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S.F. No. 4481 - Small Business Loan Transfers Modification; Emergency Small Business Grants and Loans Appropriation (As Amended by SCS4481A-7)
 
Author: Senator Paul T. Anderson
 
Prepared By: Carlon D. Fontaine, Senate Counsel (651/296-4395)
 
Date: May 8, 2020



 

Section 1. Additional revenues; priority. Accomplishes the following three things: (1) transfers a total of $20 million to the MN 21st century fund from the next forecasted surplus or surpluses; (2) changes the budget reserve target to the Minnesota Management and Budget-recommended amount equaling 4.9 percent of nondedicated general fund revenues; and (3) strikes a transfer of $22 million to the clean water fund from the forecasted surplus.

Section 2. Transfers; small business emergency loan program. Amends the small business emergency loan program established in Laws 2020, chapter 71, article 1, section 11, so that loan repayments that would have been transferred to the Minnesota 21st century fund will instead be transferred to the general fund, which will partially offset the $20 million transfer in section 1.

Section 3. Small business relief grants; appropriation. Appropriates $60 million to the Department of Employment and Economic Development from the coronavirus relief fund (federal money from the Coronavirus Air, Relief, and Economic Security (CARES) Act) for small business relief grants. Specifies that $30 million of the appropriation will be granted to the Minnesota Initiative Foundations, who will award and administer grants to individual businesses in greater Minnesota. Specifies that the additional $30 million will be granted to nonprofit corporations to award and administer grants to individual businesses in the metro area. Provides eligibility criteria for grants. Allows grant funds to be used for working capital to support payroll, rent, mortgage payments, utility bills, and other similar business expenses. Requires $18 million of the grant total to be awarded to businesses that employ five or fewer workers, and $9 million to be awarded to minority-, veteran-, or woman-owned businesses. Specifies that the grant funds are available until December 30, 2020.

 
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