1.1 	A bill for an act
1.2 	relating to economic development; requiring a report; appropriating money for the 
1.3 	unrealized business grant program.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. UNREALIZED BUSINESS GRANT PROGRAM.
 1.6 		Subdivision 1.Definitions. (a) For the purposes of this section, the following terms have 
1.7 	the meanings given.
1.8 	(b) "Commissioner" means the commissioner of employment and economic development.
1.9 	(c) "Eligible business" means a business that:
1.10 	(1) completed a new business filing with the secretary of state in the 12 months preceding 
1.11 	March 16, 2020, in an industry subject to closure or limitations under governor's Executive 
1.12 	Order No. 20-04 and subsequent state-mandated closures; and
1.13 	(2) as a result of those closures, did not open to the public and has ceased to be in 
1.14 	business.
1.15 	(d) "Program" means the unrealized business grant program created in this section.
1.16 		Subd. 2.Establishment. The commissioner shall establish an unrealized business grant 
1.17 	program to compensate eligible businesses for the economic setbacks of the COVID-19 
1.18 	pandemic.
1.19 		Subd. 3.Grants to eligible businesses. (a) Eligible businesses shall apply for grants 
1.20 	using an application and process designed by the commissioner.
1.21 	(b) Grants shall be made on a rolling basis starting on September 1, 2023.
2.1 	(c) Grants shall be for a maximum of $200,000 per eligible business.
2.2 	(d) Grants and the process of making grants under this section are exempt from the 
2.3 	following statutes and related policies: Minnesota Statutes, sections 16A.15, subdivision 3; 
2.4 	16B.97; 16B.98, subdivisions 5, 7, and 8; and 116J.993 to 116J.995.
2.5 		Subd. 4.Report to legislature. By January 15, 2025, the commissioner must submit a 
2.6 	report to the chairs and ranking minority members of the committees of the house of 
2.7 	representatives and the senate having jurisdiction over economic development that details 
2.8 	the distribution of grant funds.

2.9 	Sec. 2. APPROPRIATION.
 2.10 	$....... in fiscal year 2024 is appropriated from the general fund to the commissioner of 
2.11 	employment and economic development for the unrealized business grant program.