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HF 1696

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/01/2021 04:01pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to economic development; appropriating money for emergency loans to
hospitality businesses.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text beginHOSPITALITY LOANS; APPROPRIATION.
new text end

new text begin (a) $200,000,000 in fiscal year 2021 is appropriated from the general fund to the
commissioner of employment and economic development to fund emergency loans to
hospitality businesses in Minnesota, including but not limited to restaurants, bars, hotels,
motels, resorts, campgrounds, catering companies, event planning companies, and golf
clubs. This is a onetime appropriation and is available until December 31, 2021.
new text end

new text begin (b) Loans under this section are interest free.
new text end

new text begin (c) The maximum loan amount is $50,000.
new text end

new text begin (d) Payments on loans are deferred for the first 24 months after issuance.
new text end

new text begin (e) Up to 50 percent of any loan issued under this section may be forgiven if the
commissioner approves and the business continues operating in the community at
substantially the same levels for two years following loan disbursement.
new text end

new text begin (f) Repayment of any loan amounts under this section shall be deposited in the general
fund.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end