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Small business loan passed through Pierre Monday

 A view of downtown Rapid City.
A view of downtown Rapid City. (KOTA)
Published: Mar. 31, 2020 at 4:14 PM CDT
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Multiple bills passed through the Senate and House yesterday in Pierre with topics ranging from education to giving Governor Kristi Noem more authority in a time of a disaster.

And there's one Senate Bill that will create a small business economic disaster relief subfund to combat the economic impact of coronavirus.

This allows the state treasurer to transfer seven million dollars into a subfund for small businesses, one million into a subfund for agriculture, and another million into the Governor's Office of Economic Development special revenue fund.

Loans can then go to small businesses affected by the COVID-19 state of emergency.

These loans can not be more than seventy-five thousand dollars with no interest.

"This fund that was set up yesterday will be focused on getting money out quickly to small businesses that need to be able to pay their bills in the coming months to two months before we even start to see how the federal funds will be designated," said Noem. "So it will be focused on real small businesses in the state of South Dakota helping get them through this difficult situation that they're in and we expect that those dollars would go out much quicker than the federal funds will be able to be released in our state."

These bills are waiting on Noems desk to be signed.

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