Agenda - Council - 04/14/2020 - Laserfiche WebLink

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