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4.On the placing of a loan under theSmall Business Emergency Loan Program,money <br />equal to ten percent of the loan mustbe paid to the lender for the purpose of financing <br />administrative costs. <br />5.Up to 50percent of a loan may be forgiven if the DEED Commissioner approves and <br />the business remains operating in the community at substantially the same levels for <br />twoyears following loan disbursement. <br />6.TheDEED Commissioner is further authorized to accept applications from additional <br />nonprofit corporation lenders to administer loans in the Small Business Emergency <br />Loan Program. <br />7.TheDEED Commissioner is also authorized to make loans to eligible businesses <br />under theSmall Business Emergency Loan Program if demand exceeds capacity of <br />approved lenders. <br />8.Lenders participating in the Small Business Emergency Loan Program mustprovide <br />quarterly reports of small business emergency loans to the DEED Commissioner that <br />includes a description of businesses supported by the program, an accounting of the <br />loans made during the quarter, the source and amount of money collected and <br />,and an explanation of <br />administrative expenses. <br />9.Notwithstanding Minnesota Statutes 2019, sections 116J.423 and 116J.8731, to <br />ensure that adequate funds are available to make loans, I direct the DEED <br />Commissioner to transfer up to a total of $30 million from the special accounts of the <br />21stCentury Fund and Minnesota Investment Fund to meet business demand under <br />theSmall Business Emergency Loan Program. <br />10.Effective immediately, in an effort to make more resources available to businesses <br />impacted by the COVID-19peacetime emergency, any local unit of government or <br />lending partner that has revolving loan funds that were provided by theState <br />Minnesota Investment Fund program appropriations or Minnesota Investment Fund <br />Disaster program appropriations, may over the next 90 days issue loans to retail and <br />service providers. <br />11.Because strict compliance with Minnesota Statutes 2019, Chapters16A,16C,and <br />resources, DEED is hereby permitted to avoid strict compliance with Minnesota <br />Statutes 2019, Chapters16A and 16C. <br />12.Because strictcompliance with Minnesota Statutes 2019, sections116J.423 and <br />116J.8731,will prevent, hinder, or delay necessary action under this Executive Order, <br />thoseprovisions, and any other provisions in Minnesota Statutes or Rules that are <br />inconsistent with this Executive Order,are waived and suspended during the <br />peacetime emergency declared in Executive Order 20-01. <br />3 <br /> <br />