A new coronavirus relief package, which includes a second round of Paycheck Protection Program (“PPP”) funds, appears to be on the horizon. Details are still being worked out on the Hill, but here are some key updates and takeaways of what business owners may expect:
Aside from the federal push for new funding, the State of Minnesota advanced its own assistance measure this past week in the form of an $88 million relief package. The MN Department of Revenue will automatically be distributing checks ranging from $10,000 to $45,000, based on tax records and employee numbers, to bars, restaurants, bowling alleys, breweries, coffee shops and some fitness centers that have seen at least a 30% drop in sales revenue from last year. Roughly 5,800 business are expected to be eligible for these funds. Additionally, the State package includes $114.8 million that will be earmarked for each Minnesota county to distribute to small businesses at the county’s own discretion.
With funding efforts continuing to evolve on both the federal and state level, we are vigilantly monitoring the situation and will provide additional updates when important legislation is passed.