FOR IMMEDIATE RELEASE:
June 16, 2020
Contact: Teddy Tschann
Governor Walz Approves $62 Million for Small Businesses Impacted by COVID-19
[ST. PAUL, MN] – Governor Tim Walz today signed H.F. 5 into law, a bipartisan bill that will aid Minnesota’s economic recovery by providing $62.5 million in grants for small businesses impacted by COVID-19.
“One of our top priorities during this special legislative session is to build a stronger and more equitable economy, and this direct assistance is an important piece of that plan,” said Governor Walz. “We will continue working with the legislature to ensure Minnesota’s economic recovery lifts up our Black, Brown, Indigenous, veteran, female, and Greater Minnesota business owners, who have been hit hard by this pandemic.”
Eligible businesses with 50 or fewer employees can apply for grants of up to $10,000. Half of the funding will go to Greater Minnesota businesses, at least $10 million to go to minority-owned businesses, $2.5 million will go to veteran-owned businesses, $2.5 million will go to women-owned businesses, and $2.5 million will support cultural malls.
“This funding will support businesses across Minnesota and will be a critical lifeline for underrepresented entrepreneurs, including women, veterans, people of color, and Indigenous folks, to help communities rebuild. I’m grateful to the Legislature for listening to the needs of communities that are historically under-supported,” said Lt. Governor Peggy Flanagan. “Minnesotans value our small businesses and our main streets, especially during this difficult time. Our Administration stands with them as they weather this pandemic.”
“DEED is grateful for the bipartisan action to swiftly pass this legislation and to Governor Walz for signing the bill into law,” said Department of Employment and Economic Development (DEED) Commissioner Steve Grove. “There’s urgency for this relief, and we’re committed to getting these dollars to businesses as quickly as possible. DEED will provide additional information later this week to ensure businesses are able to prepare for the application period.”
The bill includes $60 million from the federal CARES Act, and $2.5 million from DEED’s Emergency Loan Program. More information, including grant applications, will be available in the coming weeks at https://mn.gov/deed/.