On March 11th, 2021, the Minnesota Senate passed Senate File 263, which provides tax relief to Minnesota businesses that received Paycheck Protection Plan loans and to Minnesotans that received unemployment compensation from the CARES Act. After voting yes on the bill, Senator Melisa Franzen (DFL- Edina) released the following statement:
“This bill is good news for Minnesotans that would have faced unexpected tax burdens because of the support they received last year. As a small business owner who received a PPP loan, I know how important this tax relief will be for many businesses that depended on these loans to keep their doors open and workers employed.”
“I am especially grateful that the bill ensured that Minnesotans who received unemployment payments will see tax relief as well. So many Minnesotans lost their job, through no fault of their own, and this will help them get back on their feet as we look forward to fully reopening our economy.”
I also enthusiastically supported an amendment to the bill that extended the deadline for Minnesota businesses to receive grants that the legislature set aside in December for industries most impacted by the pandemic. I have heard from multiple businesses in my district that clerical issues, for example, due to an inaccurate NAICS code, prevented them from accessing grants. The amendment approved today will give them until May 5, 2021 to be able to access the funds after resolving those issues.”
“Although SF263 fell short of some opportunities today to further support working families, I voted to provide much needed relief to Minnesotans through unemployment payments and PPP loan relief.”
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