Walz approves over $60 million in recovery for businesses impacted by COVID-19
Tuesday, Gov. Tim Walz approved $62.5 million in grants for small businesses impacted by COVID-19.
According to Walz, businesses with 50 or fewer employees can apply for the grants. The businesses are able to receive up to $10,000 in recovery funding.
A news release from Walz’s office says half of the funding will go to businesses outside of the metro, at least $10 million will 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 go to support cultural malls.
"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. "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."
A majority of the money is from the federal CARES Act. Just over $2 million is from the Minnesota Department of Employment and Economic Development’s Emergency Loan Program.