The Senate passed Senate File 263 today on the floor – a bill that would provide tax relief for businesses in Minnesota who took out a Paycheck Protection Program (PPP) loan in the last year. The PPP loan was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act to allow businesses with fewer than 500 employees to qualify for a loan of up to $10 million.
Senator Erin Murphy (DFL-Saint Paul) released the following statement after she voted against this legislation:
“As Minnesotans begin to rebuild our communities in the wake of a year-long global pandemic and last summer’s civil unrest, the Legislature must invest in the needs of people, communities, and businesses. The budget work ahead is critical for our future. PPP conformity is important for Main Street businesses and I support it along with conformity for people who received unemployment benefits. Ongoing funding is necessary for those unable to secure PPP loans as well as for businesses destroyed last summer that await state action. We need a budget that works for the people of Minnesota.
“I am committed to the work of this session and beyond, supporting federal tax conformity for workers and businesses along with revenue to invest in our people, to build our future.”