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Minnesota issues executive order providing relief to small businesses during Covid-19

State Issues Covid-19 Minnesota Small Business

State Issues

On March 23, the Minnesota governor issued an executive order providing relief to small businesses during the Covid-19 pandemic. The order directs the Department of Employment and Economic Development to develop a forgivable loan program to award grants to nonprofit corporations to fund forgivable loans to small businesses. For a business to participate, it must demonstrate to the lender that it was “directly and adversely affected” by Covid-19. The order provides additional information on the administration and parameters of the loan program, such as reporting requirements for participating lenders and loan forgiveness.