 30, 2022, with unspent funds returned to the state general fund by April 1, 2023; 100 percent loan forgiveness is granted if the business remains in operation for at least one year after receiving the loan.

Lake of the Woods County shall report to legislative committees with jurisdiction over economic development by April 30, 2023 on all loans provided under this program.