UNDATED (LEARFIELD) – Small businesses ordered closed in Minnesota because of COVID-19 will soon be able to apply for emergency loans between 25-hundred and 35-thousand dollars, under a program Governor Tim Walz just set up with 30 million dollars in special funds.
“I’m not sure any state has moved on this, but I can’t wait for the SBA,” said Walz. “We’re going to make forgivable loans to those small businesses who have been asked to do a lot.”
The loans will be no-interest and 50-percent forgivable.
State officials expect between 12-hundred and five-thousand businesses will receive assistance. Businesses with questions about the emergency loan program should email ELP@state.mn.us.