Minnesota HF5009 establishes a loan guarantee program for furloughed federal employees.

Minnesota HF5009 creates a loan guarantee program within the Department of Employment and Economic Development to support furloughed federal employees. The program guarantees personal loans made by participating financial institutions to affected employees. The commissioner of employment and economic development administers the program, which includes specific terms for the loans and the process for financial institutions to apply and receive loan guarantees. The program is funded by a onetime appropriation from the general fund and will cease operations by July 31, 2028.

Minnesota HF5009 establishes a loan guarantee program for furloughed federal employees.

Minnesota HF5009 creates a loan guarantee program within the Department of Employment and Economic Development to support furloughed federal employees. The program guarantees personal loans made by participating financial institutions to affected employees. The commissioner of employment and economic development administers the program, which includes specific terms for the loans and the process for financial institutions to apply and receive loan guarantees. The program is funded by a onetime appropriation from the general fund and will cease operations by July 31, 2028.