Tax relief helps spur economy during COVID-19-related downturn
By Doug Loon, President, Minnesota Chamber
As much as Minnesotans don’t like to be prideful, we have much to be proud of, even beyond our Olympic athletes. We have a strong business legacy of entrepreneurship and innovation that provides a high quality of life for citizens in every corner of the state.
Burnsville employers and employees have weathered the storm of the last year and a half, and so has Minnesota’s economy. And despite enormous challenges this legislative session, business leaders spoke up and policymakers passed policies that will help our economy continue to persevere and create jobs and opportunity well into the future.
Throughout the COVID-19 pandemic, nearly 190,000 businesses accepted Paycheck Protection Program (PPP) loans, so they could not only keep their businesses afloat, but keep employees on payroll as well. It was up to the Legislature to conform to federal tax law, or these loans would be taxed, penalizing these businesses.
Businesses from this area and throughout the state stepped up to show lawmakers exactly why these loans were important, asking them not to be taxed. And this story is not uncommon among all employers and employees who depending on this critical funding to continue to stay afloat.
Legislators stepped up, and came together on a tri-partisan basis to conform with federal law and prevent these loans from further taxation. We join the hundreds of thousands of affected businesses in thanking legislators for making this happen. We want to thank the local business people and business advocates who made their voice heard at the Capitol this year, and the lawmakers who listened. We remain committed to working with our elected officials to help Minnesota’s economy – and both employers and employees – come out of the COVID-19 pandemic strong and set up for long-term success.
