Purpose of the Bill

The purpose of this bill is to provide economic relief to the Lake Mille Lacs area by forgiving loans that were previously given under the Lake Mille Lacs area economic relief program. This measure is aimed at assisting the local economy and supporting businesses that may have struggled financially.

Main Provisions

• Loan Forgiveness: The bill seeks to cancel or forgive the loans that were part of the Lake Mille Lacs area economic relief program. This means that borrowers will not be required to repay these loans.
• Amendment of Previous Laws: It amends previous legislation to change the effective date of these provisions, allowing for the loan forgiveness to be implemented.

Significant Changes

• The bill modifies past legislation (specifically from 2016 and its amendment in 2017) to enact loan forgiveness for eligible individuals and businesses in the Lake Mille Lacs area.
• By forgiving these loans, the bill aims to provide immediate financial relief and promote economic stability in the region.

Relevant Terms

• Loan Forgiveness
• Economic Relief
• Lake Mille Lacs
• Financial Assistance