As you’ve likely seen, state/federal/local governments are considering a number of policy options to support businesses during these unprecedented times. Greater Mankato Growth will do all we can to keep our business community up to date on the latest developments via this blog page and our COVID-19 resources page. Check back frequently as the policy situation is rapidly evolving.
In addition, Greater Mankato Growth in partnership with the Minnesota Chamber of Commerce is taking proactive measures to advocate for business support measures. This morning Greater Mankato Growth signed onto a letter with our chamber colleagues from across the state asking the state of Minnesota to do the following:
- Match the expected federal extension of the April 15 income tax filing and payment date for Minnesota income taxes, including a waiver of interest and penalties. Over 90 percent of businesses file their business taxes as pass-through entities through their individual income tax returns.
- Provide a 90-day extension for the May 15 property tax payment with a waiver of interest and penalties.
- Allow for an extension in the sales tax remittance for the February and March payments (currently due on March 20 and April 20) for industries hardest hit from closure requirements to contain the spread of this virus.
- Provide a quick refund request option for businesses that have overpaid estimated taxes in Minnesota. This is currently allowed at the federal level (Federal Form 4466).
- Waive or delay other state-imposed fees such as general business or industry specific annual licensing fees until December 30, 2020.
- Regarding unemployment insurance, allow any claims made related to the COVID-19 virus to not be counted against employers’ experience rating.
- Establish a state fund to help defray the out of pocket costs that Minnesotans with high deductible health insurance plans may face when seeking treatment for the COVID-19 virus.
- Request through the Small Business Administration low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the COVID-19 virus as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
Greater Mankato Growth will keep you up to date on any action associated with these requests. Please also don’t hesitate to reach out to me directly (email@example.com) if there is anything else we can do to be helpful.