St. Paul, MN – Representative Matt Grossell (R-Clearbrook) has issued legislation that would modify the forgivable loan program in Lake of the Woods County.
HF 4742 modifies the existing law so that a forgivable loan program can be established in Lake of the Woods County for recreational businesses that experienced a loss in revenue that is more than 30% from March 15, 2021, through March 15, 2022. This would be compared to the same period between 2019 and 2020.
“The fact remains that the fearmongering tactics of the media, Governor Walz, Prime Minister Trudeau and President Biden kept people indoors throughout 2021 and 2022,” Grossell said. “We have reached a tipping point and people have finally decided to remove a mask, smile and engage in life’s activities again.”
To be eligible for the loan, the business must be located within 75 miles of the United States and Canadian border and is only accessible by land through Canada. Additionally, the business must show that the closure and ongoing COVID-19 related requirements of the United States and Canada restricted American customers to access the location of the recreational business.
The forgivable loan amount could not exceed $500,000.
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