GMNP urges House, Senate to find compromise on relief for small businesses
This week, GMNP and its partner organization the Coalition of Greater Minnesota Cities submitted a letter to legislative leaders proposing a compromise between the House and Senate on two bills (HF 1507/SF 4481) that both aim to provide additional economic support for small businesses. In our joint letter, we also asked the Legislature to pass legislation right away so that the money can get out into our communities as quickly as possible.
The Senate bill includes $20 million in additional funding for the Small Business Emergency Loan Program and $10 million for a new grant program aimed at employers with 10 or fewer employees. The House bill proposes $50 million in new funds for the Small Business Emergency Loan Program, with carveouts for small businesses and minority owned businesses.
The Small Business Emergency Loan Program is currently only available for businesses expressly ordered to close under Executive Orders 20-04 and 20-08 (restaurants, bars, spas, salons, etc.); it is not available to other main street and small retail businesses that have been negatively impacted by the “stay at home” emergency order. Given that those eligibility parameters, the CGMC and GMNP are recommending that the compromise include the House proposal of $50 million and the Senate proposal for duel investment in the Small Business Emergency Loan Program and another grant program targeting small businesses.