Small businesses in Minnesota could soon see financial relief. | Stock Photo
Small businesses in Minnesota could soon see financial relief. | Stock Photo
Minnesota small businesses impacted by the COVID-19 pandemic and forced shut downs by the state could soon receive a total of $62.5 million.
The Minnesota Legislature already approved the money, but Gov. Tim Walz still needs to sign House File 5. The legislation would designate the use of $60 million from the coronavirus relief fund. The remaining $2.5 million would come from the loan guarantee trust fund. The money would be divided amongst businesses in the state with 50 or fewer full-time employees.
Each business could receive up to $10,000 in grant dollars if they meet certain requirements included in the bill. The money can be used for payroll, rent, mortgage or other business expenses dating back to the start of the pandemic.
It's estimated the money could help about 7,500 businesses. Those that received other coronavirus funding aren't eligible for these grants. The money will be given out by lottery.
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