The Minnesota Chamber of Commerce is applauding legislative leaders and the governor for reaching agreement to replenish the state’s COVID-depleted Unemployment Insurance Fund and forestall business tax increases on April 30th. Chamber President Doug Loon stresses some businesses have already made those higher tax payments, and so the state “now they need to issue expeditiously credits or refunds to businesses, so cash flow is not pinched and businesses can survive this important period.”
Loon say it’s always been a concern that some businesses greatly hurt by the pandemic and recession won’t be able to survive. He says legislative leaders’ agreement “hopefully will allow them to proceed forward with some level of certainty, but they’re at this moment where some have really tight cash flow, and we’re hopeful that the Department of Employment and Economic Development can turn around these refunds or credits as quickly as possible.”