The Minnesota State Senate recently approved spending $60 million to aid Minnesota-based small businesses hit hard by the novel coronavirus crisis.
The Minnesota State Senate recently approved spending $60 million to aid Minnesota-based small businesses hit hard by the novel coronavirus crisis.
The Minnesota State Senate recently approved spending $60 million to aid Minnesota-based small businesses hit hard by COVID-19.
The money would come out of federal coronavirus relief funds and the Small Business Guarantee Loan program, according to reporting by The Center Square.
Senate File 4481, if passed into law, would have a number of stipulations to ensure the money only goes to Minnesota-based small businesses that can demonstrate hardship related to COVID-19. To be eligible for up to $10,000 in aid, businesses must be permanently located in the state, owned by a state resident and employ up to 50 full-time workers.
The spending would be divided evenly between the seven-county metropolitan area and the rest of the state. Additionally, around $18 million would be targeted toward businesses with six-or-fewer employees and $15 million for minority, veteran or women-owned businesses.
“Every community across Minnesota has been affected by the pandemic’s devastating economic impact,” said Sen. Paul Anderson (R-Plymouth) in a statement. “These grants won’t meet every need and certainly can’t make up for the hardships our small businesses have endured, but we are throwing a lifeline to help them get through this challenging time.”
Alerts Sign-up