Grants of up to $10,000 Will Help Small Businesses Recover from COVID-19 Crisis
NFIB, the state’s leading small business organization representing more than 10,000 small business owners across Minnesota, thanks the Governor for signing an important piece of small business legislation today that will help thousands of Minnesota small business owners across the state recover from the decimating COVID-19 crisis.
The new law provides $31.2 million in grants to small businesses in the seven-county metro area and another $31.25 million to small businesses across the rest of the state. The program provides grants up to $10,000 and is estimated to help about 6,000 small businesses.
The funding mostly comes from the federal government. $18 million will be set aside for businesses with less than 6 employees, $10 is for minority-owned businesses, $2.5 is for women-owned businesses, $2.5 million for veteran owned businesses and $2.5 for vendors in cultural malls. The grants will be given out by the state’s Department of Employment and Economic Development.
“Small businesses across the state thank the Governor and the legislature for their hard work and bi-partisan support for this new law. Their recognition of how much small businesses owners have been harmed by the shut-down from the COVID-19 crisis is appreciated,” said NFIB State Director in Minnesota Mike Hickey. “It was encouraging to see a unanimous vote in the Senate and a near unanimous vote in the House.”