DEED will process a complete application within 90 days. Applications are not considered complete until all materials have been submitted to DEED and the application fee has been paid.
Businesses receiving awards of $500,000 or more must take part in a public hearing. All businesses must enter into a Business Subsidy Agreement with DEED.
Only applicants who have been awarded $500,000 or more are required to attend a business subsidy public hearing. If a representative from the business cannot attend the business subsidy public hearing in person, they may join by conference call.
A business subsidy agreement is a contract between the State of Minnesota and a business. It details the rights and obligations of each party, including the number of new FTE positions by which the business will increase employment.
Businesses must submit annual reports detailing employment levels and wage information. Businesses that fail to meet the BSA requirements or that do not file their annual reports on a timely basis are subject to suspension of future sales tax refunds and repayment of prior sales tax refunds.
Businesses are required to file an annual report for seven years. In addition, businesses must submit a First Claim Report with DEED 60 days prior to filing their first sales tax refund claim.
