Gov. Walz Signs Bill Providing $62.5 Million to Small Businesses
AV CHAMBER NOTE: This is the bill that is referred to in the DEED notes (below). It is a state program through DEED using CARES Act federal money.
MINNEAPOLIS (WCCO) — During the special session on Tuesday, Gov. Tim Walz signed a bill that will provide $62.5 million in grants to small businesses impacted by the COVID-19 pandemic.
The bill, which had bipartisan support, will provide grants of $10,000 to businesses with 50 or fewer employees. Half of the funding will go toward businesses in Greater Minnesota, and at least $10 million will go toward minority-owned businesses.
“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,” Walz said, in a statement.
Most of the money for the bill will come from the federal CARES Act, which was passed in March. An additional $2.5 million will come from the Department of Employment and Economic Development’s emergency loan program.