In the last few days (and hours!), both the federal government and state Legislature have passed legislation that will speed critical funds to Minnesota businesses and families. Our staff has worked tirelessly to help shape these bills and ensure lawmakers keep our immediate health and economic needs in mind. The federal Coronavirus Aid, Relief and Economic Security, or “CARES” Act includes:

• Emergency grants for small businesses to cover immediate operating costs.
• Forgivable loans for small businesses, up to $10 million per business, administered through the Small Business Administration (SBA).
• Relief for small businesses on existing SBA loans.
• A refundable tax credit for businesses of any size that are impacted by COVID-19. The credit covers up to 50 percent of payroll on the first $10,000 of compensation, including health benefits, for each employee.
• An additional 13 weeks of unemployment insurance, as well as increased unemployment benefits, and broadened eligibility.

Minnesota’s legislation includes:

• An additional $332 million for COVID-19-related needs in the state. The bill codifies some of the governor’s executive orders and supplemental budget requests to provide additional funding for small business loans, childcare grants, homeless, food shelves and other COVID-19 resources.
• A loan guarantee program for small businesses that are unable to access SBA disaster loan assistance.
• $30 million for the Small Business Emergency Loan program for emergency loans to small businesses.
• An extension of the timeline for property tax valuation appeals, so taxpayers will not miss the ability to dispute/appeal their market valuation assessment.