This bill amends existing legislation related to economic development by addressing the forgiveness of loans under the Lake Mille Lacs area economic relief program. Specifically, it modifies the effective date of the relevant section of the law to be retroactively effective from June 30, 2018, rather than expiring on that date as previously stated. The bill also includes a provision that mandates the commissioner of employment and economic development to request the forgiveness of all outstanding loans issued under the specified section of the law.

Additionally, the commissioner is authorized to make necessary modifications to the terms of the grant provided to Mille Lacs County under the same section. This legislative change aims to alleviate the financial burden on the county by forgiving the loans, thereby supporting economic recovery in the Lake Mille Lacs area.