(ST. PAUL, MN) –Senator Eric Pratt (R- Prior Lake) and Senator Andrew Mathews (R – Princeton) commended the state’s decision to provide loans to small businesses affected by COVID-19 mitigation closings. Executive Order 20-15 establishes the Small Business Emergency Loan program through the Department of Employment and Economic Development. The loan program is intended to provide immediate relief to small businesses and independent contractors that are closed due to coronavirus. These loans are designed to help small business owners and independent contractors get the working capital they need to weather the economic crisis.

“Small businesses need our support now more than ever,” said Sen. Mathews. “With up to 50% forgivability on these emergency loans, this is one option available for business owners that will not drown them in debt on their way to recovery. More action to keep our main streets open and thriving will follow.”

“When our local businesses were ordered to close down or severely reduce their services to mitigate COVID-19, many small business owners worried they may lose their livelihood in the process,” said Pratt, Chair of the Senate Jobs and Economic Growth committee. “I appreciate my partnership with the Governor’s administration to make sure the local restaurants and shops we all patronize would have resources to support their continued operations, and ultimately their re-opening when this is over.”

“I want to thank everyone who reached out to share their concerns and make certain that they know how much we appreciate all they do in their communities. These loans are the first step to our economy recovering in the aftermath of coronavirus,” Pratt concluded.

For more information, visit: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/