Governor Tim Walz today signed H.F. 5 into law, a bipartisan bill that will aid Minnesota’s economic recovery by providing $62.5 million in grants for small businesses impacted by the coronavirus.

Eligible businesses with 50 or fewer employees can apply for grants of up to $10,000. Half of the funding will go to Greater Minnesota businesses, at least $10 million to 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 support cultural malls.

The bill includes $60 million from the federal CARES Act and $2.5 million from DEED’s Emergency Loan Program. More information, including grant applications, will be available in the coming weeks at https://mn.gov/deed/.

By — Brad Hamilton