MN HF5370

Commissioner of employment and economic development shall establish a forgivable loan program for eligible businesses that experienced greater than 20 percent revenue loss between December 1, 2023, and March 31, 2024, compared to the same period in 2022-2023.

Eligible businesses must be located in Minnesota counties under open drought disaster declarations, document at least 20 percent reduction in gross receipts, demonstrate the reduction correlates to lack of snow and ice, and operate in specified industries including accommodation, restaurants, bars, skiing facilities, retail, museums, or gas stations.

Loans must be made before December 30, 2024, with any unspent funds returned to the general fund by June 30, 2025; if insufficient funds exist, the commissioner shall distribute money on a prorated basis.

Loans are forgiven if the business remains in operation for at least two years after loan receipt and maintains good standing on repayment efforts.

Unspecified amount from the general fund is appropriated in fiscal year 2024 to the commissioner of employment and economic development as a onetime appropriation.