MN HF46

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 U.S.-Canadian border, and only accessible by land via Canada.

Sets maximum loan amount at 75 percent of the business's gross annual receipts for fiscal year 2020, not to exceed $500,000 per business.

Loans are forgiven 100 percent if the business remains in operation for at least one year after loan issuance, minus any amounts received from other federal loan forgiveness programs or CARES Act advances.

Appropriates $5,000,000 from the coronavirus relief fund for fiscal year 2022, with funds available until December 30, 2021, and requires a report to the legislature by January 15, 2022.