HF 5370

as introduced - 93rd Legislature (2023 - 2024) Posted on 04/15/2024 03:37pm

A bill for an act
relating to economic development; establishing a relief program for businesses
due to lack of snow and ice; appropriating money.

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

Section 1. new text begin RELIEF PROGRAM FOR BUSINESSES DUE TO LACK OF SNOW
AND ICE.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin The commissioner of employment and economic
development shall establish a loan program to make forgivable loans to eligible businesses
that experienced a loss in revenue due to lack of snow and ice that is greater than 20 percent
during the period between December 1, 2023, and March 31, 2024, as compared to December
1, 2022, to March 31, 2023.
new text end

new text begin Subd. 2. new text end

new text begin Qualification requirements. new text end

new text begin To be eligible for a forgivable loan, under this
section, a business must:
new text end

new text begin (1) be located in a Minnesota county under open Drought Disasters declared by the
United States Secretary of Agriculture in the time period of December 1, 2023, to March,
31, 2024;
new text end

new text begin (2) document a reduction of at least 20 percent in gross receipts between December 1,
2023, to March 31, 2024, as compared to December 1, 2022, to March 31, 2023;
new text end

new text begin (3) demonstrate the reduction in gross receipts is correlated to the lack of snow and ice
during the winter months of December 2023 to March 2024; and
new text end

new text begin (4) as determined by the commissioner of employment and economic development, be
a business in one of the following industries as defined within the North American Industry
Classification System: accommodation, restaurant, bar, amusement and recreation, skiing
facility, food and beverages retail, sporting goods, miscellaneous retail, general retail,
museum, historical site, health and personal care, gas station, general merchandise, business
and professional membership, or nonstore retailer.
new text end

new text begin Subd. 3. new text end

new text begin Application. new text end

new text begin (a) The commissioner shall develop forms and procedures for
soliciting and reviewing applications for loans under this section.
new text end

new text begin (b) Loans shall be made before December 30, 2024. Any money not spent by June 30,
2025, must be returned to the general fund.
new text end

new text begin (c) If there is insufficient money to fund all claims in full, the commissioner shall
distribute money on a prorated basis.
new text end

new text begin Subd. 4. new text end

new text begin Forgiveness. new text end

new text begin Loans are forgiven for an eligible business if the business remains
in operation for at least two years after the date of the loan and remain in good standing on
repayment efforts.
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

Sec. 2. new text begin APPROPRIATION.
new text end

new text begin $....... in fiscal year 2024 is appropriated from the general fund to the commissioner of
employment and economic development for the relief program for businesses due to lack
of snow and ice across Minnesota under section 1. This is a onetime appropriation.
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