The Minnesota Department of Employment and Economic Development (DEED) has announced that the Minnesota Small Business Relief Grants Program – a $62.5 million COVID-19 aid package for small businesses – which was approved by the Minnesota Legislature last week and signed by Governor Tim Walz – will begin accepting applications on June 23.
How Minnesota Small Businesses Can Apply Through DEED
The application period will begin on Tuesday, June 23 and close at 5:00 p.m. on Thursday, July 2 to fulfill the 10-day period required by the law.
A randomized, computer-generated lottery process will be used to select eligible businesses that will receive awards. All awards will be administered by qualified local and regionally based nonprofit agencies, and the grant funds can be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar business expenses.
To be eligible, businesses must have a permanent physical location in Minnesota and be majority owned by a permanent resident of Minnesota. Businesses must be able to demonstrate hardship as a result of the COVID-19 outbreak. Additional eligibility requirements and application information can be found online at DEED’s Small Business Relief Grants page.
About the Small Business Grant Program
During the special session on June 16, Minnesota Governor Tim Walz signed a bill that will provide $62.5 million in grants of up to $10,000 to eligible small businesses (with 50 or fewer employees) impacted by the COVID-19 pandemic. Half of the funding will go toward businesses in Greater Minnesota, and at least $10 million will go toward minority-owned businesses, $2.5 million will go toward veteran-owned businesses, $2.5 million will go to women-owned businesses and $2.5 million will support cultural malls.
Funding 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.
More information, including grant applications, will is available on DEED’s website. DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development.
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