The Jobs and Economic Growth Finance and Policy heard a proposal this week that would provide additional assistance to COVID-19-impacted businesses. The proposal appropriates an additional $20 million to the state-run Minnesota Emergency Loan Program and expands eligibility. The loan program is designed for those impacted by Executive Orders 20-04, 20-08, and 20-09.
The bill also provides $10 million for a new grant program that will be awarded through the Minnesota Initiative Foundation in Greater Minnesota and the Otto Bremer Trust in the metropolitan area. There are two components to the $10 million grants that may be made available. One component focuses on businesses located in Minnesota who employ 10 or fewer workers and can show financial hardship as a result of the pandemic. The other program would reserve a portion of the $10 million for microbusinesses – which are defined as having four or fewer employees – that are located in Minnesota, can show financial hardship as a result of the pandemic, and have a combination of assets and annual sales of less than $250,000.
The funding contained in this proposal is entirely separate from the federal money appropriated for federal business programs by the U.S. Senate this week (SF 4481)