MN SF5428

Commissioner of employment and economic development shall establish a forgivable loan program for businesses that experienced greater than 20 percent revenue loss due to lack of snow and ice 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 Disasters declared by the U.S. Secretary of Agriculture during December 1, 2023, to March 31, 2024, and operate in specified industries including accommodation, restaurants, bars, skiing facilities, retail, museums, gas stations, and health care.

Loans shall 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 eligible business remains in operation for at least two years after the loan date and maintains good standing on repayment efforts.

An unspecified amount from the general fund in fiscal year 2024 is appropriated to the commissioner of employment and economic development for this relief program as a onetime appropriation.