Republican-sponsored legislation would bring support to small businesses by appropriating 60 million dollars in grants to be used in financial aid.
The bipartisan bill would allow small businesses to apply for grants and receive up to $10,000. To receive a grant, the business would have to be owned by a Minnesotan, have a physical location in the state, have 50 or less full-time employees, and prove “financial hardship” caused by Covid-19.
“COVID-19 has had a crushing economic impact across Minnesota that has hurt all our communities, small business, and workers and left many in a dire state,” stated Senator Draheim. “As we try to open Minnesota up and reboot our state’s economy, these grants will support our small businesses and help them get through these troubling times.”
The bill allows a lot of freedom as to how the money is spent by the businesses and allocates $2.4 million to be used on the administrative side. The bill requires that 18 million go to businesses that employ 6 or fewer people, and 15 million go to businesses owned by women, veterans, or a racial minority.
The grants are designed for people like Chris Bonvino, who owns two small businesses. Both of which have been financially hurt by the Covid-19 shutdown.
The bill has 3 Republican authors, Anderson P., Pratt, and Housley. The bill also has two DFL authors, Senators Isaacson and Tomassoni. The House Companion has 5 Republican authors, Reps. Robbins, Layman, Bennett, Urdahl, and Boe.