PROMISE grant program provisions modifications

This bill modifies Minnesota's PROMISE grant program to provide financial assistance to small businesses operating in communities impacted by economic challenges or racial discrimination. To qualify, a business must be located in Minnesota, have annual revenue of $750,000 or less, and meet specific criteria regarding its location or the taxpayer's residence. The legislation establishes a tiered funding structure where grants range from $10,000 to $50,000 based on the business's prior year revenue and gives preference to those demonstrating financial hardship or operating since 2021. Funds received can be used for essential operational expenses such as payroll, rent, utilities, and equipment, with a limit of one grant per business unless additional documentation proves higher revenue levels.