S.F. No. 52 Summary

• Establishes a forgivable loan program administered by the Commissioner of Employment and Economic Development for eligible 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 in the recreational industry located within 75 miles of the United States and 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 eligible business, with loans to be made by December 30, 2021.

• Provides 100 percent loan forgiveness if the business remains in operation for at least one year after the loan date, 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 2022 for the program, with funds available until December 30, 2021, and requires a report to legislature by January 15, 2022.