Walz Approves $62 Million For MN Businesses Impacted by COVID-19

TWIN CITIES, MN — Gov. Tim Walz Tuesday signed a bill that will provide $62.5 million in grants for small businesses impacted by the coronavirus crisis. "One of our top priorities during this special legislative session is to build a stronger and more equitable economy, and this direct assistance is an important piece of that plan," Walz said in a statement.

"We will continue working with the legislature to ensure Minnesota’s economic recovery lifts up our Black, Brown, Indigenous, veteran, female, and Greater Minnesota business owners, who have been hit hard by this pandemic."

Eligible businesses with 50 or fewer employees can apply for grants of up to $10,000, according to a news release. Half of the funding will go to Greater Minnesota businesses, at least $10 million to go to minority-owned businesses, $2.5 million will go to veteran-owned businesses, $2.5 million will go to women-owned businesses, and $2.5 million will support cultural malls.

"This funding will support businesses across Minnesota and will be a critical lifeline for underrepresented entrepreneurs, including women, veterans, people of color, and Indigenous folks, to help communities rebuild. I’m grateful to the Legislature for listening to the needs of communities that are historically under-supported," said Lt. Governor Peggy Flanagan.

The bill includes $60 million from the federal CARES Act, and $2.5 million from DEED’s Emergency Loan Program.